While there is no doubt that predictive analytics will outperform a crystal ball at every rub, one has to wonder about where chaos theory and the butterfly effect fit into Shazam's equation, if at all, and whether such unpredictable events will, at least on occasion, blow predictive analytics results to smithereens.
Morgan Stanley is predicting this holiday season will be the "worst since 2008' for a plethora of reasons--all associated with the economy and consumer behavior, according to a Business Insider post. But InsightsOne, a predictive analytics company, says that a big part of the problem in this dismal selling season is directly attributable to big data.
The machine-to-machine analytics industry is forecast by ABI research to increase at a 53.1 percent rate over the next five years, reaching $14.3 billion in 2018.
It is imperative to our country's economic survival that we use big data to improve our education system and not just to declare some students as unprofitable to institutions and bar them from it altogether.
Gartner is right about big data projects proceeding slowly in the corporate world. People are still figuring out how exactly big data works. But that doesn't mean data scientists are patiently waiting on their corporate bosses to give the green light or for more challenging projects to come their way. Indeed, if they don't feel satisfied with their work, they just may develop "predictive data envy" and move on to another company.
Business leaders often get excited about big data and are eager to harvest answers from it. Typically they pose pointed questions to researchers as one might ask an Ouija board. And then they wait on the analysis to painstakingly spell out the answer. But predictive analytics is more like peering in a crystal ball and looking for a snapshot to appear that must be interpreted. The right question must be asked in the first place and the right question is often not the first one that comes to mind.
Big data analytics make it possible to quickly find out just about anything--even if it must be discovered by a circuitous route. Legislators can't foresee all the paths that can be taken to discover personal information. They can't block them all, but they could use big data to more effectively regulate privacy.
The government is having a hard time stopping the increasing number of mass shootings and terrorist bombings even though they often have the information at hand that points to the likelihood of both the events and the perpetrators. Here's why...
Most big data predictions should come with the same warning label that is applied to an investment prospectus: past returns are not indicative of future results.
One would think an industry smart enough to mastermind derivative trading (albeit at the expense of the world economy), would be an early master of big data. After all, it is the perfect means with which to evaluate and contain risk and potentially one heck of a new revenue stream with which to flood banking coffers.