A considerable amount of current conversation in the area of data science and analytics focuses on the virtues of solving all the challenges that organizations face when using this new paradigm in the business world. There is also a lot of discussion around the technology-related issues that impact achieving data science and analytics goals.
For more than a decade, Silicon Valley’s technology investors and entrepreneurs obsessed over social media and mobile apps that helped people do things like find new friends, fetch a ride home or crowdsource a review of a product or a movie.
The single greatest instrument of change in today’s business world, and the one that is creating major uncertainties for an ever-growing universe of companies, is the advancement of mathematical algorithms and their related sophisticated software.
Insurance companies face conflicting challenges. They must contend with continuing instability in financial markets, low interest rates, increasing acquisition costs, changing regulation and catastrophic losses from ongoing natural disasters.
In contrast to the one-size-fits-all medicine, personalized medicine aims to tailor treatment to the individual characteristics of each patient. This requires the ability to classify patients into subgroups with predictable response to a specific treatment.
Talent science is the business capability of using advanced data analysis techniques and predictive models to drive HCM decision making. It calls for a logical connection between decisions about people, HR program investments and strategic business outcomes.
In the venture capital world, it’s all about the “hits.” A hit is a startup that makes it big, returning many multiples of a venture fund’s initial investment. Hits are great for everyone—investors, entrepreneurs, job seekers—but the problem is they don’t happen very often. The odds of a big hit are about one in 10.