Artificial Intelligence

Machine learning can be an effective tool to set competitive prices. Artificial intelligence has its limits on how to set the most effective prices due to variables beyond the seller's control. Over the long term supracompetitive pricing can result. Machine learning and artificial intelligence (AI) are perfectly suited to help companies and marketers monitor and set prices based on real-time dynamic pricing. But new research has identified some possible unintended consequences of AI in this area. 

The AI gold rush has been underway in the financial services industry for the past few years. According to the UK Financial Conduct Authority and the Bank of England, two-thirds of Britain’s financial services firms use some form of machine learning. Just over half have an R&D strategy to add even more to their AI capabilities. That strategy needs a well-developed ethical component.

Managing money has traditionally involved more art than science. Investment managers would rely on instinct and experience to decide which opportunities are the best match for the needs of each client. This worked well enough for decades, but in the age of Big Data, we can certainly do better. Thanks to artificial intelligence (AI), the industry has, within its grasp, the potential for a powerful expansion in capabilities. Now, all it takes is the will to embrace the cultural change needed to convert possibility into reality.

Don't let the name fool you. Robotic process automation (RPA) isn't related in any way to physical robots. The technology does, on the other hand, have everything to do with automating manual, rule-based, and other repetitive business activities. An RPA software robot never sleeps and makes no mistakes. For enterprises in a wide range of fields, particularly financial services and healthcare, RPA has emerged to become a highly attractive, low-cost IT initiative.

Artificial intelligence (AI) and machine learning offer new ways to boost productivity, develop talent, and drive organizational change by enhancing managers’ ability to make the right calls in complex situations. Augmented intelligence tools have already made an impact for many companies, but the next revolution will happen when every aspect of a business, from top to bottom, is designed with AI in mind. Call this new construct the intelligent enterprise.

How we cast votes in federal elections is broken. We elect representatives into offices with terms that may last as many as six years, yet the process for casting a vote must be done within a 12-hour window, on the first Tuesday after the first Monday in November. The roots of a designated day for voting dates back to 1845, when congress declared a national election day.  There is much at stake to get every and all votes verified and counted, to reflect the preferences of the majority.  

If the coronavirus pandemic ended tomorrow, Scott Nestler’s newly launched company’s days would likely be numbered. He’s ok with that. After all, only during such an upside-down time as a global pandemic could a startup that pinpoints the optimal way to avoid capacity crowds at an event be useful. As colleges and universities reopen their campuses in the age of physical distancing and capacity restrictions, the question of how to safely seat people in large, ticketed spaces such as stadiums, arenas and theaters while still maximizing attendance (and revenue) is a million-dollar question.

For many Americans, “Hey, Siri, type a text,” or “Alexa, turn up the volume” have become common phrases as voice assistants and smart speakers have become more popular. Now, artificial intelligence and voice tech experts predict that consumers will be issuing similar commands in retail spaces if doing so helps reduce the spread of the coronavirus.

Bottom Line: This year's hard reset is amplifying how vital customer relationships are and how much potential AI has to find new ways to improve them.

Over the past few months the world has experienced a series of Covid-19 outbreaks that have generally followed the same pathway: an initial phase with few infections and limited response, followed by a take-off of the famous epidemic curve accompanied by a country-wide lockdown to flatten the curve.  Then, once the curve peaks, governments have to address what President Trump has called “the biggest decision” of his life: when and how to manage de-confinement.