Machine learning can surely have immense impact on generating insights from the immense amount of data we create today, but is it ready to replace human-insights just yet?
I was having an interesting conversation recently with a product manager with extensive experience in data and analytics, who was vehemently against the idea of throwing resources at machine learning algorithms. True we were talking specifically about e-commerce applications, but it piqued my interest enough to come back and do a little bit of research myself.
Algorithms from Facebook, Twitter, and Google have a disproportionate impact on publishers and large corporations alike, how do you protect your company against the impact of an algo gone rogue?
Recently, LittleThings – an online publisher focused on inspirational content targeted at women – announced that Facebook’s latest algorithm shift was going to be fatal for them. While Facebook has been making changes to its newsfeed algorithm consistently over the last few years, no one was prepared for the dramatic consequences of the early-January change.
No previous algorithm update ever came close to this level of decimation.
– Joe Speiser
The reality is that as a platform, Facebook wields more power than it ideally should. Also, can you really blame Facebook for it? It has to run its own business and you have to run yours. Eventually, the company is going to do right by its own users.
On an average, 55% of people that come to your home-page are going to exit without exploring further.
The performance of your home page determines how users engage with your company. Companies that require an easier interaction on their home page (say, simply signing up to show their interest) have it easier than others that requires a longer engagement (say, an e-commerce website that wants you to pay $1,000 for an iPhone). That said, you have to put a significant amount of firepower to ensure your home-page stays competitive. Here are five things to look at when optimising your home page.
The tools you use could increase your team’s productivity, or drown them in red-tape.
If you ever watched Brooklyn Nine-Nine on TV (or Netflix), what does the scraggly group of cops hate the most: paperwork! Building a successful Product Management team involves achieving a balance between too many (or too few) tools. Product Managers are typically bright and ambitious people, use the tools to maximise their productivity – not kill their enthusiasm.
Almost 90% of e-commerce stores fail in the first 120 days.
According to Chris Ducker’s blog, 90% of e-commerce ventures fail. That alone is scary enough to prevent enthusiastic entrepreneurs from taking a plunge. That said, it isn’t enough reason to give up on your dreams… as long as you follow these five steps like Commandments.