Tony Haile, CEO of Chartbeat, a real time analytic service company, discusses market prediction in this data analysis keynote. He focuses on some of the main principles that underline the ways real time data on the web affects brands.
Traditional data analysis used to make massive predictions about the future based on different sets of data, but in today's business world, society and market, decisions are influenced by many things that are no longer in our control. It is far too difficult today to make predictions because of the rapid speed of communication and consumption. Haile believes that in terms of both long and short-term predictions, humans fail to generate accurate conclusions.
The companies and brands that succeed today are the ones who make up real time data, by democratizing the decision-making process -- in other words, companies like Apple and Zara do not rely on data. They create a new a new audience for their products and a new way for it to be communicated.