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#359 AI, Economics, and Value: Dr. Michael Proksch’s Unique Perspective
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In this episode of “The CTO Show with Mehmet,” we are joined by Dr. Michael Proksch, Chief Scientist at AccelerEd, who shares his extensive journey from academia to the industry, focusing on AI and value creation. Dr. Proksch discusses his background in economics and how it led him to work with organizations across the globe in the fields of data and AI. He emphasizes the importance of understanding the multiplicative relationship between various factors such as technology, data, business, and psychology in creating value within an organization.
Dr. Proksch delves into his experiences in consulting and working with big companies like Aetna CVS and AI unicorns, highlighting the common challenges faced in achieving value creation. He explains that many organizations fail because they operate in silos where departments do not communicate effectively, and he stresses the need for integrated efforts across all critical areas to truly create value. According to Dr. Proksch, the real breakthrough comes when different departments start talking to each other and work together towards a common goal.
In discussing his book “The Secrets of AI Value Creation,” co-authored with Nisha Paliwal and Dr. Wilhlem Bielert, Dr. Proksch elaborates on the holistic framework they present for achieving value in AI. He shares that the book is a culmination of insights from various industry experts and AI achievers who have successfully implemented AI to drive business value. The conversation also touches on the common pitfalls organizations face when adopting new technologies and the importance of aligning technological advancements with business objectives and employee incentives.
More about Michael:
Michael Proksch is an accomplished Expert and Leader, who has had the privilege of working with numerous Fortune 500 organizations throughout his career. He possesses extensive industry experience in creating business value with Data and AI, offering innovative and unique solutions to various industries and organizations across Europe, Asia, and the US. However, his broad knowledge encompassing business, analytics, technology, and psychology has not only earned him recognition as a sought-after industry expert but also as a respected thought leader in the field. His insightful perspectives and extensive experience have made him a sought-after speaker at conferences and events, where he shares his expertise.
https://www.linkedin.com/in/michaelproksch/
01:19 Dr. Michael Proksch's Background
02:34 The Importance of Value Creation
03:14 Challenges in Value Creation
04:12 Multiplicative Relationship in Value Creation
04:52 Dr. Proksch's Career Journey
05:21 Writing the Book on AI Value Creation
06:37 Industry Contributions to the Book
07:31 Current Work and Projects
08:39 The Future of AI and Value Creation
11:39 Communication in Organizations
21:29 Defining Value in Business
31:48 Reflecting on Change Management
32:43 AI Strategy and Value Creation
33:40 Industry Use Cases and Competitive Edge
36:35 Adopting New Technologies
39:19 The Disruption Debate
49:20 Future of AI and Job Transformation
59:33 Conclusion and Final Thoughts
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