Summary: “The Big Data paradigm shift has moved us from improving decisions to improving outcomes.”
The week that Will Lansing joined as CEO of FICO, a Wall Street Journal editorial ran with three predictions for the biggest forces in the 21st Century. The predictions were:
- Smart manufacturing
- Big Data
And although the term Big Data may feel overused, Lansing’s keynote at FICO World today described how we are living in a Big Data world, and that Big Data Analytics is indeed feeding the needs of a customer revolution that is changing the world.
According to Lansing, the promise of Big Data Analytics is that we will be able to consume huge volumes of data – even if that data doesn’t have “high caloric” value. We will be able to mix and match data from a wide variety of sources to squeeze out every ounce of value. We will be able to predict more human behavior. And more and more, we will be able to use data in real-time to make decisions.
He sees a paradigm shift from "improving decisions to improving outcomes…"
- From singular data sets to near infinite data
- From batch to real time analytic processing
- From sample to census
- From hypothesis-driven to boil-the-ocean
- From analysts to machine learning …
For Lansing the heart of the Big Data juggernaut is “the understanding that your customers have higher expectations and more control – that’s the customer revolution.”