This Mathematician Says Big Data Is Causing a ‘Silent Financial Crisis’
When there is wrongdoing in fields that are both complex and opaque, it often takes a whistle-blower to inform the public. That’s exactly what former quant trader turned social activist Cathy O’Neil has become for the world of Big Data. A Harvard trained mathematician, O’Neil spent the last several years teaching at Barnard, working for DE Shaw, one of the world’s leading hedge funds, and launching a technology start up designed to deliver targeted advertising. Her key takeaway from the last two experiences—that Big Data is increasing inequality and threatening democracy—is the subject of her important new book, Weapons of Math Destruction, out on September 6.
From big oil to big data: Inside Mukesh Ambani's $20-billion startup called Jio
MUMBAI: At the vast open-plan headquarters of Indian telecoms startup Jio, billionaire oil tycoon Mukesh Ambani stands in short sleeves beneath a digital tracker that logs every new subscriber to his service.
The 59-year-old is India's richest man, and his Reliance IndustriesBSE -0.73 % oil & gas group is the country's most profitable.
Now, though, he's betting at least $20 billion on building, from scratch, a national digital empire stretching from phones and hardware to home entertainment and custom-made apps.
Is the Cloud Finally Ready for Big Data?
Few things in technology outside of catching Pikachu on your iPhone have been hyped as much as big data. However, with any trending topic, new technology or invention that’s being called the “wave of the future,” it’s important to look past the hype and analyze what’s actually going on. Outside of widespread media attention and the increasing importance placed on collecting data, big data is rarely used.
According to MIT Technology Review, only 0.5% of digital data is ever analyzed. From a business perspective, this means that millions of companies are losing significant opportunities to increase efficiency, lower costs, and target new customers because they aren’t using the data they’re collecting.