Open source has successfully penetrated into many of the commercial companies. Many industries have released libraries and tools in open source that have reduced development effort. Analytics industry has also benefited from open source software.
For classifying or clustering data in the context of a machine learning problem, the first step is to create a representation of data, usually called the Feature Vector. Datasets consisting of images or audio files have feature vectors that are already in numeric form.
When astronaut Barry Wilmore asked for a spanner, NASA emailed him one. Barry printed what he wanted in International space station in less than an hour using a 3D printer. This explains the power of disruptive technology, in a nutshell. In this highly competitive world where standing still means falling back, disruptive technologies gives industries and companies an edge over the others. Adoption of disruptive technologies is one among the many other business challenges that insurance industry is facing, as I have outlined in my previous blog.
In the relentless pursuit of competitive advantage, companies have adopted data driven decision making in a big way. A big manifestation of this is the proliferation of predictive models that are being deployed to lift business outcomes in a whole host of applications.
These range from trying to understand customers, segmentation and targeting, propensity to buy, forecasting, etc. etc. A typical firm would use 20 – 400+ models depending on portfolio size, number of products and analytics maturity.
The Pursuit of Happyness is a 2006 American film about Chris Garner’s struggle, very beautifully portrayed on screen by Will Smith and a cherubic Jaden Smith. As much as I was moved by the movie itself, what has stayed with me the most, is the title.