Paul Oyer is a Professor of Economics at the Stanford Graduate School of Business and director of Stanford’s new Big Data program called, Big Data, Strategic Decisions: Analysis to Action. Dr. Oyer is the author of two books published in 2014 – Everything I Ever Needed to Know About Economics I Learned from Online Dating and Roadside MBA.
With big data it’s critical to know what questions to ask. Dr. Oyer says, “Intuition is less important for making the right decision but really important to know what’s the question I need to ask – how do I even begin to ask the right question.” You have to ask the right question before the big data is analyzed. In the competitive environment, if your algorithm is based on your bias then eventually someone will develop one without it – and they will beat it and you.
In the classroom we constantly think about how we take the tools found in big data and how we combine it with good old business sense. That is where the creativity comes from and the big wins come from. Dr. Oyer says, “I am not so worried at all about people becoming so reliant on data that they don’t use their own expertise.”
When asked what future jobs may be taken over by AI, Dr. Oyer explains that if a computer can someday do what you are doing, it may be taken by AI. Some examples are: parking attendant, cab driver, transcriptionist, and foundry mold & core makers.
Worried? Get welding training – in general – get craft and trade training
Retraining is very important but unfortunately we’ve been bad at retraining.
It’s very hard for people to recognize that what they used to do is no longer needed. It is difficult then to go and get trained. People need to be open to training.
The gig economy is big and 40% of people working in this fashion by 2020 is not out of possibility. The statistics vary by how it was reported for full time workers. Two and half times the people are part time gig employees and didn’t show in some of the surveys and data.
Now, over 30% of Americans participate in gig in some way, now. People are from all ends of the economy – all ages, education, etc. are in the gig economy.
What you will learn in this episode:
● Paul Oyer’s AI forecast
● The role of big data and why business leaders around the world need to pay attention to this topic
● The gig economy’s future
● Workplace trends for women
● The biggest threats to the future of work and some big disruptions coming
Links from the episode:
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