On this week’s show of Killer Innovations, Michael George, Author, Entrepreneur and CEO of AI Technologies joins us as our guest. He is the founder of Lean Six Sigma, the most widely used process improvement method used globally. Since 2012, Mike has worked on applying Artificial Intelligence (AI) as the next big process breakthrough beyond Lean Six Sigma. Over the years, Mike has worked with Fortune 100 companies and Government’s globally and was Founder and CEO of The George Group, which he sold to Accenture as well as Founder and CEO of International Power Machines which he took Public and then sold to Rolls Royce. He has authored 8 books including “Fast Innovation”, “Lean Six Sigma”, “Conquering Complexity in Your Business” and his latest “Lean Six Sigma in the Age of Artificial Intelligence”.
The Power of Process Innovation
Innovating processes and discovering ways to leverage process to bring exponential returns on innovation initiatives and product development has been a mission of Michael and the results of his work has created and preserved value. The combination of Lean and Six Sigma brought a breakthrough for non-repetitive processes and global leaders enjoyed the elimination of waste and enhanced quality. However, leaders had another dilemma “How to Get to Market Faster with Quality Products”.
Fast Innovation gave them:
- Speed in the Product Development Process
- Market Velocity with Better Forecasting and Predicting
- Preservation and Enhanced Quality
- Innovation Blitzes – Fast Gating while discovering Drivers of Delays
The next iteration of Process Innovation applies AI to drive Innovation’s through a lifecycle as well as discover ideas that can create breakthroughs.
Fourth Industrial Revolution: Solving Unsolvable Problems
Michael has been engaged in Deep Learning Neural Networks for many years. With the onset of ‘Big Data’ we can now apply AI and machine learning to recognize patterns to help solve what has been unsolvable in the past. With Lean Six Sigma in Age of AI they have discovered a number of valuable insights that will power organizations to the next level and help them harness the power of the Fourth Industrial Revolution:
- Don’t get overwhelmed with your data. Over-engineering your data quality and data cleansing efforts can grind you to a halt and not necessary – there are a number of processes to get high value sets of data for analysis in short order – a challenge for CEO’s today
- Unseen discoveries are attainable even in the most proficient organizations—a recent effort revealed 60% of inefficiency came from only 20% of revenue
- AI and machine learning didn’t eliminate jobs, but created more opportunities and growth while developing more productive employees
So what can leaders do to take advantage of the next wave? Michael believes every CEO should have their own AI and data expert that can comb every aspect of a business or organization to find common patterns in their activities (for instance product development and innovation initiatives) that elude human interaction.
Future Advances
So, what game changing innovation does Michael expect to see? AI provides approximate answers. The next big thing after AI, that is also complimentary, is quantum computing. An exponential game changer. As it has been in the past, from the internet to semi-conductors, the Government will play a big role in quantum computing. With patience, funds and applicable activities the organization that is best suited, and has always been a leader in advancements, is the U.S. Department of Defense. To learn more insights, keep up with Michael and his Firm.
Let’s connect; I am on LinkedIn, Facebook, Twitter. If we do connect, drop me a note and let me know. The email address is feedback@philmckinney.com or you can go to Philmckinney.com and drop me a note there. Don’t forget to join our Innovators Community to enjoy more conversations around innovation.
To learn more about the power of the process of innovation, listen to this week's show: Manufacturing Innovation Using AI.
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