In a November 2013 TED talk, Philip Evans describes how data will transform business by fundamentally reshaping strategy. He describes how as the internet revolution moves into its third decade — defined by data sharing — that falling transaction costs are removing the glue holding vertically integrated companies together and allowing smaller, more focused companies to compete and thrive.
Meanwhile, an op-ed in the New York Times describes several pitfalls that can arise with the implementation of Big Data, from combining data collected under different protocols, to feedback loops contaminating predictive models, to failure to anticipate to how subjects will react to predictions from models (and affect their predictive power). These issues will be familiar to statisticians and most data scientists, but seemed destined to re-discovery in the world of Big Data.
Comments