Pat Helms is the CEO of a company. Pat needs information to manage in the best possible way. The products must be well built and respond to market needs, the customers have to be treated fairly, the company must be as a second family for its employees, the results must satisfy investors.
Behavioral economics describes how we make decisions. The name is recent but there are rich precedents in the work of ancient Greek philosophers. Plato identified specific weaknesses in the way humans build knowledge. He suggested how to overcome weaknesses and achieve better knowledge. Plato used his dialogues to amplify the reasoning that causes humans to reach wrong conclusions.
For example, we believe what we want to believe (confirmation bias); we assert what comes first to our mind (availability bias); we change our opinion about identical propositions based on the way they are presented (framing); we refuse to change opinion (similar to loss aversion); we reach false conclusion because of size and characteristics of the sample we use (representativeness heuristic); we judge new information based on widely accepted current information (anchoring).
All of the above affects the quality of information available to Pat Helms. That information is used to plan the future of the company. Plans tend to become self-fulfilling prophecies.
Pat Helms does not have many choices. There is only so much data that the company employees can look at. Research produced by specialized companies will add to the knowledge base, but it will often be too generic to be useful.
AbdA Systems Artificial Intelligence based DEEP HORIZON is a tool that sifts through Big Data and provides better information to executives like Pat Helms.
The technology that we use is called Deep Learning. Our scientists learn from Pat Helms’ organization what are the factors that affect their business and use the information to instruct the DEEP HORIZON about what to look for in the large quantity of data that are fed to the systems. DEEP HORIZON looks for patterns of events often impossible to see for human beings. DEEP HORIZON uses the information extracted from the data analysis to answer the questions asked by Pat Helms Company. More data that is processed, better the system works. In time, DEEP HORIZON learns how to improve its answers.
DEEP LEARNING does not have the problems described by Plato first and by Behavioral Economics in our age.
AI expert Josh Sutton indicates the main drivers to adopt technologies like DEEP HORIZON:
- Competitive advantage. This driver, meanwhile, brings an important opportunity. “If you can do something fundamentally faster than your competitors, you can deliver better value to [customers],” he said. “If I can give you a commercial loan in two weeks as opposed to two months, that’s a huge advantage for me going to market.”
- Enhanced insight. The second driver is the enhanced insight derived from artificial intelligence, he said; a better understanding of the dynamics within a business can improve choices around, for example, product development.
- New business opportunities. Finally, the highest return from artificial intelligence will come from new business opportunities. “What are the opportunities that are out there that I could not engage in before?”