Thomson Reuters is partnering with Imperial College London on a collaborative research project aimed at boosting fintech innovation with the use of Big Data. Thomson Reuters will deliver financial market data along with data management and machine-learning nous to Imperial’s KPMG Data Observatory, a data visualisation studio housed at the university’s Data Science Institute.
The UK is lagging behind other major economies in using data as part of daily business operations. Fewer then one-third of UK organisations classify themselves as highly data-driven, which compares poorly to the US (45%) and China (53%), according to PwC’s 2016 Big Decisions Survey. In fact, UK outfits report data and analytics to be the second-most-important factor in decision-making, just behind experience and intuition, while they also rely heavily on external advice.
Innovate UK has given six start-ups emerging from the IC tomorrow Intelligent Data Insights contest the opportunity to work with leading firms to develop prototypes to deal with a number of data challenges. IBM, Carnival Corporation, London City Airport, the Office for National Statistics, Barclays, NMP and bathstore will offer mentoring and promotion opportunities to the start-ups to assist the entrepreneurs in bringing their solutions to market.
What does Big Data have to say about the Oscar winners?The Big Short is set to win the Oscar for best picture, narrowly squeezing out Spotlight, according to digital advertising outfit Exponential which has used look-a-like modelling to analyse the online habits of people with similar demographics to those of Oscar voters. “We know the typical Oscar voter is a frequent traveller, invests heavily in home theatre systems, follows tennis and baseball, is concerned about privacy and Social Security, buys expensive watches, and drives a European luxury car,” says Bryan Melmed, Exponential’s vp of insights. “Thus, the film interests of people with similar interests give us a strong clue as to where votes would go.
A majority of consumers think they lack control over personal information on their mobile phones and are suspicious of brands’ effort to use such data for marketing purposes.
Sidewalk Labs says it’s building an integrated platform for urban innovation spanning technology, data, policy best practices, relationships, and capital. And the US-based outfit boasts that it is managing the largest pool of capital in the world focused on urban innovation. Should we take notice? Probably. The company is a unit of Google parent Alphabet. And Sidewalk has just announced an exec hiring round which has pulled in two former Google managers.
How IBM Watson came up with Big Data beer 0101 by leaning on social media emotions.
The US Federal Trade Commission is asking firms to check that their data sets represent the user population and whether their precious algorithms have hidden bias. And, importantly, they need to make sure that the forecasts they generate are actually accurate. The Commission’s report, Big Data: A Tool for Inclusion or Exclusion? points to concerns about whether certain uses of Big Data analytics may harm consumers, particularly low-income and underserved populations.