#131 AI & Technology, Key Drivers for Scaling and Optimising the Value Chain with Steve Monaghan – EVP, Chief Digital Officer
Steve Monaghan is the Chief Digital Officer at Riyad Bank. He has a series of investments in banking and insurance using AI and new technologies in order to improve efficiency.
He started out as a commercial pilot working 22 hours a day, running the aviation company during the day and flying at night. His first contact with data came when he started using spreadsheets to automate tasks and accelerate the time in which he got them done. His career then moved from flying into technology.
For Steve, the three core laws of technology that drive data science and AI are:
Moore's Law: processing power doubles every 18 months for the same cost.
Metcalfe's Law: the value of a network grows by the square of the network's size.
Kryder's Law: storage doubles every 13 months for the same cost.
He believes these 3 laws encompass the ability you have to assimilate learning into knowledge.
“What technology does is, it arbitrages time, and you get to live in someone else’s future, which is the most powerful proposition on the planet, and especially what data science enables one to do, is to achieve this at scale.”
“One of the main problems in data science and analytics is the adoption of the work, the last mile and being able to have the impact that technology promised.”
“It is all logical, and it is all there , so work it out. Technology and data science is logical, it's only about putting our mindset and attitude towards it and working it out. Because everything we do in the tech space is driven by some level of logic, and if its logical it can be done. Don’t accept your own limitation find a way to work around it.”
Read the full episode summary here: Episode #131
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