#359 AI, Economics, and Value: Dr. Michael Proksch’s Unique Perspective

In this episode of “The CTO Show with Mehmet,” we are joined by Dr. Michael Proksch, Chief Scientist at AccelerEd, who shares his extensive journey from academia to the industry, focusing on AI and value creation. Dr. Proksch discusses his background in economics and how it led him to work with organizations across the globe in the fields of data and AI. He emphasizes the importance of understanding the multiplicative relationship between various factors such as technology, data, business, and psychology in creating value within an organization. Dr. Proksch delves into his experiences in consulting and working with big companies like Aetna CVS and AI unicorns, highlighting the common challenges faced in achieving value creation. He explains that many organizations fail because they operate in silos where departments do not communicate effectively, and he stresses the need for integrated efforts across all critical areas to truly create value. According to Dr. Proksch, the real breakthrough comes when different departments start talking to each other and work together towards a common goal. In discussing his book “The Secrets of AI Value Creation,” co-authored with Nisha Paliwal and Dr. Wilhlem Bielert, Dr. Proksch elaborates on the holistic framework they present for achieving value in AI. He shares that the book is a culmination of insights from various industry experts and AI achievers who have successfully implemented AI to drive business value. The conversation also touches on the common pitfalls organizations face when adopting new technologies and the importance of aligning technological advancements with business objectives and employee incentives. More about Michael: Michael Proksch is an accomplished Expert and Leader, who has had the privilege of working with numerous Fortune 500 organizations throughout his career. He possesses extensive industry experience in creating business value with Data and AI, offering innovative and unique solutions to various industries and organizations across Europe, Asia, and the US. However, his broad knowledge encompassing business, analytics, technology, and psychology has not only earned him recognition as a sought-after industry expert but also as a respected thought leader in the field. His insightful perspectives and extensive experience have made him a sought-after speaker at conferences and events, where he shares his expertise. https://www.linkedin.com/in/michaelproksch/ https://aivaluesecrets.com/ 01:19 Dr. Michael Proksch's Background 02:34 The Importance of Value Creation 03:14 Challenges in Value Creation 04:12 Multiplicative Relationship in Value Creation 04:52 Dr. Proksch's Career Journey 05:21 Writing the Book on AI Value Creation 06:37 Industry Contributions to the Book 07:31 Current Work and Projects 08:39 The Future of AI and Value Creation 11:39 Communication in Organizations 21:29 Defining Value in Business 31:48 Reflecting on Change Management 32:43 AI Strategy and Value Creation 33:40 Industry Use Cases and Competitive Edge 36:35 Adopting New Technologies 39:19 The Disruption Debate 49:20 Future of AI and Job Transformation 59:33 Conclusion and Final Thoughts