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23 Jul, 2013

Big Data: Fool With A Tool Is Still a Fool

Nate Silver, the poster child for analytic predictions, told a recent conference that the financial crisis was as much about bad modelling as greed. The ratings agencies, he said, based assumptions on past mortgages, not the number of people who would default.

Welcome to the world of bad data, something that’s caught on in Australia, too. GS1, the agency responsible for barcoding and product identification systems, recently released a report that found bad data will cost Australian grocery retailers $675 million in lost sales over the next five years, and that 65 per cent of ”data misalignment” problems led to lost sales.

Read the rest: Sydney Morning Herald: Big Data Often Results In Bad Data.