Will data science increase operational efficiencies and create new savings, less waste, and thus greater wealth for humanity? What secrets can pouring over your data give to an organization, be they nefarious, marketers, or perhaps trying save your life? What is Big Data? In our everyday lives we take in and evaluate data almost unconsciously, whether it’s noting someone is consistently late and adjusting our expectations of them, to noting traffic trends and tailoring our schedule accordingly. “Big Data” refers to vast amounts of data recorded digitally and analyzed using vast and previously unavailable computational power to uncover trends and patterns. It is already being used in medical diagnostics, to keep physical machines running smoothly, and even to understand you as an individual. Examples of Big Data in Use For each example I have put the data being used in italics. Video- How Big data is Revolutionizing Medicine Medicine- After feeding a computer millions of breast tissue cell…
The question paramount to investors once they understand the exponential growth and importance of Big Data: who wins?
First- Humanity Wins.
From helping make more of efficient use of natural resources, to easing the burden on healthcare resources, to, in the end, robotics and A/I which will satisfy humanity's every whim, creating a virtual utopia, before finally morphing into a sentient destructive computer-overlord.
Until then, what horses should you back in the stock market so that you're a multi-millionaire when Skynet launches the nukes. (on the off-hand chance you get to take it with you.)
To answer this I wish to make two distinctions between oft used analogy "Data is New Oil" 1. While oil has a fixed supply, data is being generated at an ever increasing rate. 2. While p…
A good analogy bridges the gap of understanding by linking the unfamiliar with something already understood. Let's dive into- “Data is the New Oil.” Oil's Applications over time
Oil of long ago when found bubbling up on a property was considered a nuisance. Thirsty American pioneers of the early 1800's would dig wells and be disappointed when they struck oil. * Following the invention of the kerosene lamp in 1854, petroleum began to replace whale oil, creating massive protests amongst the social justice warriors of that long ago era; "The greedy oil industry is displacing all those poor whalers! The sad, helpless souls!" And then one of the whalers standing beside them would spit tobacco juice in their face. **
But it was when petroleum began to be refined into gasoline to power the newly created internal combustion engine that oil's value to society skyrocketed.
A single barrel of oil stores the equivalent of 25,000 man-hours of power and sells on the marke…