A Quote by Richard Thaler
Here is a guiding principle: If a business collects data on consumers electronically, it should provide them with a version of that data that is easy to download and export to another Web site.
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Facebook collects a lot of data from people and admits it. And it also collects data which isn't admitted. And Google does too. As for Microsoft, I don't know. But I do know that Windows has features that send data about the user.
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.
In the increasingly digital world, data is a valuable currency, yet as consumers, we control and own little of it. As consumers, we must ask what big companies do with our data, a question directed to both the online and traditional ones.
I'm going to say something rather controversial. Big data, as people understand it today, is just a bigger version of small data. Fundamentally, what we're doing with data has not changed; there's just more of it.
What we know is smartphones are everywhere and they are rich in data. What we know is that there are apps once downloaded by the consumer that will also in turn download the consumers' contact book. Most consumers don't want that to happen and don't know it's happening.
I was interested in data mining, which means analyzing large amounts of data, discovering patterns and trends. At the same time, Larry started downloading the Web, which turns out to be the most interesting data you can possibly mine.
Scientific data are not taken for museum purposes; they are taken as a basis for doing something. If nothing is to be done with the data, then there is no use in collecting any. The ultimate purpose of taking data is to provide a basis for action or a recommendation for action. The step intermediate between the collection of data and the action is prediction.
Cell-site data - like mailing addresses, phone numbers, and IP addresses - are information that facilitate personal communications rather than part of the content of those communications themselves. The government's collection of business records containing these data, therefore, is not a search.
You have to imagine a world in which there's this abundance of data, with all of these connected devices generating tons and tons of data. And you're able to reason over the data with new computer science and make your product and service better. What does your business look like then? That's the question every CEO should be asking.
There is no longer any anonymity on the Web - unless we mandate it. The most personal information about your online habits is collected, bought and sold, often instantaneously and invisibly. Data collection is a business driven by profits at consumers' expense.
If you are just using the service to look at Web sites and download e-mail, then a DSL line may be cheaper. It is when you have more data going out that wireless can make a difference.
A great deal of creativity is about pattern recognition, and what you need to discern patterns is tons of data. Your mind collects that data by taking note of random details and anomalies easily seen every day: quirks and changes that, eventually, add up to insights.
I don't believe in data-driven anything, it's the most stupid phrase. Data should always serve people, people should never serve data.
Information is not just something you download from the Web. The way trees grow and where birds choose to live are much better signs of water quality than all the data being collected by the EPA.
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.
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.
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