Corporate strategy augmented by AI
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Slides from a TED talk held at the Smart.ly conference in Washington D.C. in November 2019. The company covered is MENSALYTICS and offers automated rich meeting notes and strategic decision support based on artificial intelligence (AI) for business leaders.
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Corporate strategy augmented by AI
- 1. MEETING ANALYTICS AI-AUGMENTED DECISIONS MENSALYTICS MEETING ANALYTICS AI-AUGMENTED DECISIONS T E D
- 2. Good decisions make the difference between winning and losing …
- 3. TAKE-AWAYS
- 4. DECISIONS It’s a business leader’s job to take But more than 55% struggle1
- 5. 1960s 2010s HOURS SPENT IN MEETINGS
- 6. „56 million meetings in the US every day“ „ineffective meetings costs up to $283 billion each year“
- 7. Multiple nominations possible; does not add up to 100% 54% 16% 19% 21% 21% 26% 32% 0% 10% 20% 30% 40% 50% 60% Other Unable to get data from some systems Administrative problems Lack of interest from business users Poor data governance Company politics Poor data quality „Between 70% to 80% of corporate business intelligence projects fail“ 1
- 8. experienced burnout 77% stress negatively impacts their work. 91% Stress impairs decision making
- 10. MEETING ANALYTICS AI-AUGMENTED DECISIONS MENSALYTICS MEETING ANALYTICS AI-AUGMENTED DECISIONS
- 11. “Already, leaders are starting to use artificial intelligence to automate mundane tasks such as calendar maintenance and making phone calls. But AI can also help support more complex decisions in key areas such as human resources, budgeting, marketing, capital allocation and even corporate strategy — long the bastion of bespoke consulting firms such as McKinsey, Bain, and BCG, and the major marketing agencies.”1 1 B. Libert et al. “AI May Soon Replace Even the Most Elite Consultants” Harvard Business Review, July 24 2017. Date accessed: August 7 2019. https://hbr.org/2017/07/ai- may-soon-replace-even-the-most-elite-consultants
- 12. Raw Data Analytics Artificial Intelligence Meeting Business Decisions SmartHome & InternetofThings Raw Data Analytics Artificial Intelligence Automated Action Home SmartDecisions & InternetofMeetings
- 13. Meetings are the gatekeepers for information flow Products Financials Sales R&D HR Marketing Management
- 14. Meetings are the gatekeepers for information flow Products Financials Sales R&D HR Marketing Management
- 15. Raw Data Advanced Analytics (incl. voice recognition & sentiment analysis) Immediately Future Training Neural Network (based on processed data) Rich Meeting Notes Augmented Decisions (based on explainable AI) Meeting Base Assumptions Meetings are gatekeepers of relevant information1 2 Adequate, rich data models + sufficient training data = simulated meetings and probable decision suggestions Alfred.eo John.eo
- 16. A random project status meeting Meeting room layout (simplified)
- 17. „Welcome to the status meeting for our construction project for FeelGood clinic in Wakandia.“ „How do you guarantee us that no additional impacts will occur?“ „These are horrible news. How could this happen?“ „We had to deal with unforeseeable protests by neighbors and community members that blocked the transportation roads entirely for 14 consecutive days and …“ We are 42 days behind schedule due to […] and require 1.2 mill USD additional funding for the project to be finalized“ Timestamp (UTC) Speaker Sentiment Type Content 1564741923 John Harrison Neutral (82%) Statement Welcome to the … 1564745011 Frank Henessy Disappointed (74%) Statement We need to discuss this … 1564742921 John Harrison Defensive (71%) Answer We had to deal with … 1564742821 Troy Summers Angry (63%) Statement These are horrible news … 1564742745 John Harrison Sad (56%) Statement We are 42 days behind … 1564744023 Lisa Mcallister Neutral (81%) Question How do you guarantee …
- 18. Name John Harrison Age (yr) 32 Gender (m/f/d) m Name Troy Summers Age (yr) 41 Gender (m/f/d) m Name Frank Henessy Age (yr) 57 Gender (m/f/d) m Name Lisa Mcallister Age (yr) 36 Gender (m/f/d) f Trusts: 61% Mistrusts: 76% Follows: 91% Follows: 63% Dominates: 52% Follows: 56% +6%p -4%p -2%p -1%p +2%p +4%p Evaluating Dependency Trusts Dominates Mistrusts Follows
- 19. Domain John Harrison Lisa Mcallister Person n Operations Management 4 3 1 Corporate Strategy 2 5 1 Product Lifecycle Management 2 3 3 Accounting 1 2 1 Domain x … … … The result: topical expert ranking (adjustment) Domains are dynamically populated based the topics discussed during meetings 5 = high expertise, 3 = medium expertise, 0 = no expertise In order to: model and simulate meetings
- 20. Benefits at a Glance With an accuracy of >95% Alfred.eo is 5%p more accurate than the next best competitor and >20% more accurate than Mozilla’s DeepSpeech. Decisions can have significant implications. John.eo provides fully explainable deduction based on decision trees. All analyzed data is stored locally. No transfer to clouds. Ever. Alfred.eo is 200% more lightweight and 75% faster than Mozilla’s DeepSpeech. -33% 33 percent less meetings Save up to 80% time for minuting meetings
- 21. Differentiation Strategy Mostly backend services Cloud! Cloud! No decision support CROSS-INDUSTRY (FULL SERVICE) CROSS-INDUSTRY (TRANSCRIPTIONS SERVICE)
- 23. High-impact decisions are never easy! Regardless how experienced you are – the higher the impact, the harder the decision. 1 2 3 When you feel that you don‘t know enough to decide. Don‘t decide before you consulted someone that knows. If a meeting is important to you, write the minutes – even if you‘re the boss. (At least take your own notes.)
- 24. Don‘t pretend that you take tough decision easily… … it will come back at you.
- 25. T H A N K Y O U Tim Herden (CEO) MENSALYTICS MEETING ANALYTICS AI-AUGMENTED DECISIONS
Editor's Notes
- Hi everyone. Exciting to be here. My name is Tim Herden and I‘m the co-founder and CEO of MENSALYTICS. We are a start-up – based in Nürnberg, Germany and we are selling AI-enabled business intelligence software. It is our mission to make business decisions better, bring back the joy into leading companies and to build trust in AI,
- ENRON Facts: Enron was ranked as America's fifth largest company by Fortune magazine in 2002, despite its 2001 bankruptcy filing. An independent review published in 2002 detailed how executives pocketed millions of dollars from complex, off-the-books partnerships while reporting inflated profits to shareholders. Executives including Kenneth Lay and Jeffrey Skilling were prosecuted for fraud-related crimes. Key figures sold their stock shortly before the company announced a sharp downturn in earnings. Lower-level employees were encouraged to invest in company stock for their retirement savings just before the company collapsed. The workers later filed a class action lawsuit and won an $85 million settlement. the ENRON case - Decisions made by executives and consulting firms for Enron ultimately resulted in a $60 billion loss for investors, thousands of employees without jobs, and the loss of all employee retirement funds. But Sherron Watkins, a former Enron employee and now-famous whistleblower, uncovered the accounting problems and tried to enact
- Making decisions is at the very core of any business leader‘s, manager‘s or CEO‘s job profile. Whether it is the launch of a new product, the final approval of multimillion dollar R&D center – no matter what it is – good decisions lead to success, bad ones into desaster. BUT Too many leaders avoid making tough calls. Say the discontinuation of an unsuccesful product, budget cuts, layoffs. In fact, hard decisions often get more complicated when they’re deferred. And as a leader gets more senior, the need to make hard calls only intensifies. In a ten-year study (more than 2,700 leaders and) published by HBR of, 57% percent –CLICK- of newly appointed executives said that decisions were more complicated and difficult than they expected. For leaders who struggle with the ambiguity that often comes with decisions that have long-term implications, the anxiety over being wrong can be consuming. Since you are committed to quality and accuracy, you want to analyze relevant data – but where to look for it? You consult the subject matter experts in you company; consult you trusted advisors. This takes time and requires lots of meetings. https://hbr.org/2018/04/leaders-stop-avoiding-hard-decisions
- Now, we don‘t know what your experience is but a look at the statistics -CLICK- reveals that the average number of hours executives spend in meetings every week more doubled since the 1960s. People working for large organizations tend to have even more meetings than those in smaller ones. --CLICK „Such complaints are supported by research showing that meetings have increased in length and frequency over the past 50 years, to the point where executives spend an average of nearly 23 hours a week in them, up from less than 10 hours in the 1960s. And that doesn’t even include all the impromptu gatherings that don’t make it onto the schedule.“ https://hbr.org/2017/07/stop-the-meeting-madness
- But there not only too many meetings, lots of them are even ineffective – costing the US economy billions of dollars. So calling for more meetings to get advice on upcoming decisions, is not an option these days There are between 36 and 56 million meetings in the United States every day, and the lost productivity that comes from ineffective meetings costs businesses anywhere from $70-283 billion each year. https://www.inc.com/john-white/ineffective-meetings-cost-companies-up-to-283-billion-a-year-streamline-collaboration-with-these-tips.html As if that wasn‘t bad enough the among the biggest pet-peeve people are having with meetings is that it is just a repetition of what had already been said (58%)
- In practice also business intelligence software is NOT the solution to all your analysis needs; the number one reason? Poor data quality in the underlying systems and integration issues with these systems. So business leaders have too little options left for research and advice needed to make informed decisions. So they either procrastinate decisions or feel that they are forced even when lacking information – both is highly stressful.
- And with burnouts and stress-related desease on the rise, decision are not going to improve. What a vicious circle! The ENRON case - Decisions made by executives and consulting firms for Enron ultimately resulted in a $60 billion loss for investors, thousands of employees without jobs, and the loss of all employee retirement funds. But Sherron Watkins, a former Enron employee and now-famous whistleblower, uncovered the accounting problems and tried to enact
- The question is… … how to make good decisions… … without exhaustive manual research… … without even more meetings to attend … and without all this agonizing stress.
- Hi everyone. Exciting to be here. My name is Tim Herden and I‘m the co-founder and CEO of MENSALYTICS. We are a start-up – based in Nürnberg, Germany and we are selling AI-enabled business intelligence software. It is our mission to make business decisions better, bring back the joy into leading companies and to build trust in AI,
- An Artificial Intelligence involved in complex business strategy? We understand that this might sound like science fiction but it is reality that the big consulting firms today see AI as a threat to their business: research and advice on strategically relevant issues. -CLICK- B. Libert et al. “AI May Soon Replace Even the Most Elite Consultants” Harvard Business Review, July 24 2017. Date accessed: August 7 2019. https://hbr.org/2017/07/ai-may-soon-replace-even-the-most-elite-consultants
- 1) In large companies, especially those with functional organizational structures, below the CEO level, little can be decided by one person alone. And if a matter needs to be decided by the CEO, he/she most likely calls for a meeting to hear the expert and consult his or her trusted advisors before making a decision. That means, meeting are places where relevant data is shared options are discussed decisions are either made or prepared 2) By recording and analyzed both explicit and implicit communication in >50 meetings, one can simulate meetings to predict outcomes and, form probable decisions and and provide explanations how our algorithms produced the suggest decisions
- That means that we rely on having historical data from a decent number of meetings to train our neural network. After sufficient training, our neural network, we call it John.eo, is able to process your question, utilize our proprietary data model to simulate meetings with your subject matter experts and provide a suggestion to you on how to decide. And as if this wasn‘t enough, John is also able to give you a report describing WHY he concluded on that specific suggestion. Now, you might be wondering where to get this meeting data. Typically, companies don‘t possess such information - and that is ok - since our second product is generating it for you. This product, we call Alfred.eo. We assumed that you wouldn‘t let our system listen in to your meeting just because we promise to provide decision support after 30 – 50 recorded meetings. Therefore, Alfred tries to earn that right by providing also an immediate value: rich meeting notes. That‘s right: Alfred is minuting each meeting so that you don‘t need to worry about it and still have every information, action item or decision properly documented. But Alfred doesn‘t stop there, with advanced voice recognition, he is also able to identify individual speakers and with built-in sentiment analysis, he also provides an evaluation of the speaker‘s emotional state, e.g. was he or she angry, sad, happy and so on. John.eo use the data that Alfred.eo provides. But you can also subscribe to Alfred.eo only.