A FORWARD- LOOKING VIEW on how analytics will solve some pressing business, consumer and social insight problems. Prabir Sen, Chief Management Scientist, Accenture Adjunct Professor SMU psen@smu.edu.sg 12 August 2013
1 transforming business models #2 Automation of Knowledge Work Potential economic impact in 2025 :US$ 5.2 trillion 6.7 trillion* Additional labor productivity could equal the output of 110 140 million full time workers Component technologies Artificial intelligence, machine learning Natural user interfaces Big-data technologies Key applications Smart learning in education Food and drug discovery in life science Generation, transmission & distribution in energy Flow and operation in transportation # 3 Internet of Things Potential economic impact in 2025: US$ 2.1 trillion 6.2 trillion* Offers potential to drive productivity across $36 trillion in operating costs of industries: manufacturing, life-science, transport, energy and mining Source: McKinsey Global Institute Component technologies Advanced, low-cost sensors Wireless, NFC, RFID Big-data technologies & techniques Key applications Process optimization, especially in manufacturing and logistics Efficient use of resources smart-meter, smart-grid controls for water/electricity Remote heal-care delivery, sensorenhanced business model Ten IT-enabled business trends for the decade ahead, McKinsey Insights, May 2013
1 transforming thought leadership on datadriven decisions by being more focused on specific industry and functional differentiations
2 community spaces establish trade-offs of interacting agents, patterns and relationships for six industry-wide themes
2 community spaces provide experimental platforms for economic models to support insights on market designs auctions, labor markets, exchange and social choice Derive Hypotheses Interaction Structure Model Narrative Market Design
2 community spaces define test-beds that enable interconnecting agencies to compare the effectiveness of new interventions against what would have happened if you had changed nothing
3 bringing people together in strong, united communities for insights, learning & decisions It's almost like a renaissance individual who really wants to learn and derive value of information to an organization. the data scientists sift through all incoming data with the goal of discovering hidden insight, which in turn can provide a competitive advantage or address a pressing business problem. It is more multidisciplinary in nature. A data scientist does not simply collect and report on data, but also turn data into information and looks at it from many angles, determines what it means, then recommends ways to apply them.
3 bringing people together with stable matching of their competencies and managing talent by outlining a well-coordinated industryinstitution program
4 Good Food triggers distinctive values @experience difference @interface difference @velocity difference New generations think the knowledge is more important than having a car. So it s just a very different workforce that we are going to see. They demand a very different experience. Businesses find areas where immersive experiences or interactive touch points stimulate engagement with customers. And they reflect on the potential for interactive digital platforms. Businesses now demand a much faster way to process data analytics applications to be delivered, for capacity to be provisioned They re not going to wait and shift to cloud.
4 Good Food develops fine-grained strategies to make a profound impact on people's behavior splicing decomposability high rates of rapid communication are required among people who perform activities that are highly interdependent, much less frequent communication is required among those carrying out activities that are independent, and this distinction should be clearly reflected in organization structure. Systems whose structure reflects these properties are referred to as "nearly decomposable... So, if we design complex systems to operate efficiently, we must incorporate near-decomposability in the design. Herbert Simon Public Administration in Today's World of Organizations and Markets, John Gaus Lecture 2000
5 Good Cause governs discovery & directions FRAME THE BUSINESS MODELS/ NATIONAL INTERESTS DERIVE STRATEGIC NODES DIVERSIFY NODES FOR NETWORK SELECT NETWORKS FOR MARKET EXPAND KNOWLEDGE CAPITAL Navigate and harness the power of advanced analytics enabled by academic institutions to catalyze teams whose technology concepts are likely candidates for commercialization Make the quantum leap to diversify research areas, resources, tools, capabilities and programs in geographic locations; build innovation capacity; and accelerate the use of Innovation practices Unlock the potential by providing advice, infrastructure, resources, networking opportunities, training and modest funding to enable teams to transition their work into the marketplace