“When does predictive make sense, and when does it not?” asked Joshua Neckes, President of Simon Data. “When can you trust predictive and when can you not?”

At Social Media Week Chicago, this panel discussed predictive algorithms and how they are transforming marketing. Along with Joshua, the panel featured Dana Griffin, Chief Revenue Officer at Knotch, and Jesse St. Charles. Head of Data at frame.ai.

Below are some takeaways from the session. To watch the entire talk, plus access more than 100 hours of other SMW events, presentations, and interviews, sign up for SMW Insider.

The panel first began discussing the cost of predictive failing, with a focus on the 2016 U.S. election results. “Predictive models are only as good as the data they are based off of,” said Jesse. “When you’re thinking about leveraging predictive algorithms, you have to think about what the risk is for the algorithm making the wrong decision or an incorrect call.”

“Predictive is supposed to enhance the marketers decision making and help reach better goals and KPIs,” said Dana. “The biggest mistake we can make, however, is cutting out the voice of the consumer. Ultimately, the relationship that you build with your audience is a human to human relationship, not a human to machine one.”

Looking ahead to the future for marketers in terms of predictive solutions, Jesse mentioned that “there is no improvement without iteration… The shorter the return between action and feedback, the better and faster marketers can operate.”

How predictive models and the collection of data have reset consumers’ expectations.

How the data-scientist views the marketer and what their relationship is like.

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Read the original article: socialmediaweek.org