Big data hype (and reality)
- 1. Big Data Hype (and Reality) by Gregory Piatetsky-Shapiro
- 2. Big data has been the focus of countless articles and perhaps too many meetings and conferences.
- 3. Decision-makers want to understand the patterns in the past and the present in order to anticipate what is most likely to happen in the future.
- 4. Insight 1 With three years of effort by some of the world’s best data mining scientists, the average prediction of how a viewer would rate a film improved by less than 0.1 star.
- 5. As a company that thrives when people consume more content, Netflix routinely serves up personalized recommendations to customers based on their feedback on films they’ve already viewed. This is a prediction challenge;
- 6. If predictive analytics drawing on big data could accurately point to who in particular was about to jump ship, direct marketing dollars could be efficiently deployed to intervene, perhaps by offering those wavering customers new benefits or discounts.
- 7. Insight 2 Predictions suggest that the randomness inherent in human behavior is the limiting factor to consumer modeling success.
- 8. Though how much ever we analyse the data, it still depends on humans mood to take a particular decision
- 9. That randomness in decision making make it difficult to take a decision from data available that will be exactly correct
- 10. Behavioral and targeted advertising have been able to improve on that significantly, with researchers reporting up to seven-fold improvements. But note that a seven-fold improvement from 0.2% amounts to 1.4% — meaning that today’s best targeted advertising is ignored 98.6% of the time.
- 11. Predictive analytics can figure out how to land on Mars, but not who will buy a Mars bar.
- 12. Big data will see its biggest and most important application in the realm of artificial intelligence, which Is also gaining popularity in India
- 13. If you’re counting on it to make people much more predictable, you’re expecting too much.
- 14. Thank you
- 15. SUBMITTED FOR DATA ANALYTICS INTERNSHIP UNDER PROFESSOR SAMEER MATHUR, IIML BY S SHESHASAI VENKATESH VASAVI COLLEGE OF ENGINEERING