The following is an extract from a report from the 2024 MIT Sloan Master of Business Analytics Capstone Project. It highlights how companies are using generative AI and data analytics to enhance operations in areas like drug development, customer service, and workforce management. + THREE INSIGHTS FOR THE WEEK 1. Generative artificial intelligence is helping companies execute with speed — particularly when it’s paired with data analytics. That was a primary takeaway from the 2024 MIT Sloan Master of Business Analytics Capstone Project program, which partners students with companies looking to solve business problems with data analytics. Among the problems organizations sought to solve with data and AI in 2024: - Speed to market. Student teams helped Pfizer reduce the time required to get new drugs to market by using analytics to speed up the knowledge transfer process. Students also used analytics and generative AI to help Takeda design its clinical trials more quickly and competitively. - Quicker responses to customers. Students used generative AI to help insurance company CogniSure extract important information from thousands of PDFs and emails submitted by customers. Deep data mining helped Comcast improve its real-time response to nearly 6 million calls per month, and a new generative AI system helped global shipping and transportation company CMA CGM improve the accuracy and speed of its dynamic pricing system.  - Employee reskilling. For Accenture, MIT Sloan student teams developed a tool that predicts the effect of generative AI on large enterprise workforces, which will help companies deploy technology strategies and reskilling initiatives.

Effective stakeholder communication is vital for project success, as misalignment can cause unmet expectations. Schedule regular check-ins to keep stakeholders informed and engaged, fostering transparency and trust throughout the project.

Projects often face competing priorities, complicating task focus. Use the Eisenhower Matrix to prioritise based on urgency and impact. This helps allocate resources effectively, ensuring critical tasks receive proper attention.

Scope creep in complex projects can cause missed deadlines and budget overruns. To prevent this, set clear boundaries and enforce a change control process. This approach helps maintain focus on core objectives and ensures project success within agreed constraints.