A virtual tidal wave of data is fueling the race toward accurately predicting consumer preferences and buying behavior. With intelligent computer systems now gathering information in real time, businesses of all sizes are experiencing a sea change in the way they and their customers use technology.
Until very recently, we looked to the past and relied on historical data to identify current trends and to predict consumer behavior. But now we’re looking forward. Information technology has spun us around 180 degrees and given us the ability to use data to extrapolate and make predictions. With a new generation of applications being developed to predict consumer preferences and wine-buying behavior, companies of all sizes are clearly pursuing the promise of big data.
“Predication is the nut that everyone is trying to crack,” said data scientist Michael J. Tompkins, cofounder and chief science officer for Houston-based startup VineSleuth. For Tompkins, whose typical project may involve millions of unknowns, wine has its own unique set of challenges. “It’s not as if we have the answer yet,” he said. “Every industry is trying to use data to predict consumer behavior and guide business decisions toward profit.” Read the complete here. Turning Data into Dollars