An excellent (albeit somewhat dense) article by Amy Merrick published by Chicago Booth Capital Ideas. “Why words are the new numbers” reviews recent developments in data analysis of words and to some extent artificial intelligence more broadly. The potential applications are seemingly limitless, including politics, investments and a long list of others. It was recently reported, for example, that hedge fund mogul, Steven Cohen is hiring a team of 30 with a mandate to develop and refine algorithms that will provide an edge in making investment decisions.
Whether or not anything can be made to work from it is, at least on one level, beside the point. On this one level it stands on its own merits as an example of pursuing economic and social progress. For that reason alone, count me a huge fan.
The wisdom to be gleaned is being reminded of (and challenged by) the reality that the world is moving forward at a rapid pace – and that there are real potential challenges and opportunities associated with it – even for companies that are seemingly well outside the epicenter of it all. (Click to tweet this.)