Analytics for economic development and value creation: The age of the Neurons

Abstract

Analytics should be used to drive innovation for real value addition. Analytics is a multidisciplinary field that uses expertise such as statistical learning, machine learning, artificial intelligence, computer science, information technology and management strategies to generate value from data. Many organizations use Analytics as a competitive strategy.

Professor Andrew Ng of Stanford University claims that artificial intelligence (AI) is the new electricity. Data from the World Bank revealed a high correlation between consumption of electricity and human development index score .1 If the development of 20th century can be attributed to knowledge of electrons (electricity), it is believed that the development in 21st century will be driven by AI and how much we understand about neurons, the basic computing elements in the brain and our ability to replicate its function in mathematical models. Many believe in Andrew Ng’s quote that the next wave of development and economic supremacy will be driven by analytics and the ability of an organization or a country to use data to drive innovation. Given the importance of analytics for economic development, it is important that every country develop its analytics strategy to solve socio economic issues. Read more at: https://www.forbesindia.com/article/iim-bangalore/analytics-for-economic-development-and-value-creation-the-age-of-the-neurons/49659/1