Summary
In short, the issue with traditional forecasting is that any attempts to forecast a complex system, such as a market or economy, generally fail since there are too many variables and interactions among them for any simple model to capture them all. Not only does AI deliver better predictions within a product segment, but it's also more effective across industries, as it can scale to learn from any amount of data, anywhere in the world. With knowledge of how to forecast industry-wide trends, product professionals can ensure that they don't waste time on market opportunities that won't pan out, and instead focus on the red-hot opportunities that will drive business success.
In the next chapter, we'll dig into practical examples in the industry, and look specifically at how top luxury goods brands are using data and AI to power product success.
