In the latest HCI Webinar, Dr. Jonathan H. Westover talks with Michael Lenox about his book, Strategy in the Digital Age.. Below is a summary of the main points from their conversation! Check out the full episode and let us know what you think!
Watch the episode here:
Quick Recap
Jonathan and Mike discussed the impact of digital technology, particularly generative AI, on various industries and its implications for the future of work. They also explored the potential for these technologies to disrupt education, with a focus on more experiential and student-centered learning, and the potential for increased income inequality. Lastly, they discussed the need for companies to begin their digital transformation journey sooner to keep up with early adopters and the potential for big winners in the generative AI space.
Mike's Digital Age Book Strategy Discussion
Jonathan and Mike discussed Mike's latest book strategy in the digital age. Mike, an award-winning professor from the University of Virginia, shared his interest in the intersection of technology, business, and strategy, as well as public policy. He explained that his book was developed over six years to provide a holistic framework for understanding the digital age, aiming to satisfy both his students and executive audiences.
Digital Transformation and AI's Impact on Industries
Mike and Jonathan discussed the significant impact of digital technology on virtually every industry, emphasizing the need for organizations to integrate these technologies into their strategies to remain competitive. They discussed how the strategy landscape has shifted in recent years, especially post-Covid, requiring companies to rethink their capabilities and the competitive positions they aim to occupy. Mike highlighted the value of data and the role of AI in providing value-added services, noting that many industries, including education, healthcare, and finance, are being impacted by this digital transformation. They also touched on the long-term development of AI and its current heightened public interest.
Generative AI and Future Education
Mike and Jonathan discussed the potential impact of generative AI on the future of higher education and work. They predicted that AI would lead to increased productivity and income inequality, with a narrowing demand for certain roles. However, they also believed that this development would not spell the end for universities, but instead present an opportunity for more student-centered and experiential learning. They agreed that the focus should be on engaging students in conversation and dialogue rather than traditional lecturing. They also hinted at the potential for these changes to extend beyond the university space.
Disruptive Technologies and Future of Work
Jonathan and Mike discussed the significant shifts expected in the world of work due to the increasing use of automation and generative AI. They highlighted the potential for these technologies to displace lower-level jobs, but also the need for senior workers to oversee and interpret the AI. They discussed the implications of these changes on income inequality, with Mike suggesting that the demand for distinctively human skills, such as judgment and the ability to deal with ambiguity, would increase. They concluded that these developments have significant public policy implications and that they should continue to explore the future of work.
Generative AI and Digital Transformation Discussion
Jonathan and Mike discussed the rapid progress and potential future implications of generative AI. Mike predicted a shakeout in the AI sector in the next few years, with many companies expected to fail due to the exponential growth of the technology. They discussed the increasing computing power, storage space, and the decreasing cost of both, which is enabling the development of more advanced AI. Mike advised that companies should begin their digital transformation journey sooner, likening it to building an on-ramp to a highway, to keep up with the early adopters. They also touched on the need to understand the implications of the growing reliance on data and the potential for big winners in the generative AI space.
Listen to the webinar here:
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