By Administrator | February 12, 2012
STEVE LOHR from the New York Times wrote an interesting article on Big Data. This is going to be one of our panel topics at the 2012 MIT Sloan CIO Symposium, so come join us!
In the article, one of our 2012 speakers, Erik Brynjolfsson, talks about the challenge and opportunities in the growth of data.
“Data measurement, Professor Brynjolfsson explains, is the modern equivalent of the microscope. Google searches, Facebook posts and Twitter messages, for example, make it possible to measure behavior and sentiment in fine detail and as it happens.
In business, economics and other fields, Professor Brynjolfsson says, decisions will increasingly be based on data and analysis rather than on experience and intuition. “We can start being a lot more scientific,” he observes.”
“Welcome to the Age of Big Data. A report by the forum, “Big Data, Big Impact,” declared data a new class of economic asset, like currency or gold.”
At the 9th Annual MIT Sloan CIO Symposium, we’ll explore this topic in greater detail, hearing from Erik and other members on that panel.
Topics: Business & Strategy, C-Suite Interviews, Cloud Computing, Enterprise 3.0, innovation | 3 Comments »
3 Responses to “News Analysis-The Age of Big Data”
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Indeed, there is no turning back the ‘BIG DATA’ clock though it is important to provide context related to how to approach big and small data.
1. Perspectives Matter – keep in mind the outcomes needed by the people who have to navigate or dive into the data and what they hope to retrieve when they return.
2. Stories Matter – unless you keep stories related to the relationships found in the data you will get lost. Often ‘BIG DATA’ is used as an excuse to justify a pre-conceived solution rather than understand how relationships change and their impact on the desired outcome of the analyst or their boss.
3. Scenarios Matter – creating scenarios that reflect the current state of the business, the desired outcome and measures to understand which scenario is active, executives or the analysts that support them will be able to prepare for constantly changing markets.
4. Predictive Analytics Don’t Matter – Big Data is backward facing in that the relationships that generated the data may have changed or may not exist in the future direction or outcome desired. Predictive analytics models based on backward facing relationships may do more harm than good.
5. CUES Trump Knowledge – people are so busy that they don’t have time to understand, they just want to know when they have to act, within the context of their desired outcomes and perspectives.
Cues are simple, they work in nature and people understand what they mean, regardless of background.
Cheers,
Nick Trendov
@ManyCUES
@Scenario_2
This is a very good article. But — Do you have permission to republish an entire New York Times article that is copyrighted? The usual method of blogging (under fair use guidelines) is to paraphrase, provide additional analysis, and perhaps quote a few key sentences — not republish the entire article.
quite right. We fired the volunteer who posted this 😉 and edited it down to some quotes and a link.
Thanks for keeping us honest!