Vasant Dhar Professor and CoDirector Center for Business Analytics Stern School of Business EditorinChief Big Data Journal Faculty Center for Data Science NYU vasantdhar From Data Science and Prediction Communications ID: 136679
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Slide1
The Commercialization of Big Data*
Vasant DharProfessor and Co-Director, Center for Business AnalyticsStern School of BusinessEditor-in-Chief, Big Data JournalFaculty, Center for Data Science, NYU
@vasantdhar
*From “Data Science and Prediction,” Communications
of the ACM, Vol. 56 No. 12, December 2013
http://cacm.acm.org/magazines/2013/12/169933-data-science-and-prediction/fulltextSlide2
Agenda
What’s the size of the market?What’s unique about big data?What gives big data real value?Where’s the opportunity?Slide3Slide4
What’s Unique about Big Data?*
It’s a whole new way of observing and learning things (minimal pre-programming)Diverse sources, types, and structurednessGranularAnalytics: the ability to ask the “right questions” of the data as quickly as possibleThe right questions are one whose answers have predictive power, not just explaining the pastSlide5
Asking the Wrong Question
5Slide6
Examples of the Right Q
uestionsHealthcareWho is likely to get sick?PreventionPlanning What is the best treatment?SportsWhat types of players to hire?Strategy for next opponent?How much risk to take during a game?Targeting/advertising/enhancingWho to target products or services?How much should I bid to advertise?
How can I improve the customer experience?Slide7
Healthcare: What is the Right Question Here?
7
Clean Period
Diagnosis
Outcome period
T I M E
Are complications associated with the yellow
meds?
Or
with the gray meds?
Or the
yellows in the absence of the blues?
Or
is it more than three yellows or three blues?
Or does it have to do with “lifestyle choices?!”Slide8
The Opportunity
Source: Leadership Excellence in Analytical Practice study, 2014Slide9
Source: Center for Business Analytics, NYU SternSlide10
Prediction in financial markets
Numerical dataUnstructured and tagged dataMy ResearchSlide11
Realized PerformanceSlide12
Prediction in financial markets
Numerical dataUnstructured and tagged dataPrediction in networks, media, social, healthData governance and “Analytics-Savvy” firmsWhat data to keep and whyRisk and return from dataWhat capabilities to develop in-house versus outsource to the marketMy ResearchSlide13
Big data is a fertile area for research and practice
Stern’s Center for Business Analytics brings together researchers, students, and industrySeveral research projects are around unstructured and tagged data interpretation, crowds, the intersection of physical and digitals worlds, and moreAcquisitions like that of DeepMind by Google are a harbinger for impending disruptions An indicator of future determinants of competitive advantageWe are (finally) entering the age of smart machines driven by big data and machine learningClosing Remarks