What is big data exactly? I’m OK with my stats and my calc but ‘Big Data’ has always sounded like this sexy but advanced level of math that is able to transform data into previously unknown/unattainable insights, or so it seemed…
One of my classes looks at the use of data. Today we had a deep dive into big data. The secret of big data is……….Big data is just data. It’s just A LOT of it. How we analyze it hasn’t changed in decades. Basically it’s marketing speak. In it’s simplest form it builds prediction models (although complex) based on standard regression analysis principles. This doesn’t mean it is useless, quite the opposite. Armed with a new sexy name we’ve just developed a new/revived appreciation of how data can be used to make decisions and optimize situations. It influences which online ads we click, which products and movies are recommended to us and how to optimize our healthcare system
I shall leave you with a brilliant quote by Dan Ariely.
“Big data is like teenage sex: everyone talks about it, nobody really knows how to do it, everyone thinks everyone else is doing it, so everyone claims they are doing it” — Dan Ariely