The future of digital markets
The Future of Everything
Standardizing Products with NLP
Gabriel explains using NLP/LLMs to standardize product descriptions in Chilean procurement, cutting spend by about 8%.
Gabriel Weintraub studies how digital markets evolve. In that regard, he says platforms like Amazon, Uber, and Airbnb have already disrupted multiple verticals through their use of data and digital technologies. Now, they face both the opportunity and the challenge of leveraging AI to further transform markets, while doing so in a responsible and accountable way. Weintraub is also applying these insights to ease friction and accelerate results in government procurement and regulation. Ultimately, we must fall in love with solving the problem, not with the technology itself, Weintraub tells host Russ Altman on this episode of Stanford Engineering’s The Future of Everything podcast.
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Episode Reference Links:
- Stanford Profile: Gabriel Weintraub
Connect With Us:
- Episode Transcripts >>> The Future of Everything Website
- Connect with Russ >>> Threads / Bluesky / Mastodon
- Connect with School of Engineering >>> Twitter/X / Instagram / LinkedIn / Facebook
Chapters:
(00:00:00) Introduction
Russ Altman introduces guest Gabriel Weintraub, a professor of operations, information, and technology at Stanford University.
(00:03:00) School Lunches to Digital Platforms
How designing markets in Chile led Gabriel to study digital marketplaces.
(00:03:57) What Makes a Good Market
Outlining the core principles that constitute a well-functioning market.
(00:05:29) Opportunities and Challenges Online
The challenges associated with the vast data visibility of digital markets.
(00:06:56) AI and the Future of Search
How AI and LLMs could revolutionize digital platforms.
(00:08:15) Rise of Vertical Marketplaces
The new specialized markets that curate supply and ensure quality.
(00:10:23) Winners and Losers in Market Shifts
How technology is reshaping industries from real estate to travel.
(00:12:38) Government Procurement in Chile
Applying market design and AI tools to Chile’s procurement system.
(00:15:00) Leadership and Adoption
The role of leadership in modernizing government systems.
(00:18:59) AI in Government and Regulation
Using AI to help governments streamline complex bureaucratic systems.
(00:21:45) Streamlining Construction Permits
Piloting AI tools to speed up municipal construction-permit approvals.
(00:23:20) Building an AI Strategy
Creating an AI strategy that aligns with business or policy goals.
(00:25:26) Workforce and Experimentation
Training employees to experiment with LLMs and explore productivity gains.
(00:27:36) Humans and AI Collaboration
The importance of designing AI systems to augment human work, not replace it.
(00:28:26) Future in a Minute
Rapid-fire Q&A: AI’s impact, passion and resilience, and soccer dreams.
(00:30:39) Conclusion
Connect With Us:
Episode Transcripts >>> The Future of Everything Website
Connect with Russ >>> Threads / Bluesky / Mastodon
Connect with School of Engineering >>>Twitter/X / Instagram / LinkedIn / Facebook
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