A Quote by James Surowiecki
Companies have long gathered data to break down their customer base into specific segments. Now political parties have become adept at micro-targeting, too, using data on shopping habits, leisure activities, voting histories, charity donations, and so on, in order to pinpoint likely supporters and the type of appeal most likely to win them over.
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The biggest mistake is an over-reliance on data. Managers will say if there are no data they can take no action. However, data only exist about the past. By the time data become conclusive, it is too late to take actions based on those conclusions.
One of the myths about the Internet of Things is that companies have all the data they need, but their real challenge is making sense of it. In reality, the cost of collecting some kinds of data remains too high, the quality of the data isn't always good enough, and it remains difficult to integrate multiple data sources.
Many of us now expect our online activities to be recorded and analyzed, but we assume the physical spaces we inhabit are different. The data broker industry doesn't see it that way. To them, even the act of walking down the street is a legitimate data set to be captured, catalogued, and exploited.
Have you noticed the people most likely to be up in arms about governments apparently spying on us tend to be the most non-private people you know? The people launching petitions and wailing about Big Brother and data collection are most likely to be the most constant self-presenters.
Evolving technologies that allow economists to gather new types of data and to manipulate millions of data points are just one factor among several that are likely to transform the field in coming years.
Go out and collect data and, instead of having the answer, just look at the data and see if the data tells you anything. When we're allowed to do this with companies, it's almost magical.
The weaker the data available upon which to base one's conclusion, the greater the precision which should be quoted in order to give the data authenticity.
In my view, our approach to global warming exemplifies everything that is wrong with our approach to the environment. We are basing our decisions on speculation, not evidence. Proponents are pressing their views with more PR than scientific data. Indeed, we have allowed the whole issue to be politicized-red vs blue, Republican vs Democrat. This is in my view absurd. Data aren't political. Data are data. Politics leads you in the direction of a belief. Data, if you follow them, lead you to truth.
Let's look at lending, where they're using big data for the credit side. And it's just credit data enhanced, by the way, which we do, too. It's nothing mystical. But they're very good at reducing the pain points. They can underwrite it quicker using - I'm just going to call it big data, for lack of a better term: "Why does it take two weeks? Why can't you do it in 15 minutes?"
My study is NOT as a climatologist, but from a completely different perspective in
which I am an expert … For decades, as a professional experimental test engineer, I have analyzed experimental data and watched others massage and present data. I became a cynic; My conclusion - 'if someone is aggressively selling a technical product who's merits are dependent on complex experimental data, he is likely lying'. That is true whether the product is an airplane or a Carbon Credit.
By using big data, it will also be possible to predict adverse weather conditions, rerouting ships to avoid delays, and monitor fuel data, thereby allowing companies to optimize their supply chains and the way they drive their business.
Errors using inadequate data are much less than those using no data at all.
It's easy for me to see how a business proposition is going to play out, or who our next-generation competitors are, from taking this data point from this customer and another data point from another customer... and jump to Z.
When we're in game worlds, I believe that many of us become the best version of ourselves: the most likely to help at a moment's notice. The most likely to stick with a problem as long as it takes. To get up after failure and try again.
When we're in game worlds, I believe that many of us become the best version of ourselves - the most likely to help at a moment's notice, the most likely to stick with a problem as long at it takes, to get up after failure and try again.
'Personalization' is a popular word in retail, and people often misuse it to describe simple marketing tactics, like segmenting emails or using big data to identify the likely gender of a visitor to their websites.
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