These are the data, customer experience (CX) and artificial intelligence (AI) stories we’re reading here at Finalytics.ai this week.
AI Isn’t “Set It and Forget It”
Joe McKendrick reports on a recent ZDNet survey that looks at AI actionability and accountability. It’s no surprise that most organizations are pursuing AI in some form. However, McKendrick writes, “companies need more data engineers, data scientists, and developers to deliver on (their) goals.”
Implementing an AI solution is not easy, and there are many examples of where AI has gone wrong in production. The companies we have seen benefit from AI the most understand that AI is not a plug-and-play tool, but rather a capability that needs to be fostered and matured. These companies are asking ‘what business value can I drive with data?’ rather than ‘what can my data do?’
There are a lot of good findings in this report. I urge you to read the summary.
The Future of AI is Predictive Transactions
You’ve just got home from work, and an Amazon delivery truck arrives at your door, carrying the 25 household items, from dry groceries to cleaning supplies, you’ll need that week, informed by your in-depth customer profile. Any of the items you don’t need (an unlikely occasion given the enhanced machine learning) can easily be returned – information which adds to the database that continually improves the engine’s learning and ability to predict your behavior.
Chuang sees this predictive action as the next step from predictive recommendation. We agree that we should consider this next step. What do you think?
Impact of AI on Personal Finance
While thinking of the future of AI/ML is exciting, there are plenty of exciting results in personal finance already happening. Jordan Bishop, founder of personal finance platform Yore Oyster, writes in ReadWrite about such applications of AI.
Trading is a complex process involving a deep understanding of the stock market and a bit of luck. However, algorithmic trading based on A.I. takes care of the ‘deep understanding’ part as it can learn by itself and make decisions on its own with little to no input from a person.
Bishop also adds,
A.I. offers a method of accurately predicting the evolution of stock prices, automating transactions, and gaining an edge over the broader market. Big names like JP Morgan have implemented A.I. in a significant way, setting a precedent for others to follow.
As Bishop notes, this is just a glimpse of what is possible. We cannot agree more.