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Thesis and antithesis — Innovation and predictive analytics: Σ (Past + Present) Data ≠ Future Success
Predictive analytics (PA) is a tool routinely used by companies to help chart a future product path. It makes extensive use of algorithms and data mining to sort out market desires and trends. It also combines a robust host of artificial intelligence tools, including machine learning, pattern recognition, natural language processing, sentiment analysis and emotion recognition, among others, to achieve more precise results. PA, though, is imperfect, as it is often subject to the whims of the marketplace. Analysing past and present data does not, in any manner, guarantee positive results. Indeed, when it comes to innovation, particularly ‘disruptive innovation’, relying on PA can lead a company down a disastrous path. Data analytics requires a method that validates innovation and uses PA as something other than an infallible crystal ball. But does the possibility of innovation automatically disavow any insights into future market trends that PA may supply? This paper attempts to place both innovation and PA into proper perspective. It considers when, where, how and why PA and innovation are paramount, but reiterates the importance of instinct, originality and creativity. To illustrate its argument, the paper draws on the history of the Sony Walkman and Apple iPod.
The full article is available to subscribers to the journal.
Ted William Gross has worked in the high-tech industry for over 30 years as a chief technology officer, vice president of research and development, team leader and programmer. His current study, seminars and lectures concentrate on the application of the principles of chaos theory to data analysis and artificial intelligence components, including machine learning, sentiment analysis, pattern recognition and disruptive innovation. Ted’s work on technology has been published on Medium and LinkedIn, as well as in a variety of professional journals.
CitationGross, Ted William (2021, January 1). Thesis and antithesis — Innovation and predictive analytics: Σ (Past + Present) Data ≠ Future Success. In the Applied Marketing Analytics: The Peer-Reviewed Journal, Volume 6, Issue 3.