The world is awash in talk of data. From the business press to popular culture and media, the notion that data is the most valuable commodity has become part of the public’s consciousness for the last decade. Aided and abetted by Silicon Valley’s large hyperbole mill, data has emerged as the “new oil,” powering the economy and society in the 21st century.
Coupled with Data, is Artificial Intelligence (AI). Claims about AI are abundant. Many organizations take the position of a poker player when it comes to AI- bluffs are great until somehow calls you on them. Other organizations create and offer “Real AI” with practical outcomes. Either way, AI is the chief guest at the party, powered by advances in computing and the exponential growth in data.
The possibilities offered in this “new world” are indeed remarkable. Scenarios thought impossible even five years ago appear commonplace now. In specific vertical industries, processes, products, and priorities held constant for decades are changing rapidly with the emergence of the new culture of AI and data.
Take the residential real estate industry for instance. In the US Alone, it is a $31 Trillion market that has millions of people in its ecosystem, constitutes the largest and most important investment for most families, and has downstream implications that makes or breaks the entire economy. Still, seemingly basic questions like “what is my house worth?” is not trivially answered. In fact, thousands of variables impinge on the value of a house, and each of these variables changes frequently. Moreover, there are 103 Million residential parcels in the United States so trying to manage thousands of changing variables in millions of connected instances – and that too in a time-frame that allows us to make decisions based on the outcomes of the data- is a job made for AI. And we are indeed there- we live in a Brave New World.
Even in this revolution, however, there are no silver bullets. Data and AI can exist but if not coupled with human agency and ingenuity, they can either spiral out of control or be, ultimately, useless. If Data and AI are not combined with “experience transformation” then buyers, consumers, and businesses may never understand to benefit from them.
AI and Data are indeed the twins of change but as we need a third leg for balance: human creativity + experience. Vertical industries must embrace data and AI but always put humans front and center. For it’s what humans actually do with AI and data that sparks true transformation.
Organizations that recognize the value of real AI and real innovation are already generating great value for themselves and their customers. For example, my company, Quantarium, focuses on building Practical AI-based products and solutions for the residential real estate industry. From valuations and analytics to propensity-models and multivariate solutions, Quantarium is powered by the industry’s leading data lake. With banks, credit unions, mortgage companies, appraisers, insurance companies, marketing organizations and home-builders as customers, we seek to create transparency and efficiency in the world’s largest market.
To see how powerful AI solutions can help drive experience transformation, join me for my keynote address at X-Day Austin. AI+Human Experience can drive sustainable and profitable change in all vertical industries. Join us here.