Remember the old days? Hunting for answers in dusty encyclopedias. Getting lost with a paper map in the passenger seat and arguing with the backseat driver. Those days are fading like a polaroid in the sun! Ask "What's the air quality like in Tokyo?" and a disembodied voice replies with precise data. Is it magic? Well, no! It's the rise of a super-smart helper called AI. Need to know if it'll rain for your picnic? AI can tell you. Wondering...
The epic journey & transformation of prediction over time
We've all relied on gut feelings, on hunches gleaned from experience, to navigate the unknown. But what if we could go beyond intuition, harnessing the power of data to predict with stunning accuracy? That's the promise of the future! How? Let’s see!Predicting fraud used to be primitive - Avi, one of our authors, once had to deal with unauthorized charges on his credit card. Someone went on a Vegas spending spree with his card and he had to explain that...
How to Jump on the AI Train
If you've ever caught yourself muttering "There's got to be a better way to do this", congratulations! You now have an opportunity, staring you right in the face, to delegate those mind-numbing tasks to someone (or some...thing) else. Yup, AI. Not in the sense that I'm gonna be jobless because AI is taking over. More like a competent assistant who never gets tired. See, for now, full automation of every process is extremely difficult and unlikely. We're not in the...
Rethinking Corporate Strategy with AI
You've heard it a million times - AI is going to change everything. But you probably don't REALLY understand that just how much! It's total game-changing, strategy-shattering stuff. Let's understand it this way. Companies have certain ways of doing business that have been established over time, right? Like, their core strategies and models for making money. For example, a clothing retailer may follow the "shop-then-ship" model, where customers come into the store, pick out items they want, and then the...
What It Takes to Get Ai-fied
For decades, the core objective for most companies was straightforward - maximize profits and delight customers. But now, an unconventional new mantra is taking hold: AI-first.What exactly does "AI-first" mean? Instead of prioritizing revenue, these companies are going all-in on developing powerful AI and machine learning systems that can predict, optimize and automate like never before. It's a fundamentally different strategic mindset. Companies are pouring resources into training smarter algorithms that can continually improve and eventually outperform human-driven approaches.At first,...
The Trade-offs With AI
Brace yourselves because we're about to dive into the complex issues that come with AI. The trade-offs it demands! A trade-off \ involves losing one quality in order to gain another. It's an exchange or a compromise between two desirable but incompatible features.With AI, we have the productivity vs. inequality trade-off. AI promises to supercharge our productivity levels, but will the benefits be evenly distributed? Or will some individuals and companies reap the lion's share of the rewards, leaving others...
The fresh collaboration at work!
Let's start with a controversial statement: When it comes to flawless predictions, we are not the best. Our gut feelings are great, but they trip over big numbers. Agarwal mentions this case study that proves how deeply flawed our intuition can get. In the US, there are decisions to be made every year about whether to release or jail defendants before their trial. The decisions should be based only on whether the defendant is likely to flee or commit another...
Chapter 9
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Summary
Prediction, powered by machine learning and AI, is taking over! These brainiac machines crunch numbers and learn like crazy, making predictions way more accurate than ever. But hold on, humans still have the upper hand in figuring out WHY things happen and making sense of small clues. So, the future's all about teaming up – humans and machines working side-by-side, combining brawn and brainpower to predict like champs. This is just a sneak peek into the world of super-powered prediction,...
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About the Author
Ajay Agrawal is the Geoffrey Taber Chair in Entrepreneurship and Innovation and Professor of Strategic Management at the University of Toronto’s Rotman School of Management. In addition, he is a Research Associate at the National Bureau of Economic Research in Cambridge, MA and Faculty Affiliate at the Vector Institute for Artificial Intelligence in Toronto, Canada.
Professor Agrawal is founder of the Creative Destruction Lab (CDL), a not-for-profit program for early-stage, science-based companies. CDL’s mission is to enhance the commercialization of science for the betterment of humankind. CDL operates sites at five Canadian universities as well as at the University of Oxford, HEC Paris, Georgia Tech, University of Wisconsin-Madison, The University of Washington, ESMT Berlin, and The University of Tartu in Estonia.
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