This presentation is based on an article "Big Data Hype (and Reality)" by Gregory Piatetsky-Shapiro

1. BIG DATA HYPE
(AND REALITY)

2. Is it
hyped too
much?

3. BIG DATA, BIG POTENTIAL
The potential of “big data” has been receiving tremendous attention lately. With
interest in the topic growing exponentially, it has been the focus of countless articles
and perhaps too many meetings and conferences.

4. DATA ANALYSIS BETTER AT
PREDICTION
Most applications of data mining and analysis have been, at their
hearts, attempts to get better at prediction. Decision-makers want to
understand the patterns in the past and the present in order to
anticipate what is most likely to happen in the future.

5. As big data offers unprecedented awareness of phenomena —
particularly of consumers’ actions and attitudes — will we see much
improvement on the predictions of previous-generation methods?
Let’s look at the evidence so far, in three areas where better
prediction of consumer behavior would clearly be valuable.

6. INSIGHTS

7. 1. The randomness in human
behavior is the limiting factor.
The randomness inherent in human behavior is the limiting
factor to consumer modeling success. Marginal gains can
perhaps be made thanks to big data, but breakthroughs will
be elusive as long as human behavior remains inconsistent,
impulsive, dynamic, and subtle.

8. Predictive analytics can figure out how to land on Mars, but
not who will buy a Mars bar.

10. 2. The biggest effects of big data
will be in creating wholly new areas.
Big data analytics can improve predictions, but the biggest effects of
big data will be in creating wholly new areas.
Google, for example, can be considered one of the first successes of big
data.
Social networks, too, will rely on big data to grow and prosper.
The success of Facebook, Twitter, and LinkedIn social networks depends
on their scale, and big data tools and analytics will be required for them
to keep growing.

11. We can expect big data to have transformative effects in other areas,
too.
■ Location analytics and location-based services such as foursquare
come to mind.
■ So does healthcare, where big data will drive progress in
personalized medicine.
■ Finally, big data will see its biggest and most important application
in the realm of artificial intelligence.

12. RELEVANCE TO A MANAGER
We know that data analysis can not be trusted
fully in predicting changing human behavior. A
manager should be able to make sure that he is
making his team use their talent in the right
direction.

13. You should expect big data to have big impact. And you can bet that it will help
machines interact more usefully with our unstructured, changing, and sometimes
downright confused human ways.
But if you’re counting on it to make people much more predictable,
you’re expecting too much.

14. THANK YOU
By Astha Jagetiya