Tag Archives: artificial intelligence

The Ruthless Efficiency of Algorithms is Advancing Digital Frontiers

We recently caught up with Alistair Croll, Visiting
Executive at Harvard Business School as well as our Marketing Analytics &
Data Science Conference keynote speaker, to discuss the state of marketing
analytics and data science, and where it’s going in the future.
Today, Croll helps to accelerate startups, and works with
some of the world’s biggest companies on business model innovation. As an
entrepreneur, he co-founded Coradiant; the Year One Labs accelerator; and a many
other startups. Not to mention, he’s a sought-after speaker, and has launched
and chaired some of the world’s leading conferences on emerging technology,
including Startupfest, Strata, Cloud Connect, and Pandemon.io. Croll is also the
author of four books on technology and entrepreneurship, including the
best-selling Lean Analytics, which has been translated into eight languages.
What is the state of
the data science and analytics industry in 2017?

Croll: There is a realization that data itself doesn’t lead
to answers. This is really maturity: It’s asking the right question that’s
hard. Big data is replacing business intelligence, but most of it is still
being used to run reports and batch processes’rather than to find advantage or
insight.
At the same time, feeding the corpus of data into learning
algorithms holds promise. Those with the authority to do so are pointing
machine learning at their data seta to find correlations, then testing those
for causal relationships they can exploit.
What have been the
biggest changes data science and analytics since you started your career?

Croll: I’m not an analyst by trade. But the biggest change
is clear: once, we first defined the schema, then collected data. Now, we
collect the data, then define the schema.
In other words, “Collect first, ask questions
later.” This is a huge difference, but it has sort of snuck up on us. It
means we can iterate more, answering questions and adjusting our lines of
inquiry.
Have the influx of
social media and mobile made your job easier or harder?

Croll: More data sets mean more potential insights, but also
more spurious correlations. So it’s a two-edged sword.
How is data science
and analytics transforming every industry right now?

Croll: The simple, and somewhat terrifying, truth is that AI
gets unreasonably powerful, very quickly. Whether driving a car, or playing a
video game, or diagnosing a disease, or optimizing the design of an aircraft
part, algorithms are better than humans. They don’t get tired; they make fewer
mistakes; they don’t take breaks.
And what do we feed such algorithms? Data. There is no
industry that will not be changed by the ruthless efficiency of algorithms
advancing its digital frontiers.
Why is data science considered
the ‘sexiest job of the 21st century’?

Croll: Data science is the intersection of statistics,
critical thinking, and engineering. It requires a sense of narrative, and the
ability to build something. It’s that element of engineering that distinguishes
it from simple analytics, because it builds things that become products, or
processes. Rather than running a report, it improves the report’s results.
If big data is oil, data science is the refinery that makes
it usable.
What is the biggest
challenge in data science and analytics today?

Croll: We are still, sadly, trying to replace opinions with
facts. My good friend Randy Smerik argues that there’s no such thing as big
data: An airline that knows you’re running late fails to update your hotel;
false positives about in credit card management.
His point is that while we have tremendous amounts of data,
we seldom apply them to significantly improve the business or the customer
experience because doing so means making fundamental changes to the organization,
job descriptions, customer policies, and so on.
Where do you see data
science and analytics moving in the next 5 years?

Croll: Democratization, with the help of smart agents.
Pundits have been saying that for a long time, but in the last couple of years
tools like Cortana, Google Now, Siri, and Alexa’as well as various chat
interfaces like Slack, Sophos, and Skype’are going mainstream.
I also think that insurers will put significant pressure on
companies to implement better analytics and algorithms because it will be too
risky to do otherwise. If the organization can know everything about itself all
the time, it will be expected to do so. “We didn’t know this was
happening” will no longer be an excuse. And consequently, algorithms that
can parse all of that data and reduce risk will be mandatory.
Hear more from
Alistair during his keynote session, ‘Don’t’ Get Duped by Data’ at the
Marketing Analytics & Data Science Conference April 3-5, 2017 in San
Francisco, CA.

Data science and marketing analytics are transforming every
industry. There is a reason why it is being called the sexiest job of the 21st
century. Calling all professionals that want to harness analytics and data
science! Do you realize how critical you are to the future of your organization?
Learn more here: https://goo.gl/CbYosj

Use our exclusive
Blog discount code MADS17BL for $100 off the current rate. Buy your tickets
here:
https://goo.gl/CbYosj

Artificial Intelligence: Is This The Future of Market Research and Consumer Insights?

We already know how artificial intelligence has been affecting marketing, with everyone from Netflix to Under Armor utilizing data to improve customer experience, but how exactly can market researchers hope to use AI? And apart from all those hip and trendy businesses using it that we hear about ‘ are there really any implications for non-tech related companies?

Artificial intelligence indeed has implications for market researchers in every industry to predict shopper behaviors such as: what and how much customers will buy, what they will pay and how they will engage (customer retention) once they’ve purchased a company’s products. Roger Perowne wrote in ResearchLive this month: ‘(We need) Technology targeted at understanding how and why we make choices and decisions, not just navigating us to a shopping aisle.’ Well that technology is here and it’s artificial intelligence. The beauty of AI is that it gives us so much more than purchase data from brick and mortar and online stores but can incorporate shopper intent, regional patterns, comparative data from other industries and more. Here are a few examples where AI is being used for consumer insights.

Improving Customer Engagement with AI

Insurer and finance company United Services Automobile Association (USAA) uses an AI product built by Intel’s Saffron that matches patterns of consumer behavior to predict how customers might contact them, and about what products they will have inquiries about. This allows USAA to plan customer service staffing as well as be more personalized in their communications ‘ leading to cost savings for them and better experiences for their customers. 
 
AI’s not just about science fiction and robots. Photo: Ryan McGuire
Predicting Consumer Demand with AI Sales Forecasting

Analyst Greg Maczka had this to say on Quora about the future of qualitative research and product development: ‘AI will have a much greater impact on actual, real life analysis which will eliminate the need to set up elaborate and unrealistic testing situations in the first place. And that’ll be the future of market research.’ The company easyJet is already in that future, with predictive analytics helping them plan flight destinations and times as well as the food and drink items they serve on their flights. Their Head of Data Science Alberto Ray-Villaverde spoke with Future Travel Experience early this year: ‘According to Villaverde, the difference between analytics and AI is that the former has been about diagnostic capability and looking backwards, whereas the latter is focused on predictive capability, which can help organisations better understand and plan for the future.’

Price optimization Using Machine Learning

Companies such as Vendo, Daisy Intelligence, Fractal Analytics and Blue Yonder have begun to apply artificial intelligence to pricing. What exactly does dynamic pricing software do? Here’s a description of what Blue Yonder’s software does: ‘monitor(s) internal (sales history, real-time demand) and external data (weather, public holidays, school holidays, competitor pricing) leading to the optimal price point for any product’ continuously tests and measures the response to price changes by analyzing interactions between that price change and subsequent changes in demand.’

Airbnb began to use machine intelligence when they realized what a difficult time their customers ‘ typically amateurs in such matters ‘ were having figuring out how much to charge to rent their homes. Airbnb created their own in-house software tool which offers their customers a very unique form of dynamic pricing, offering them pricing tips based on changing market conditions as well as custom pricing based on the various characteristics of their listings. You can read the very interesting story of how they designed and tweaked their internal AI pricing software here.

So there you have it, artificial intelligence is no longer science fiction, and it’s not just something reserved for trendy Silicon Valley companies. AI is on a mission to clear out the error-prone focus groups and disjointed data to bring real-time, relevant insights to market researchers and marketers.

If you’re interested in this and other technology innovations in the market research industry, don’t miss the world’s leading market research event TMRE happening in beautiful Boca Raton, Florida October 17-20. Got any comments on this blog? Make yourself heard – Tweet to us at @TMRE!

New Frontier of Consumer Research

TMRE 2015 Session
New Frontier of
Consumer Research
Olga Diamandis, Senior Manger, Open Innovation, Mattell
Three key things are happening that are changing research:
Crowdsourcing, big data, and artificial intelligence.  We will mine these dimensions, but first
let’s take a brief look at the history of marketing research.
The field was born in the 1930s with the Likert Scale. This scale becomes
the primary tool to measure consumer attitude. Then, the internet drastically
changed things in the 1990s. Once web sites became dynamic and data was easy to
handle crowdsourcing.
Crowdsourcing
enabled researchers to crowdsource around the globe. Everything from toys, car
design, to a country’s constitution have been crowdsourced.
For Mattell crowdsourcing became a tool for creating new
characters in their Little People line, reducing the time spent in Market
Research.
Big Data creates
new opportunities. From behavioral data to predictive analytics, Big Data
shortens the time to generate insights. Every human leaves a digital trail that
can be cross-analyzed. In the Connected Era the amount of data will spike even
higher.
What Big Data means for advertising is hyper targeting,
creating meaning and relevance for consumers.
Artificial
Intelligence
allows us to track everything without consumer reported data,
decreasing consumer biases. AI, in this realm, includes peer reviews (such as
reviews on Amazon.com) and consumer ratings.
AI also helps us understand ourselves better. What movies we
like. We words we use most often. In time, Siri will take a more proactive
role, recommending places to eat and things to do based on our user patterns.
I know I can go online and find an answer to a question
simply now. Then, I’m thinking that machines can handle the search and the
critical thinking. Revolutionary. I get excited and overwhelmed, but so
excited. The future is limitless, but we have to be adaptive to take advantage
of this emerging mode of the market.
Michael Graber is the
managing partner of the Southern Growth Studio, an innovation and strategic
growth firm based in Memphis, TN. Visit
www.southerngrowthstudio.com to learn more.

This Week In Market Research: 11/17/14 – 11/21/14

Investing in e-commerce? The importance of b2b mobile

Big Data: It’s Not What CMOs Know, It’s What They Do, via Forbes

Big Data: Who cares? The answer to business problems is not solved by a definition

5 Tips For Building A Great Data Science Team

No News Is Bad News for Your Data Science Team: Usually a sign that something is wrong and they be stressed out

E-Tailers Use Analytics to Read Your Mind: Can the amount of data they use allow them to offer better services with analytics

‘Tis The Season for UX: 3 Ways to Turn Holiday Shoppers Into Year-Round Customers

Has Artificial Intelligence Outsmarted Our Emotions? Emotional attachments to tech

Can Big Data Help Feed 9 Billion People? The population will swell to 9 Billion by 2050 and were going to need more food

Digital Branding, Are your Analytics Ready? Transitioning for new online advertising methods

About the Author:
Ryan Polachi is a contributing
writer concentrating his focus on Marketing, Finance and Innovation. He can be
reached at rpolachi@IIRUSA.com.

This Week in Market Research: 9/8/14 – 9/12/14

Using Big Data from Social Apps and Reaching Their Untapped Potential

11 Customer Experience Stats You Should Know… #7 “It takes 12 positive customer experiences to make up for one negative experience”

New Benchmark Reports Coming to Google Analytics: See how they helped drive email open rates

Was the Ice Bucket Challenge Worth It? Forbes Explains

How to Tell If a Company is Using Real Data Science: Three marks to help you

Breaking Down Coffee Analytically: Dunkin vs. Starbucks

So You Think You Need a Data Scientist? What do they even do anyway?

Artificial Intelligence: Algorithms that allow computers to learn on their own and recognize patterns. Making systems smart and doing more than step by step instructions via Wired.

Mapping the Brain: Obtaining Big Data from Small Brains. Our brains have billions of neurons and figuring out how they work by mapping them will lead to key insights about humans.

33 Problems That Can be Solved With Data Science: From Spell Check to Sports Bets, and this is only the beginning.

About the Author:

Ryan Polachi is a contributing writer
concentrating his focus on Marketing, Finance and Innovation. He can be
reached at rpolachi@IIRUSA.com.

Ray Kurzweil On Intelligence When Minds & Machines Become One

“WHY DID YOU CHANGE YOUR MIND?”
Every researcher’s dream is to truly understand what
motivates, persuades and changes behavior. 
Technology is a disruptor, and when
paired with science the possibilities are endless.  

Come explore possibility with us at The Future of Consumer
Intelligence and discover how to translate genuine insight into confident
decision making.
The Future of
Consumer Intelligence 2014
May 19-21, 2014 // Sheraton Universal // Universal City, CA

Download the brochure
for full conference details: http://bit.ly/1fLunmf
2014 Keynotes
include:
  • The Web Within Us: When Minds & Machines Become One, Ray
    Kurzweil, Director of Engineering, GOOGLE 
  • The Need for BIG Privacy in a World of Big Data, Ann
    Cavoukian, Information & Privacy Commissioner, 
  • ONTARIO, CANADA
  • Making Data More Human, Jer Thorp, Former Data Artist, THE
    NEW YORK TIMES
  • How to Generate Word of Mouth, Jonah Berger, Author,
    CONTAGIOUS: WHY THINGS CATCH ON 
  • When the Future Begins – A Guide to Long-Term Thinking,
    Magnus Lindkvist, Trendspotter, Futurologist
  • Designing Habit-Forming Technology, Nir Eyal, Habit Design
    Researcher, NIRANDFAR.COM

Topics Covered Include:

Consumer Intelligence // Big Data & Analysis // Strategy
& Action Planning // The Future Consumer // The Connected Consumer //
Research at the Center of Marketing Strategy // Data Visualization //
Crowdsourcing // The Future Researcher // Beyond Data Driven // Social
Listening //
Designing Intelligence // Privacy in a World of Big Data // From Consumer
Understanding to Empathy // Leveraging Technology to Uncover Deeper Insights //
Designing Habit-Forming Technology
And much more!
Mention code FOCI14BLOG & Save 15% off the standard
rate. Register today:
 
**Plus, don’t miss your special video invitation from
conference Chairman Ben Smithee to find our why you need to attend The Future
of Consumer Intelligence: http://bit.ly/MuI2CO
Interested in learning more? Download our new, interactive
conference brochure loaded with exclusive content that can’t be found anywhere
else: http://bit.ly/1fLunmf
We hope to see you in California!
Best,
The FOCI Team
@TMRE
#FOCI14

www.themarketresearcheventblog.com

Ray Kurzweil On Intelligence When Minds & Machines Become One

“WHY DID YOU CHANGE YOUR MIND?”
Every researcher’s dream is to truly understand what motivates, persuades and changes behavior. 
Technology is a disruptor, and when paired with science the possibilities are endless.  
Come explore possibility with us at The Future of Consumer Intelligence and discover how to translate genuine insight into confident decision making.
The Future of Consumer Intelligence 2014
May 19-21, 2014 // Sheraton Universal // Universal City, CA

Download the brochure for full conference details: http://bit.ly/1fLunmf
2014 Keynotes include:
  • The Web Within Us: When Minds & Machines Become One, Ray Kurzweil, Director of Engineering, GOOGLE 
  • The Need for BIG Privacy in a World of Big Data, Ann Cavoukian, Information & Privacy Commissioner, 
  • ONTARIO, CANADA
  • Making Data More Human, Jer Thorp, Former Data Artist, THE NEW YORK TIMES
  • How to Generate Word of Mouth, Jonah Berger, Author, CONTAGIOUS: WHY THINGS CATCH ON 
  • When the Future Begins – A Guide to Long-Term Thinking, Magnus Lindkvist, Trendspotter, Futurologist
  • Designing Habit-Forming Technology, Nir Eyal, Habit Design Researcher, NIRANDFAR.COM

Topics Covered Include:

Consumer Intelligence // Big Data & Analysis // Strategy & Action Planning // The Future Consumer // The Connected Consumer // Research at the Center of Marketing Strategy // Data Visualization //
Crowdsourcing // The Future Researcher // Beyond Data Driven // Social Listening //
Designing Intelligence // Privacy in a World of Big Data // From Consumer Understanding to Empathy // Leveraging Technology to Uncover Deeper Insights // Designing Habit-Forming Technology
And much more!
Mention code FOCI14BLOG & Save 15% off the standard rate. Register today: http://bit.ly/MupKSc
**Plus, don’t miss your special video invitation from conference Chairman Ben Smithee to find our why you need to attend The Future of Consumer Intelligence: http://bit.ly/MuI2CO
Interested in learning more? Download our new, interactive conference brochure loaded with exclusive content that can’t be found anywhere else: http://bit.ly/1fLunmf
We hope to see you in California!
Best,
The FOCI Team
@TMRE
#FOCI14