JPMorgan Chase on How to Succeed in Data and Analytics in the GenAI Era
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Jul 10, 2024
Topics include leveraging GenAI for success, importance of data governance and literacy, challenges in data leadership, addressing technical debt, personal hobbies and family traditions, prioritizing data inspired by Abraham Lincoln, and entertainment experiences.
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insights INSIGHT
Evolving Terminology for Business Intelligence
The term "business intelligence" implies a backward-looking approach.
The industry needs a new term reflecting the forward-looking nature of modern data analytics.
insights INSIGHT
Emotional Temperature Towards AI
Many people are suspicious of advanced AI technology due to potential job displacement.
Rogue AI and lack of governance in regulated industries are key concerns.
volunteer_activism ADVICE
Upskilling and Adaptability in the Age of AI
Upskill and adapt to the changing technology landscape.
Companies and individuals who don't embrace change with AI are taking a risk.
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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)
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.
The Data Chief