Today, we flip the tradition. Let's begin this newsletter with the spot of humor.
The first half of the year is almost about to end and as we take stock of the situation, we see an upward trend in investments in predictive tools and technologies, it is right to say that prediction is the future of customer experiences. While continuously upgrading customer experiences on the basis of data from AI tools and new technologies, businesses do tend to revisit the good old surveys, which have, for long, been the key to improve customer experiences. Benefitting from the feedback from brand relationship surveys, the product or service is tweaked to arrive at what the customers desire. Trouble brews when surveys, the critical tool for research, fail in helping businesses in the arena of customer experiences. Surveys hence, are often unfocused, ambiguous, and limited, and unable to meet the demands of modern-day businesses. Seeking innovation and results with predictive customer-experience platforms, businesses can manage their customer experiences in a superior way than what has been done in the past.
In other news, AI and Robot Technologies Park (ARTPARK), based on the Stanford Research Model, has launched Xray Setu, an AI-driven platform to aid doctors to identify Covid positive patients. The wave 2 of the dreaded covid saw a lot of delay is diagnosis leading to patients reaching late for help specially with low oxygen levels. Keeping that in mind, the free to use solution available over WhatsApp has been developed in collaboration with Niramai Health and IISc. It takes only few seconds to interpret Chest X rays with 98.86% sensitivity.
Speaking about Predictive Data, this week's we spoke about the impact of Covid-19 on predictive data. As the demand-supply chain is still dwindling on the back of more Covid waves, we deep dive into how relying on past data is bad for businesses. Change is the only constant and hence we must embrace new methodologies to predict demand. You can read all about it here.
Another thing that has been on our minds since long “relevance of surveys.” In the past, we have seen that businesses often relied on surveys as a means to gather insight into how their customers behave and make decisions. We have also seen that data collected through these surveys have often failed (and hence the above comic strip; and of course, who doesn't love Calvin) and we strongly believe that AI can help in designing significant customer experiences. This week, our other blog post speaks about the, and how AI tools can help. I believe true consumer behavior can be determined by analyzing various data sets, instead of just relying on an age-old practice. We need to constantly innovate to remain relevant. You can read the post here.
If you have ever been in the business of video editing, especially when a famous celebrity was involved, and no matter how much you try to salvage the video, you cannot; deepfakes will help with that clip and your video will be made uninterrupted. Earlier, movie directors would spend millions on creating the perfect location for their movies. This is now achievable with a far lesser sum using deepfake and AI. Deepfakes can be real game-changers in film-making. Imagine new movies starring Charlie Chaplin opening to full houses. This, ofcourse, after all the copyright issues are taken into consideration..
What is the brand which comes to people's mind when they think about purchasing consumer electronics- is it Reliance Digital Retail Ltd.? Has Xiaomi Technology finally positioned itself as a premium brand? What is common between multi-brand electronic retailers and the people who visit them? What is consumer mindset of someone who wants to purchase consumer electronics and what other places these people go to and what are their brand affinities like?
Sherlock AI (powered by Infinite Analytics) looks into all the people who visited consumer electronics stores in the month of October and connects the dots. Take a 3 minute journey and understand consumer mindset of electronics buyers analytically!
Did you know that jewelry stores’ visitation went up by 125% during the Dhanteras weekend? Sherlock AI analyzed all consumers who visited jewelry stores pan-India and revealed that though typical weekend footfall surges in Jewelry shops is around 16%, the Dhanteras weekend contributed to a whopping 125% surge! WHOA!
Indians have always preferred gold as an asset class and an investment vehicle. With Dhanteras being among the most auspicious occasions to buy gold, Indians did indeed flock to the ‘market’ to buy gold.
It’s most obvious in the digital media space, from click buys to personalized web experiences. For marketing, the AI journey has just kick-started, while in the tech sector it has been applied for a while now. We are still at an early stage where inroads are being made into AI content via chatbots and even some explanatory content creation but what will make anyone jump up and embrace it is when we will start seeing a lot of mainstream content being created by AI.
Prior to joining Infinite Analytics, Richard served as the CFO of CrowdFlower, COO and CFO of Phoenix Technologies, as a member of the board of directors and chairman of the Audit Committee at Intellisync, and previously as CFO and executive vice president strategy and corporate development at Charles Schwab.
Pravin Gandhi has over 50 years of entrepreneurial operational and investing experience in the IT industry in India. He was a founding partner of the first early stage fund India - INFINITY. Subsequently a founding partner in Seedfund I & II. With over 18 years of investing experience, he is extensively well networked in investment and entrepreneurial scene and is an active early stage angel investor in tech & impact space. Pravin holds a BS in Industrial Engineering from Cornell University, and serves on the board of several private corporations in India. He is on the board of SINE, IIT Mumbai Incubator.
Puru has his Masters in Engineering and Management from MIT. Prior to MIT, he worked with Fidelity Investments building electronic trading products and high volume market data processing applications. He has completed his BE from VJTI, Mumbai.
Deb Roy is Professor of Media Arts and Sciences at MIT where he directs the MIT Center for Constructive Communication, and a Visiting Professor at Harvard Law School. He leads research in applied machine learning and human-machine interaction with applications in designing systems for learning and constructive dialogue, and for mapping and analyzing large scale media ecosystems. Deb is also co-founder and Chair of Cortico, a nonprofit social technology company that develops and operates the Local Voices Network to surface underheard voices and bridge divides.
Roy served as Executive Director of the MIT Media Lab from 2019-2021. He was co-founder and CEO of Bluefin Labs, a media analytics company that analyzed the interactions between television and social media at scale. Bluefin was acquired by Twitter in 2013, Twitter’s largest acquisition of the time. From 2013-2017 Roy served as Twitter’s Chief Media Scientist.
Erik Brynjolfsson is the Jerry Yang and Akiko Yamazaki Professor and Senior Fellow at the Stanford Institute for Human-Centered AI (HAI), and Director of the Stanford Digital Economy Lab. He also is the Ralph Landau Senior Fellow at the Stanford Institute for Economic Policy Research (SIEPR), Professor by Courtesy at the Stanford Graduate School of Business and Stanford Department of Economics, and a Research Associate at the National Bureau of Economic Research (NBER).
Akash co-founded IA while studying for his MBA from MIT. Prior to MIT Sloan, he co-founded Zoonga. Before this, Akash was an engineer with Oracle in Silicon Valley. He has completed his M.S from University of Cincinnati and B.E from the College of Engineering, Pune.