Over the history, decision making has become democratized. Earlier only kings and priests used to make decisions. With the print revolution, more information became available to the common man. He too began taking informed decision. With radio and TV, even the uneducated man and woman were informed enough to take decisions. Now plentiful information is available to everyone, and so this is called the information age.
What is now happening in the information age?
- More the volume of data, the better the algorithms / AI at taking decisions.
- More the variety of data, the better is the algorithms / AI at taking decisions.
- More the velocity of data, the better is the algorithms / AI at taking decisions.
Today, most probably Facebook or Google or Amazon has better data about your customers than you have. You may be the bank extending the loan, but the decision made by a data company is getting better and better compared to the decision made by the company offering the service.
So, data / AI companies are making better decisions than human being, then what will humans do? Humans will brainstorm and they will take the important decisions for which there is very little or no data.
I liked what I heard about Jeff Bezos of Amazon – he brainstorms with his team about things that are 3 years in the future. That is a true visionary.
- Are you thinking how you will be using technology 3 years in the future? That is your job.
- Are you thinking how you will be using artificial intelligence 3 years in the future? That is your job.
- Are you thinking how you will manage NPAs 3 years in the future? That is your job.
- Are you thinking how you will manage information security 3 years in the future? That is your job.
I see the emerging role of human beings as visionaries, while a lot of mundane decision making is left to algorithms and a lot of execution is left to machines.
Manoj Agarwal,
Group Editor
