Forging the Future of Work
Transforming Products into Platforms: Unearthing New Avenues for Business Innovation
NIM Marketing Intelligence Review, October 2024
It is impossible for brands to ignore digital platform opportunities. Network effects are one of the strongest sources of power and defensibility ever invented and underlie some of the most valuable businesses in the world. Managers and entrepreneurs can leverage the power of platforms by adding some platform elements to their existing products or services, by distributing their brands via existing platforms or by developing their own new platforms. By using one’s own brands as platforms requires creativity but can help businesses unlock new value and build resilient ecosystems around their products. There are three key methods. The first is to invite third-party sellers to enhance existing products. Examples include selling advertising space around products or creating app stores to extend offers. The second is to connect one’s customers by enabling interactions among users to add value. Third, brands might reach out to customers’ customers by enhancing the end-user experience in a way that benefits both themselves and their direct customers. If thoughtfully implemented, any platform strategy will create self-reinforcing feedback loops sparking growth and keeping competitors at bay.
Andrei Hagiu, Associate Professor of Information System, Boston University; Bobby Zhou, Associate Professor of Marketing, University of Maryland
How to Talk When a Machine Is Listening: Corporate Disclosure in the Age of AI
The Review of Financial Studies, March 2023
Growing AI readership (proxied for by machine downloads and ownership by AI-equipped investors) motivates firms to prepare filings friendlier to machine processing and to mitigate linguistic tones that are unfavorably perceived by algorithms. Loughran and McDonald (2011) and BERT available since 2018 serve as event studies supporting attribution of the decrease in the measured negative sentiment to increased machine readership. This relationship is stronger among firms with higher benefits to (e.g., external financing needs) or lower cost (e.g., litigation risk) of sentiment management. This is the first study exploring the feedback effect on corporate disclosure in response to technology.
Sean Cao, Associate Professor (with tenure), Robert H. Smith School of Business, University of Maryland, United States of America
Large language models and synthetic health data: progress and prospects
JAMIA Online, October 2024
There is growing interest in the application of machine learning models and advanced analytics to various healthcare processes and operations, including the generation of new clinical discoveries, development of high-quality predictions, and optimization of administrative processes. Machine learning models for prediction and classification rely on extensive and robust datasets, particularly for deep learning models common in health, creating an urgent need for large health datasets. Yet datasets can be insufficiently large due to the rapid evolution of diseases, such as coronavirus disease 2019 (COVID-19), rarity of disease, or the myriad obstacles to sharing and acquiring existing health data, including ethical, legal, political, economic, cultural, and technical barriers. Synthetic data provide a unique opportunity for health dataset expansion or creation by addressing privacy concerns and other barriers. In this paper, we review prior literature and discuss the landscape of machine learning models used for synthetic health data generation (SHDG), outlining challenges and limitations. We build on existing research on the state of the art in SHDG and prior broad explorations of the potential risks and opportunities for large language models (LLMs) in healthcare. We contribute to the literature with a focused assessment of LLMs for SHDG, including a review of early research in the area and recommendations for future research directions. Six promising research directions are identified for further investigation of LLMs for SHDG: evaluation metrics, LLM adoption, data efficiency, generalization, health equity, and regulatory challenges
Daniel Smolyak, Department of Computer Science, University of Maryland
Margret V. Bjarnadottir, Robert H. Smith School of Business, University of Maryland
Kenyon Crowley, Accenture Federal Services
Ritu Agarwal, Center for Digital Health and Artificial Intelligence, Carey Business School