The Rise of Data-ocracy | Summary and Q&A

TL;DR

Big data and algorithms are increasingly relied upon for decision-making, but we must be cautious of biases that can be baked into the data. Companies are using algorithms to predict outcomes and improve efficiency in various fields, such as healthcare and language analysis.

Key Insights

• 😃 Algorithms and big data have a significant impact in various fields, such as finance, healthcare, and language analysis.
• 🥺 Biases can be baked into algorithms, leading to potential inaccuracies and skewed outcomes.
• 💄 Auditing algorithms can help reduce bias and ensure fairness in decision-making processes.
• 💱 The reliance on metrics and data measurement in social change organizations can lead to a focus on easily measurable interventions, while overlooking other important dimensions of human change.
• 😒 The divide between emerging markets and the Western world in terms of data availability and use requires attention to ensure equitable access and benefits of technology.
• 🤵 The marriage of human judgment and technology is crucial, as algorithms still require human intervention and context to make informed decisions.

Transcript

good afternoon i'm jennifer Shanker editor-in-chief of the innovator a global magazine about digital transformation and very happy to be here today with a super panel to discuss the rise of the Dyna khakhra see history is replete with examples of over reliance on metrics which have led to unfortunate outcomes today we are relying more and more on b... Read More

Questions & Answers

Q: How does World Quant Asset Management use algorithms and big data?

World Quant Asset Management relies on 19 million algorithms to predict security prices and has developed algorithms to determine the viability of embryos and predict the impact of space travel on human genomes.

Q: How does YeSights apply algorithms in the medical imaging field?

YeSights uses big data and machine learning to analyze medical images, such as CT scans, and has developed algorithms that can diagnose lung cancer, liver cancer, brain tumors, and provide pathological analysis.

Q: How does PyMetrics eliminate bias in recruiting algorithms?

PyMetrics uses audit AI technology to ensure that recruiting algorithms do not have biases based on gender or ethnicity. They create custom algorithms for companies to identify high potential individuals based on their employee base.

Q: What challenges are there in relying on data measurements in social change organizations?

There is an emphasis on measuring what works in social change organizations, but not all interventions can be easily measured. There is a risk of focusing on interventions that can yield good data, but may not bring about the desired change.

Summary & Key Takeaways

• World Quant Asset Management uses 19 million algorithms to predict security prices and has developed algorithms that can determine the viability of embryos and predict the effects of space travel on human genomes.

• YeSights leverages big data and machine learning to analyze text, images, and audience content, offering alternative data analysis for news and applications in the medical imaging field.

• PyMetrics audits algorithms to ensure they are not biased, particularly in the recruiting process, using behavioral science and artificial intelligence to identify high-potential individuals who may have been overlooked.