A Quote by Soren Skou
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.
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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?"
We get more data about people than any other data company gets about people, about anything - and it's not even close. We're looking at what you know, what you don't know, how you learn best. The big difference between us and other big data companies is that we're not ever marketing your data to a third party for any reason.
People think 'big data' avoids the problem of discrimination because you are dealing with big data sets, but, in fact, big data is being used for more and more precise forms of discrimination - a form of data redlining.
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.
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.
Today, I think a CFO needs to be more of an operating CFO: someone who's using the financial data and the data of the company to help drive strategy, the allocation of capital, and the management of risks.
With too little data, you won't be able to make any conclusions that you trust. With loads of data you will find relationships that aren't real... Big data isn't about bits, it's about talent.
[Sovereignty] would break the American monopoly, but it would also break Internet business, because you'd have to have a data center in every country. And data centers are tremendously expensive, a big capital investment.
People believe the best way to learn from the data is to have a hypothesis and then go check it, but the data is so complex that someone who is working with a data set will not know the most significant things to ask. That's a huge problem.
The big thing that's happened is, in the time since the Affordable Care Act has been going on, our medical science has been advancing. We have now genomic data. We have the power of big data about what your living patterns are, what's happening in your body. Even your smartphone can collect data about your walking or your pulse or other things that could be incredibly meaningful in being able to predict whether you have disease coming in the future and help avert those problems.
Errors using inadequate data are much less than those using no data at all.
Biases and blind spots exist in big data as much as they do in individual perceptions and experiences. Yet there is a problematic belief that bigger data is always better data and that correlation is as good as causation.
Big data is great when you want to verify and quantify small data - as big data is all about seeking a correlation - small data about seeking the causation.
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.
All of these technologies that we are putting together... our memory technology, our CPU, our graphics architecture, our GPUs - all that is being applied to where the data is. You can almost predict where Intel will be in the future. It will be where data resides.
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.
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