the commercialization of big data* vasant dhar professor and co-director, center for business...
TRANSCRIPT
The Commercialization of Big Data*
Vasant Dhar
Professor and Co-Director, Center for Business AnalyticsStern School of Business
Editor-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 2013http://cacm.acm.org/magazines/2013/12/169933-data-science-and-prediction/fulltext
Agenda
• What’s the size of the market?• What’s unique about big data?• What gives big data real value?• Where’s the opportunity?
What’s Unique about Big Data?*
• It’s a whole new way of observing and learning things (minimal pre-programming)– Diverse sources, types, and structuredness– Granular– Analytics: the ability to ask the “right questions”
of the data as quickly as possible• The right questions are one whose answers
have predictive power, not just explaining the past
Asking the Wrong Question
Examples of the Right Questions• Healthcare
– Who is likely to get sick?• Prevention• Planning
– What is the best treatment?• Sports
– What types of players to hire?– Strategy for next opponent?– How much risk to take during a game?
• Targeting/advertising/enhancing– Who to target products or services?– How much should I bid to advertise?– How can I improve the customer experience?
7
Healthcare: What is the Right Question Here?
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?!”
The Opportunity
Source: Leadership Excellence in Analytical Practice study, 2014
PurposeMy job function of in-terest uses the tool.
General interest
My industry of in-terest in uses the tool.
Company I am inter-ested in uses the tool
Want to differentiate myself
Top Industries of Interest
TechnologyConsultingEntertainmentFinanceEntrepreneurshipRetail/LuxurySocial EnterpriseSports
Desired Skill Sets
Data manipulation/analysisData managementData visualizationConceptual under-standing of tool useProgramming/CodingTool selection
Top 5 Analytical Tools MBAs Want
PythonSQLRTableauHadoop
Source: Center for Business Analytics, NYU Stern
• Prediction in financial markets– Numerical data– Unstructured and tagged data
My Research
Realized Performance
• Prediction in financial markets– Numerical data– Unstructured and tagged data
• Prediction in networks, media, social, health• Data governance and “Analytics-Savvy” firms– What data to keep and why– Risk and return from data– What capabilities to develop in-house versus
outsource to the market
My Research
• Big data is a fertile area for research and practice– Stern’s Center for Business Analytics brings together
researchers, students, and industry– Several research projects are around unstructured and tagged
data interpretation, crowds, the intersection of physical and digitals worlds, and more
• Acquisitions like that of DeepMind by Google are – a harbinger for impending disruptions – An indicator of future determinants of competitive advantage
• We are (finally) entering the age of smart machines driven by big data and machine learning
Closing Remarks