Welcome back to the round-up, an overview of the most interesting data science, statistics, and analytics articles of the past week. This week, we have 4 fascinating articles ranging in topics from Big Data's return on investment to its progress in China. In this week's round-up:
- Big Data ROI Still Tough To Measure
- What Statistics Should Do About Big Data
- GE CEO Jeff Immelt’s Big Data Bet
- In China, Big Data Is Becoming Big Business
This is an article about how difficult it is to measure the return on investment of big data solutions. Given all the hype in the media, business leaders naturally want to know whether their investments in these solutions are paying off. The article goes on to describe some of the complexities involved and talks about some of the obstacles that will have to be overcome in order for business leaders to feel more satisfied with the solutions they invest in.
This is a blog post by Jeff Leek continuing the discussions being had recently about the role of statistics in big data. Jeff writes about his understanding of what some of the issues raised in previous conversations boil down to and then provides his thoughts about what statisticians need to do in order to not get left out of the big data discussion. He concludes the post with a list of things he'd like to see come out these discussions that would help the discipline progress to the next level.
This is a summary of GE CEO Jeff Immelt's interview at the D11 conference this past week, which centered around how data collected from sensors can make machines more efficient - what GE calls the Industrial Internet. The article provides some examples of where GE is trying to implement these practices and explains why it's important for GE to be doing this. If you'd like to see the full interview, you can find the video here.
Our last article this week is a Bloomberg BusinessWeek piece about how big data is progressing in China. The fact that it is such a large country and the fact that an increasing number of its citizens are using technology means that the quantity of data generated is rapidly increasing. This article talks about how data scientists will be in high demand there in the near future and how both government and businesses are working on building infrastructure that can support their data needs.
That's it for this week. Make sure to come back next week when we’ll have some more interesting articles! If there's something we missed, feel free to let us know in the comments below.