What’s the point of BIG data? To make decisions!
Posted: Wed Jan 22, 2014 9:14 am
MIT Technology Review: Jan 22, 2014: The Power to Decide:What’s the point of all that data, anyway? It’s to make decisions
- Back in 1956, an engineer and a mathematician, William Fair and Earl Isaac, pooled $800 to start a company. Their idea: a score to handicap whether a borrower would repay a loan.
It was all done with pen and paper. Income, gender, and occupation produced numbers that amounted to a prediction about a person’s behavior. By the 1980s the three-digit scores were calculated on computers and instead took account of a person’s actual credit history. Today, Fair Isaac Corp., or FICO, generates about 10 billion credit scores annually, calculating 50 times a year for many Americans.
- Data and Decision Making:
- Big data, artificial intelligence, and analytics software are changing forever how businesses decide what to do
- How chess and financial fraud led Palantir to human-machine symbiosis.