Were you unable to attend Transform 2022? Check out all of the summit sessions in our on-demand library now! An organizational movement towards mass digitization is underway -- and no industry is exempt. The number of connected devices is expected to reach 55.7 billion by 2025, of which 75% will be connected to an IoT platform -- a shift that has presented a significant environmental challenge for organizations. The increased demand for data storage and computing power has many questioning their sustainability efforts and raises the question: How can enterprises leverage and implement artificial intelligence (AI) and other smart technology without growing their carbon footprints?

In this episode of the Inside the Strategy Room podcast, senior partner Michael Bender sits down with Sean Brown to tease out the real meaning of digital-analytics transformations. They also talk through the role CFOs can take on to drive successful change efforts. Welcome to Inside the Strategy Room. Today, we're joined by Michael Bender, a senior partner in our Chicago office and the global coleader of McKinsey Digital and Analytics. We sat down with Michael in London, where he had just presented to our Global CFO Forum on the role CFOs can play in driving digital transformations. We also covered the nature of digital transformations more generally, how digital and analytics go hand in hand, and the challenges companies can face when working to adopt both. Michael, tell us just a little bit more about what is digital? What is a digital transformation? Michael Bender: Sean, it's interesting that we get this question all the time.

With more access to data and growing computing power, artificial intelligence (AI) is becoming increasingly powerful. But for it to be effective and meaningful, we must embrace people-first artificial intelligence strategies, according to Soumitra Dutta, professor of operations, technology, and information management at the Cornell SC Johnson College of Business. "There has to be a human agency-first kind of principle that lets people feel empowered about how to make decisions and how to use AI systems to support their decision-making," notes Dutta. Knowledge@Wharton interviewed him at a recent conference on artificial intelligence and machine learning in the financial industry, organized in New York City by the SWIFT Institute in collaboration with Cornell's SC Johnson College of Business. In this conversation, Dutta discusses some myths around AI, what it means to have a people-first artificial intelligence strategy, why it is important, and how we can overcome the challenges in realizing this vision. An edited transcript of the conversation follows. Knowledge@Wharton: What are some of the biggest myths about AI, especially as they relate to financial services?