Friday, October 27, 2017

Digital Intelligence Weekly by Kevin Benedict

Kevin Benedict's
Center for Digital Intelligence
In this weekly report I collect, curate and comment on subjects related to emerging technologies and digital trends.  I hope you find it useful.

Question: Where are VC's placing their money today?  Answer: Vijay Pande, a general partner at Andreessen Horowitz, says, “We’re interested in companies in the healthcare and biology space with machine learning at their core."

Question: When will Twitter finally be profitable according to GAAP rules?  Answer: The fourth quarter of 2017 according to Reuters. KRB Comment:  Google, Microsoft and Facebook all had great quarters, so it is about time for Twitter to be profitable.

Question:  How can the German e-commerce company, Otto, predict, with 90% accuracy, what they will sell in the next 30 days?  Answer: They use artificial intelligence (AI) to analyze around 3 billion past transactions and 200 variables (such as past sales, searches on Otto’s site and weather information) to predict what customers will buy each week.  The AI system has proved so reliable—it predicts with 90% accuracy what will be sold within 30 days.  Source: The Economist  KRB Comment: Those numbers are truly impressive, and Otto now let's the AI system order products in advance of sales, WOW!  The list of functions that AI can do better than humans is growing quickly.

Wednesday, October 25, 2017

The 12 Step Plan for Digital Transformation Speed

It took Magellan’s crew three years sailing ships to circumnavigate the earth.  Today, at hypersonic speeds of 7,680 MPH, it takes just over three hours to circumnavigate the earth.  Data on the Internet, however, travels at 670 million MPH, which means it only takes milliseconds to circumnavigate the earth.  In this age of digital businesses and digital interactions, companies must digitally transform to work effectively in a world where mass information moves at these unimaginable speeds.

It's not just IT systems that are impacted by the volume and speed of information.  The creators of business processes that were designed and developed in an analog area, simply never envisioned a business environment that would require these operational tempos.  Analog business processes were designed to have humans involved.  These dependencies were designed to slow down the process to ensure accuracy, compliance and accountability.  Today, however, operating at the slow speeds of an analog, human dependent business process, will doom your company.  Analog business processes must be quickly automated via robotic process automation using artificial intelligence and machine learning to effectively interact with impatient digital customers and B2B partners.