Continuing their conversation regarding big data, Phil and Jay discuss what companies should be doing with big data, how to figure out whether they are using it correctly and if there is a better way of doing it. How do companies place value on their data to make financial decisions?
In part one of this three-part series, Jay talks with Phil Rist, Executive Vice President of Prosper Business Development, about how his company collects big data and utilizes it to detect trends that aid his clients in developing their strategic plans. Phil discusses how his company not only takes data available from the federal government, but how they administer “emotional surveys” to track the feelings of today’s population to build predictive models for future events. Phil and Jay discuss challenges and opportunities for big data in 2016 – how the internet of things (wearable devices, Bluetooth enabled devices, trackable devices like thermostats, refrigerators, food/fitness trackers) will have more data available for tracking.