Category Archives: Big Data

Can You Predict Crowd Behavior? Big Data Can!

The 2012 elections were a hotbed of predictions, but one man’s election forecast stood out from the rest both in its boldness and in how wildly accurate it turned out to be. Nate Silver, a blogger and statistician gave then presidential incumbent, Barack Obama, more than a 90 percent chance of winning the election. In addition, in his last prediction he gave Mr. Obama 313 votes and Mr. Romney 225 votes with a margin of 14. The actual election results fell directly within this prediction with the incumbent garnering 303 electoral votes and Mitt Romney winning 206. While many disparaged Silver’s predictions as a ploy to try to swing the election (Silver was an open Obama supporter), it seemed Silver got the last laugh when his prediction came true.

via SmartData Collective.

Big data: The next frontier for innovation, competition, and productivity

The amount of data in our world has been exploding, and analyzing large data sets—so-called big data—will become a key basis of competition, underpinning new waves of productivity growth, innovation, and consumer surplus, according to research by MGI and McKinsey’s Business Technology Office. Leaders in every sector will have to grapple with the implications of big data, not just a few data-oriented managers. The increasing volume and detail of information captured by enterprises, the rise of multimedia, social media, and the Internet of Things will fuel exponential growth in data for the foreseeable future.

via McKinsey & Company.