AI and Predictive Analytics: Myth, Math, or Magic

| February 10, 2020

article image
We are a species invested in predicting the future as if our lives depended on it. Indeed, good predictions of where wolves might lurk were once a matter of survival. Even as civilization made us physically safer, prediction has remained a mainstay of culture, from the haruspices of ancient Rome inspecting animal entrails to business analysts dissecting a wealth of transactions to foretell future sales. With these caveats in mind, I predict that in 2020 (and the decade ahead) we will struggle if we unquestioningly adopt artificial intelligence (AI) in predictive analytics, founded on an unjustified overconfidence in the almost mythical power of AI's mathematical foundations. This is another form of the disease of technochauvinism I discussed in a previous article.

Spotlight

Nanobi analytics

nanobi data and analytics private limited is a software product company based in bangalore, whose mission is to provide businesses with products and analytic solutions using modern technology, which will help them better manage their business, customers and other parts of their ecosystem. the word nanobi (nano + BI), represents the synopsis of the companies approach towards analytics.

OTHER ARTICLES

MODERNIZED REQUIREMENTS OF EFFICIENT DATA SCIENCE SUCCESS ACROSS ORGANIZATIONS

Article | February 23, 2020

Does the success of companies like Google depend on that of the algorithms or that of data? Today’s fascination with artificial intelligence (AI) reflects both our appetite for data and our excitement about the new opportunities in machine learning. Amalio Telenti, Chief Data Scientist and Head of Computational Biology at Vir Biotechnology Inc. argue that newcomers to the field of data science are blinded by the shiny object of magical algorithms and that they forget the critical infrastructures that are needed to create and to manage data in the first place.Data management and infrastructures are the little ugly duckling of data science but they are necessary for a successful program and therefore need to be built with purpose. This requires careful consideration of strategies for data capture, storage of raw and processed data and instruments for retrieval. Beyond the virtues of analysis, there are also the benefits of facilitated retrieval. While there are many solutions for visualization of corporate or industrial data, there is still a need for flexible retrieval tools in the form of search engines that query the diverse sources and forms of data and information that are generated at a given company or institution.

Read More

Data Analytics the Force Behind the IoT Evolution

Article | February 23, 2020

Primarily,the IoT stack is going beyond merely ingesting data to data analytics and management, with a focus on real-time analysis and autonomous AI capacities. Enterprises are finding more advanced ways to apply IoT for better and more profitable outcomes. IoT platforms have evolved to use standard open-source protocols and components. Now enterprises are primarily focusing on resolving business problems such as predictive maintenance or usage of smart devices to streamline business operations.Platforms focus on similar things, but early attempts at the creation of highly discrete solutions around specific use cases in place of broad platforms, have been successful. That means more vendors offer more choices for customers, to broaden the chances for success. Clearly, IoT platforms actually sit at the heart of value creation in the IoT.

Read More

IS YOUR ORGANISATION DATA SCIENCE READY

Article | February 23, 2020

With the increasing amount of data in modern businesses, data science has been receiving a lot of attention. A growing number of companies are, nowadays investing in data science researchers and experts to implement technologies like artificial intelligence and machine learning in their organisation in order to derive actionable insights. But, to place such a massive transformation in an organisation, one has to ensure complete business readiness for data science. Although it is interesting to imagine the potential benefits data science can provide for your organisation, it is worth evaluating how much your organisation is prepared to accommodate a team of data scientists.

Read More

Why Data Science Needs DataOps

Article | February 23, 2020

DataOps helps reduce the time data scientists spend preparing data for use in applications. Such tasks consume roughly 80% of their time now.We’re still hopeful that the digital transformation will provide the insights businesses need from big data. As a data scientist, you’re probably aware of the growing pressure from companies to extract meaningful insights from data and find the stories needed for impact.No matter how in-demand data science is in the employment numbers, equal pressure is rising for data scientists to deliver business value and no wonder. We’re approaching the age where data science and AI draw a line in the sand for which companies remain competitive and which ones collapse.One answer to this pressure is the rise of DataOps. Let’s take a look at what it is and how it could provide a path for data scientists to give businesses what they’ve been after.

Read More

Spotlight

Nanobi analytics

nanobi data and analytics private limited is a software product company based in bangalore, whose mission is to provide businesses with products and analytic solutions using modern technology, which will help them better manage their business, customers and other parts of their ecosystem. the word nanobi (nano + BI), represents the synopsis of the companies approach towards analytics.

Events