How technology works to predict consumer demand?

Answer 1

For generations, people have imagined what it would be like to have a proverbial "crystal ball", and how they would use it to affect financial, military, and social outcomes. The most significant finding in this article though, is that the heads of movie studios do not believe that mathematics can effectively be used to predict outcomes, but rather their own intuition and gut feelings are much better suited to the task. One company that you seem to have overlooked, is Mobile Agent Technologies and their methodology for Common Sense Reasoning. Their offering is based upon a rules engine and human cognitive theory. Their software has the function to simulate human intuition and gut feelings transformed over the computer. This technology when combined with subject matter expertise, data analytics, and predictive models, can be used to build a new generation of automated decision making systems, which can make faster more accurate, and unbiased decisions, which completely makes the market scenario different In this economy, the ability to reduce the cost of making decisions is crucial. In over six months of using the Netflix service, I have only ordered one movie that their system has recommended. As for Amazon, I keep getting email solicitations for books on topics that are of absolutely no interest to me. As you stated in your article, product recommendations are only an "adjunct" to the main distribution business of these and similar firms. to determine the likely success of their offerings. Instead, companies relied on the brilliance of tastemakers to predict and shape what people would buy. Creative judgment and expertise will always play a vital role in the creation, shaping and marketing of cultural products. But the balance between art and science is shifting. Today companies have unprecedented access to data and sophisticated technology that allows even the best-known experts to weigh factors and consider evidence that was unobtainable just a few years ago.