Developing-Leaders-issue-31-2019

Developing Leaders Issue 31: 2019 | 69 Executive DEVELOPMENT Business leaders also need to get to grips with machine learning, another aspect of AI. These tools have been developed by computer scientists to detect complex patterns in data. Advances in data collection and computer processing power now allow businesses to make full use of these powerful tools. The recent push to employ machine learning in business is not about replacing humans with ‘thinking machines’. Rather, it is about processing vast amounts of data with statistical machine learning tools to support humans in making better predictions – unlike econometrics, which looks backward to understand causality in data (What drives what?). The predictive potential of machine learning, linked to the transactional power and reach of blockchain technology will revolutionize how we do business. Enterprises large and small can use these technologies to enhance their performance, and business leaders who can effectively use machine learning to make informed decisions about strategy, investments, employees and customers, and also know how to efficiently deploy blockchain technology will hold the keys to future business success. n Andreas Park is an Associate Professor of Finance at the University of Toronto’s Rotman School of Management, the Institute for Management and Innovation, and the Department of Management at UTM, where he is the department’s associate chair. He currently serves as the Research Director at Rotman’s Financial Innovation Hub in Advanced Analytics. He holds a PhD in Economics from the Cambridge University. Andreas teaches courses on FinTech and financial market trading trading, and his current research focuses on the economic impact of technological transformations such as blockchain technology on financial markets.

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