1:35 Scott’s Aim as a Leading Edge Tech Entrepreneur
7:48 The Evolution of Lucy AI From Prototype to Successful Business Model
15:58 Refining AI Abilities With the Help of Humans
21:20 The Relationship Between AI and Humans
25:29 Focusing on Knowledge Rather Than Data
30:53 Hard-Earned Lessons From a Five-Time Entrepreneur
35:27 The Future of AI Learning and Knowledge Management
“Every interaction makes Lucy smarter. She’s only going to be smarter tomorrow, and smarter in a month.”
“We always position Lucy as the AI companion. She’s not doing the work of a person, she’s the companion that is your assistant doing all of the exhaustive, minutia, heavy lifting so you can do your thing.”
“This is all about taking repetitive, time-consuming, low-value tasks and automating them so that individuals can accomplish more.”
“Above all, part of entrepreneurship is never allowing yourself to fail.”
Scott Litman is the co-founder and managing partner of Lucy AI, an AI-powered knowledge management assistant. As an entrepreneur, he is in search of new ways technology can advance the mission of knowledge workers from sales, marketing and research, and insights. From the early days of the internet and the first websites, to business portals of the “dot com” era to the latest generation of artificial intelligence — Scott has a long history of building businesses that help Fortune 1000 marketers and the agencies that serve them take advantage of cutting-edge digital transformation.
The relationship between humans and AI is growing stronger and more connected every day. With the capacity to retain knowledge and provide insights that humans didn’t know they were seeking, AI is becoming a more integrated part of everyday life. But will AI ever fully replace the human ability of knowledge workers?
This week, Melody is joined by Scott Litman, the co-founder and managing partner of Lucy AI, an AI-powered knowledge management assistant, for a conversation about the future of AI learning and knowledge management. Scott details the evolution and advancements in AI, including real-life applications in today’s business environment. He reveals why Lucy AI focuses on knowledge rather than simply gathering data and shares insights into some of the real-life applications that AI has the potential to offer in the very near future.
CHARACTERISTICS AND EVOLUTION OF LUCY AI
With the ability to answer questions against unstructured data and structured data, as well as play into media optimization and audience analysis, Lucy AI is designed to solve for really big problems. The evolution up to Lucy 3.0 offers improved training time, application connector points, and content adjustments that all equate to better results. Overall, the utility of Lucy has dramatically improved since her inception.
THE HUMAN ROLE IN REFINING LUCY AI
Machine learning can change, refine, and develop, but that still doesn’t take humans entirely out of the loop. The better the questions asked by humans, the better Lucy is able to perform. Where she might have missed 35% of the time three years ago, today, she has evolved to miss a mere 10% of the time. And when she does miss, the reason is clear and easy to correct — a lack of sufficient information in the system indicates that a connection to an additional share point needs to be made. This is one of two simple and easily correctable ways that Lucy is limited — the other being insufficient keywords that provide any amount of context for Lucy to draw from. Even in AI, there is a difference between “cheese” and “competitive cheese sales in the Latin American market.
THE RELATIONSHIP BETWEEN AI AND HUMANS
According to Scott, it is not wise to consider Lucy as the AI herself. As he describes it, “Lucy is the AI companion, designed to be the companion that is your assistant and doing all of the exhaustive heavy lifting so you can do your thing.” The value doesn’t come with the search itself, it comes with finding the data you need so that you can synthesize what you need to do with it to gain the desired outcome. The goal is to take repetitive, time-consuming, low-value tasks and automate them so that individuals can accomplish more.
A FOCUS ON KNOWLEDGE AND WISDOM RATHER THAN DATA
What happens to the knowledge that a person gains when they leave a project that they have worked on? The institutional knowledge goes with them, and the information is no longer living in the institution. But data is knowledge, and AI holds the potential to retain that knowledge regardless of who is accessing it.
LESSONS LEARNED FROM A SERIAL ENTREPRENEUR
As a five-time entrepreneur, Scott has plenty of wisdom to share about the unexpected pivot point from idea to business, near-misses, and fatal experiences, and what is required to prevail in turning an idea into a success. Above all, part of entrepreneurship is never quitting, and never allowing yourself to fail.