Seventeen marketing evaluation experts in the market mix modeling (MMM) and econometrics business published an open letter alerting the drawbacks of using platform-based artificial intelligence (AI) solutions within the market. Some of the experts include Les Binet, the adam&eveDDB group head of effectiveness, Dr. Grace Kite, founder and managing director of magic numbers, and Mike Cross, co-founder of measure monks. After examining the algorithms underlying automated models of new service providers, professionals in the sector have found severe flaws.
Artificial Intelligence Is Not Enough for the Task
The letter was written with a genuine intent to warn business the drawbacks that artificial intelligence presents.
Primarily the letter begins with a background on how businesses succeed and how they may be flawed. The seventeen experts agree that every business is unique and is a multifaceted organization. These organizations operate in ways that no other company has encountered, so accurate evaluation must take that complexity into consideration in order to separate sales that are influenced by advertisements. However, the experts also agree that while these business are accomplished, they tend to be unkempt when it comes time to record data. This is due to a businesses inexperience within how to record the data and what the significance of figures represents.
What the letter concludes with this information is that ” there is no single approach to evaluation that works in every circumstance”, and therefore even artificial intelligence is incapable of the task.
The experts write that “artificial intelligence can’t identify what isn’t in the dataset it’s looking at. And it can’t talk to your team about the time you misprinted the barcodes and then innovate a way to use your data to capture the effect. Or find out that you ran a large radio campaign independently and didn’t tell anyone.”
The experts add that although it is common to use artificial intelligence and code to automate data collection, prep, and outputs, there are some parts that can simply not be automated.
The experts argue that artificial intelligence cannot capture and reflect a business the way that human beings can, “Making sure models really reflect your business, getting the nuances of what happened in the past straight, and working with your people to get findings about big expenditures acted on are all things that require real life human beings”. They further their claim by stating that what artificial intelligence presents is danger. The open letter was published to inform businesses of the danger it may pose.
The letter concludes with advice on how business should avoid the threat of artificial intelligence. They should shop for MMM with caution, the experts compare it to “buying a kitchen”. They leave the readers with eight questions to ask before making a final decision.
