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Thursday, September 17, 2015

Algorithm Economy for Data Analytics

Interesting thoughts, At the end of the day an algorithm is a way to concisely encode a better decision process,  it needs to come from some analytical method based on data and testing.   As I have always said,  Big Data methods include analytics of many kinds.    That's why I don't like the BD term itself, its data analytics, used under many kinds of differing data conditions, to get you a better decision.   That decision method is an algorithm.   The economy part says the value of the algorithm has to be measured and competes appropriately

Gartner, Inc.   by Peter Sondergaard
" ... Big data is the oil of the 21st century. But for all of its value, data is inherently dumb. It doesn’t actually do anything unless you know how to use it. Oil is useless thick goop until it’s refined into fuel. Big data’s version of refined fuel – proprietary algorithms that solve specific problems that translate into actions – will be the secret sauce of successful organizations in the future. The next digital gold rush will be focused on how you do something with data, not just what you do with it. This is the promise of the algorithm economy. ... " 

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