The Data Chief
JPMorgan Chase on How to Succeed in Data and Analytics in the GenAI Era
Podcast summary created with Snipd AI
Quick takeaways
- Embracing new GenAI technologies requires investing in data governance and literacy for optimal outcomes.
- Overcoming technical debt entails prioritizing tech modernization and data literacy to streamline innovation.
- Honing core data visualization skills and data storytelling is crucial for effective communication and analysis in analytics fields.
- Adaptability and flexibility are vital in fostering innovation and embracing technological changes within organizations.
- Understanding the impact of Generative AI on business workflows highlights its transformative capabilities for operational efficiency and productivity.
- Measuring ROI and assessing value in deploying Large Language Models (LLMs) necessitates new costing models and careful evaluation strategies.
Deep dives
The Evolution of Business Intelligence Towards Gen AI
The speaker highlights the current inflection point in business intelligence, emphasizing the shift towards Generative AI (Gen AI) technology. This transition signifies a disruptive phase with enhanced capabilities and value derived from Business Intelligence tools. The discussion revolves around the industry's anticipation of substantial advancements within the next few years, hinting at a positive disruption with added features and capabilities.
The Shift Towards Advanced AI and Predictive Intelligence
The conversation delves into the need for a new terminology beyond 'Business Intelligence', focusing on advanced AI solutions like Generative Intelligence (GI). The podcast explores potential names like predictive intelligence and prescriptive intelligence to encapsulate the forward-thinking aspect of analytics tools. Participants discuss the evolution of analytics terminology to align with the current technological advancements.
Embracing Upskilling and Reskilling for Enhanced Efficiency
The podcast stresses the significance of upskilling and reskilling in the face of evolving technologies like Generative AI. It underlines the importance of individuals and organizations adapting to new tech trends by investing in learning and development. Encouraging continuous learning, setting milestones, and leveraging demos for tech adoption are recommended strategies to enhance efficiency and productivity.
Data Governance and Technology Adoption in Regulated Industries
The episode highlights the essential role of data governance and literacy in regulated sectors when adopting advanced technologies like Generative AI. Scott discusses the imperative need for data protection, governance, and literacy in highly regulated industries such as finance and insurance. The conversation emphasizes the importance of strategic data usage and protection alongside technological advancements for optimal outcomes.
Navigating Technical Debt and Modernization Challenges
The podcast addresses the obstacles posed by technical debt and aging architectures in harnessing new innovations. The discussion suggests a focus on modernization strategies, prioritizing tech modernization, and data literacy to overcome technical debt hurdles. Scott advocates for investing in data and tech modernization to streamline innovation and drive organizational growth.
Harnessing Core Data Skills and Business Literacy for Success
The episode advocates for honing core data visualization skills and data storytelling in the tech and analytics fields. Scott underscores the importance of understanding data visualization concepts and mastering data storytelling for effective communication and analysis. The conversation highlights the integration of data and business literacy as essential skills for data professionals to navigate complex data environments.
Adapting to Change and Encouraging Innovation Culture
Scott emphasizes the need for adaptability and flexibility in embracing technological changes and fostering innovation within organizations. Encouraging a culture of innovation, supporting learning, and allowing room for creative solutions are key elements highlighted in promoting an innovative environment. The podcast underscores the value of prioritizing innovation, asking questions, and nurturing a mindset of continuous learning.
The Future Landscape of Generative AI in Business Operations
The podcast discusses the potential impact of Generative AI on business workflows and operations, outlining its transformative capabilities. Scott delves into the revolutionary aspects of Gen AI, envisioning a significant paradigm shift in operational efficiency and employee productivity. The conversation emphasizes the powerful implications of AI in streamlining business processes and enhancing overall organizational effectiveness.
Measuring ROI and Assessing the Value of LLM-based Technologies
The episode explores the challenges associated with measuring return on investment (ROI) and assessing the value of Large Language Models (LLMs) in business operations. The discussion highlights the complexities of evaluating the cost, accuracy, and practicality of deploying LLMs in various settings. Scott addresses the need for new costing models, ROI tracking mechanisms, and careful assessment of the benefits and limitations of LLM-based technologies.
Challenges and Strategies in Adapting to Emerging AI Technologies
The podcast delves into the potential risks and challenges associated with adopting Generative AI technologies, focusing on issues like data manipulation and protection. Scott emphasizes the necessity of mitigating risks like data exfiltration, cyber threats, and misuse of AI technologies. The conversation underscores the importance of implementing robust mitigation strategies, data governance measures, and effective AI deployment practices.
Enhancing Business Literacy and Innovation through Data Insights
The episode emphasizes the fusion of data and business literacy skills for effective decision-making and innovation in organizations. Scott discusses the pivotal role of understanding business operations, data visualization, and data storytelling in driving successful data initiatives. The conversation highlights the value of leveraging data insights, fostering a culture of analytical thinking, and applying critical business acumen in decision-making processes.
Navigating Technical Modernization and Leadership Priorities
The podcast addresses the challenges of technical debt and the importance of modernization in enabling innovation and growth. Scott advocates for strategic investments in tech modernization, data literacy, and organizational adaptability to overcome technical hurdles. The discussion underscores the necessity of strong leadership, innovation culture, and continuous learning in navigating complex technological transformations.
Key Moments:
- The emotional temperature for change in analytics (5:06)
- There’s no playbook for change management (7:53)
- Why Generative AI success requires a melding of expertise (17:20)
- Measuring the success of LLMs (18:58)
- How do you embrace the new when you’re facing technical debt? (33:27)
- How to fine-tune your career in today’s data and AI landscape (37:30)
Key Quotes:
- “Business intelligence tends to have this notion of looking backwards. It's not thinking about prescriptive or predictive analytics, or live analytics, powered by the new capabilities that we're seeing. I do think we're going to evolve to a new name.” (03:42)
- “You’ll find companies that were and are ahead of the curve will be able to take advantage of these new technologies, GenAI, LLMs, et cetera, much more quickly than other companies. So companies that have not invested the time, resources, money, attention, and prioritization into data governance, data use, and data literacy are at a serious disadvantage. And companies that have done the opposite, that have proactively invested, will be able to make significant gains.”
- “I think there's three pillars of success. One is understanding your data from end to end. What is it used for? What domain is it in? Understand it as much as possible. What is the product? What is the data product that you have in all aspects of it? Then, understand your business, right? How does data relate to your business? These people are going to be the ones that leverage the technology the most efficiently.”
- “Don't hesitate to take a lateral mobility move. I know people are always interested in going up, up, up, up, and up. However, you know, sometimes consider going sideways.” (40:46)
Mentions:
- Jamie Dimon Annual Shareholder Letter
- Data Literacy
- Data Storytelling
- Unfrosted Film
- Hacks TV Show
- Abraham Lincoln
Bio:
Scott Stevens is responsible for Intelligent Solutions, which empowers JPMorgan Chase employees through innovative data, Business Intelligence and low-code capabilities.
Scott has been with JPMorgan Chase since 2011 and has worked in Financial Services his entire 32-year career, with prior roles at MBNA, Bank of America and Sallie Mae. Scott has been in data and analytics roles since 1997.
Scott enjoys working with local universities on modernizing data science curriculum, guest lectures and coaching student teams on analytics projects. While at work, Scott enjoys mentoring and likes to help people advance their careers and skills. Scott serves on multiple non-profit boards, and Scott is the executive sponsor for the JPMorgan Chase Delaware Volunteer Leadership Group.
Scott lives in Delaware with his family. Scott’s personal interests include travel, wine-making, photography and rooting for the Philadelphia Eagles.
Hear more from Cindi Howson here. Sponsored by ThoughtSpot.
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