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ARTIFICIAL INTELLIGENCE AND DATA SCIENCE: NEXT WAVE CHANGE
Cost management performance improvement through Lean Six Sigma efficiency methods has been a stalwart source of cost savings, competitive advantage, and even top-line improvement.1 However, even Lean Six Sigma projects that foray into strategy since using econometric modeling tend to do so by contro...
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Published in: | Cost management 2022-09, Vol.36 (5), p.18-22 |
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Main Authors: | , |
Format: | Magazinearticle |
Language: | English |
Subjects: | |
Online Access: | Get full text |
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Summary: | Cost management performance improvement through Lean Six Sigma efficiency methods has been a stalwart source of cost savings, competitive advantage, and even top-line improvement.1 However, even Lean Six Sigma projects that foray into strategy since using econometric modeling tend to do so by controlling one variable at a time and relying on static, parametric models of internal and external performance. Traditional economic and financial data sciences analysis using regression has often been hand-cranked in Monte Carlo simulation software such as Crystal Ball or statistical software such as Minitab. Real data make for real insight and validate real business cases in benefits capture.3 Unfortunately, for the sake of accuracy, government agencies, startups, and businesses large and small must take all data into account. In other words, AI can call out whether daily operational actions are aligned with organization's strategic goals, along with whether AI can improve the situation.8 Summary: Changing business intelligence to the AI mindset Remember when classic finance, and not information systems or IT, was on the forefront of data? |
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