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Speaker "Robert Cohen" Details Back

 

Topic

Major trends spurring Firms to Adopt ML and AI

Abstract

This talk focuses on several trends that have pushed firms to adopt ML and AI. They include: 1) the need for greater accuracy in analytics than is possible with “classical analysis” – risk analysis at banks is one good example; 2) the need to manage all the stages of a complex production process using digital twins, as seen in automakers such as BMW, Ford and GM and aerospace firms such as Boeing and Lockheed; 3) the desire to identify difficult to spot interrelationships in design, operational and performance data, as is true of Raytheon’s use of Digital Threads.

This analysis explores how each trend provides firms with greater efficiency and accuracy, how they reduce complexity in operations and management tasks, and how they permit insights into often unintegrated processes that run in parallel production lines.

It will also examine what these trends suggest about industries, such as pharmaceuticals, retailing, and design where firms are promoting a rapid shift to “new analytics”. In the pharmaceutical industry, firms have split analytics groups from IT and provided them with the funds and control to oversee new drug development and clinical trials.

Profile

Economist who studies emerging technologies and their likely impact on the U.S. economy. Senior Fellow at Economic Strategy Institute. Current study is pervasive cloud ecosystems, the Internet of Things, AI and Machine Learning and how they affect the economy.