V. Kumar and his colleagues examine what AI is doing to the world of marketing in their recent piece in the California Management Review. Central to their analysis is the idea of personalization which they distinguish from customization. Customization is when you give the consumer a bunch of choices. This puts a lot of work…
Category: Artificial Intelligence
Bias and Algorithms
As algorithms play greater and greater roles in our lives a reasonable question is: “are they fair?” The answer is often; no, not really. To be clear that doesn’t necessarily mean algorithms are making the world worse. If things were unfair before (and they were) then just knowing that things are unfair now can’t tell…
Artificial Intelligence and Its Challenges
Artificial Intelligence (AI) has thrown up all sorts of questions for business and society. One of the first problems was recognizing what to do with it. Nowadays we can see AI making considerable impacts on the world but that this would happen wasn’t always so obvious. Michael Haenlein and Andreas Kaplan in their (brief) review…
Predicting What Image Works For An Individual
One of the central challenges of marketing is that people differ. Marketers would love to create marketing communications that work for everyone — and some communications do pretty well — but nothing has universal appeal. Some images work fantastically for some people but turn others off. How can we predict who will like what? Sandra…
Machine learning and the end of the world
This week I have a second (and last) post on Agrawal, Gans and Golfarb’s Prediction Machines. This interesting books discusses the difference between machine learning and traditional statistics. The idea being machine learning is more functional, more concerned with a useful result than a precisely accurate one. As the authors say “Machine learning science had…
How might AI change business?
In the excellent Prediction Machines Agrawal, Gans and Goldfarb take an economics-based view of the changes that will be brought on by Artificial Intelligence (AI). Essentially some basic economic principles can help us see what will change. The argument is that AI can predict and this will become cheaper with increasingly effective machines. This will…