RM, AI, Social - a life story and how to avoid becoming a competitive Goldfish

Once upon a time, there were three kids: Revenue Management, Algorithms, and Social Media. They all grew up together and faced unique challenges in their journey.

Revenue Management was always the most popular kid in school. Everyone wanted to be friends with her because she had a way of making things fair. She knew how to price things so that everyone could afford them, but also so that the company could make a profit. She nailed down the art of discrimination without pissing people off.

Algorithms, on the other hand, was a bit of a nerd. He loved math and spent all her time crunching numbers. He believed that he could solve any problem with his equations and formulas. He constantly was on a mission with little room for errors let alone human connection.

Social Media was the youngest of the three and the most naive. He was always looking for new ways to have fun and make friends. He loved to dance and sing, and thought that everyone should be able to express themselves freely. He was also non stop and wouldn’t shut up.

As they grew up, Revenue Management, Algorithms, and Social Media all went their separate ways. Revenue Management went into business and became a consultant, helping companies price their products and services. Algorithms became a data scientist, creating complex models to predict consumer behavior. Social Media became an start up app, where people could share their videos and connect with others.

But as they matured, they all faced challenges. Revenue Management realized that sometimes her pricing strategies were not fair to everyone. She struggled to find a balance between profitability, equality and value for money.

Algorithms discovered that his models were not perfect. They relied on past data and did not always account for human behavior, which is irrational. He had to learn to adjust his models and accept that they were not always right and that at times, there is no black and white, only 50 shades of grey.

And Social Media found out that his app was not perfect either. It could not differentiate between right and wrong, and that fun had a darker side called human conditioning (what tech companies call “creating stickiness”) – even if it was harmful. He realized that the AI behind the app had different learning styles, just like people, and that it needed guidance.

In the end, Revenue Management, Algorithms, and Social Media all learned important lessons. They realized that life is not always fair, that data cannot solve every problem, and that AI is not infallible.

They also learned that human intervention and oversight is necessary (Message to you as parents out there!) to ensure that technology is used for good ADN when needed!

Otherwise all we are doing is gambling and at times, gambling with the lives of our kids (fingers off social media for the young ones! With reels / shorts being typically around 15 seconds & never-ending .... you are turning your child into a competitive Goldfish!).

And so they continued to grow, to learn, and to make mistakes. Just like all of us, they were imperfect and need guidance. And that is where YOU come in: as a mother or father, a friend or colleague, a relative, a wise one, a stranger, a mentor, a challenger - with the intend of making humans better.

And that, my friends, is the story of Revenue Management, Algorithms, and Social Media.....to be continued...

Love,

Fabs