{"id":79862,"date":"2019-09-24T03:23:58","date_gmt":"2019-09-24T10:23:58","guid":{"rendered":"https:\/\/www.questionpro.com\/blog\/?p=79862"},"modified":"2023-08-24T09:01:37","modified_gmt":"2023-08-24T09:01:37","slug":"ai-and-data-twins-of-change-in-vertical-industries","status":"publish","type":"post","link":"https:\/\/www.questionpro.com\/blog\/ai-and-data-twins-of-change-in-vertical-industries\/","title":{"rendered":"AI and Data: Twins of Change in Vertical Industries"},"content":{"rendered":"

The world is awash in talk of data.\u00a0 From the business press to popular culture and media, the notion that data is the most valuable commodity has become part of the public\u2019s consciousness for the last decade.\u00a0 Aided and abetted by Silicon Valley\u2019s large hyperbole mill, data has emerged as the \u201cnew oil,\u201d powering the economy and society in the 21st century.<\/p>\n

Coupled with Data, is Artificial Intelligence (AI).\u00a0 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.\u00a0 Other organizations create and offer \u201cReal AI\u201d with practical outcomes. Either way, AI is the chief guest at the party, powered by advances in computing and the exponential growth in data.<\/p>\n

The possibilities offered in this \u201cnew world\u201d are indeed remarkable.\u00a0 Scenarios thought impossible even five years ago appear commonplace now.\u00a0 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.<\/p>\n

Take the residential real estate industry for instance.\u00a0 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.\u00a0 Still, seemingly basic questions like \u201cwhat is my house worth?\u201d 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 \u2013 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.\u00a0 And we are indeed there- we live in a Brave New World.<\/p>\n

Even in this revolution, however, there are no silver bullets.\u00a0 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.\u00a0 If Data and AI are not combined with \u201cexperience transformation\u201d then buyers, consumers, and businesses may never understand to benefit from them.<\/p>\n

AI and Data are indeed the twins of change but as we need a third leg for balance: human creativity + experience.\u00a0 Vertical industries must embrace data and AI but always put humans front and center. For it\u2019s what humans actually do with AI and data that sparks true transformation.<\/p>\n

Organizations that recognize the value of real AI and real innovation are already generating great value for themselves and their customers.\u00a0 For example, my company, Quantarium<\/a>, focuses on building Practical AI-based products and solutions for the residential real estate industry.\u00a0 From valuations and analytics to propensity-models and multivariate solutions, Quantarium is powered by the industry’s leading data lake<\/a>.\u00a0 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.<\/p>\n

LEARN ABOUT:<\/strong> Mortgage Survey Questions<\/a><\/p>\n

To see how powerful AI solutions can help drive experience transformation, join me for my keynote address at X-Day Austin.\u00a0 AI+Human Experience can drive sustainable and profitable change in all vertical industries. Join us here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The world is awash in talk of data.\u00a0 From the business press to popular culture and media, the notion that […]<\/p>\n","protected":false},"author":99,"featured_media":79863,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[258],"tags":[],"yoast_head":"\nAI and Data: Twins of Change in Vertical Industries | QuestionPro<\/title>\n<meta name=\"description\" content=\"Data and AI must be combined with \u201cexperience transformation\u201d. 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