The raise of big data in recent years has opened up unprecedented opportunities, rapidly changing the landscape of analytics and technology. Data‐driven decision making has become one of the most fundamental capabilities that not only results in strong revenue performance and superior customer experience but also drives innovation and strategic competitive advantage.
This chapter outlines the key principles of machine learning and predictive analytics. It explains the new fundamentals of big data and the evolving technology. It follows by the practical advice on how organizations can establish a new culture in order to truly transform their business in the new era.
The wave of data frenzy did not happen overnight. Rather, it is a crescendo of events happening since the early 1980s where the fields of business intelligence and predictive analytics were known as “data mining,” a preexisting discipline with another closely related term known as Knowledge Discovery in Databases (KDD), which is the aim of performing data mining.
The first KDD workshop was held in 1989 in Detroit, MI, USA, during the International Joint Conferences on Artificial Intelligence (IJCAI‐89) . During the workshop and in those times, much ...