Hope it's a lazy Sunday morning for you. We are already approaching the second half of 2021! (Unbelievable).
The artificial intelligence market seems to be booming. It is said that artificial intelligence market size, globally was valued at $ 62.35 billion in 2020 and is only expected to expand at a growth rate of 40.2% from 2021 to 2028. To the surprise of many naysayers, the market has seen a flurry of unbelievable valuations of AI led companies. Here’s one that is top of mind – Contentsquare.
I feel the main reason for such high-pitched growth is the continuous research and innovation being done in the field. It also reminds me of the early dot com days and the times when apps ruled the market. Similarly, today tech giants like Google, Microsoft, Facebook, Apple are driving the adoption of advanced technologies in verticals like automotive, healthcare, finance and retail. From Tesla's self-driving car to precise operation of the bone for cancer treatments, through technology, AI is making its subtle presence in every aspect of our lives. It is only worthwhile for more and more companies to adopt AI as part of their business decisions for a well-rounded growth.
As we limp back towards normalcy, businesses are plotting their next steps with great gusto. What will they be? Baby steps? Getting a feel of the consumer behavior and then mould services and production for optimum utilization of resources? I feel the pandemic has given technology a nudge (ok, maybe a huge push) which was much needed. Hence the insane valuations for companies like Contentsquare, that are helping other companies analyze consumer behavior for greater impact.
So here we are, implementing nowcasting in the pandemic to improve decision-making, albeit, in a different manner. While nowcasting was good, next-gen nowcasting is the need of the hour as it will show the way forward. During the pandemic-led economic upheaval it is critical to make quick decisions by gathering data at the speed of lightning. Nowcasting first emerged as a tool to deal with the dot-com bubble and the recession, in the aftermath of massive dependence on regular economic data. Today, in this era of great human crisis it proves its efficacy again by providing real-time information. In this week's blog we discuss about the impact of economic stress on traditional nowcasting and why we need a new approach to the traditional model Next gen nowcasting must be the approach to follow to uplift businesses from this economic slump.
In the other blog we discuss integration of AI with data. In numerous discussions on AI, one common negative that we read/hear is how it will impact human jobs severely. The truth is, AI "may" render some jobs obsolete but will offer its collaboration with the human brain to develop better jobs for us. AI will always be dependent on human beings for crises it cannot solve and for inputs to algorithms without which it cannot be improved. So, we must cut AI some slack, explore collaborations, integrate data with AI and most importantly look beyond AI's help to merely cut operational expenses - as we at Infinite Analytics like to say - "Human Augmented Artificial Intelligence"
Did you know Tito Joker (In Filipino 'tito' means uncle and we all know of that one 'uncle' who is known for his 'jokes') is a humorous AI that uses state-of-the-art deep learning to tell jokes.
As always, we look forward to your messages. Do write to us to at [email protected] to know how we can help your business.
Video editing and film-making
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.