Why Data Analytics Is the Future of Everything

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Nov. 21 (Bloomberg) –- Google Executive Chairman Eric Schmidt and Civis Analytics Chief Executive Officer Dan Wagner discuss the way big data can change everything from corporate strategy to the way people vote. They speak with Trish Regan at Bloomberg's The Year Ahead: 2014 conference at the Art Institute of Chicago. (Source: Bloomberg)

Big data analytics and apply to people.

Everybody here is an business of one kind or another.

Who would like to have more customers?

Everyone.

What is the best way to get customers?

Have a global brands.

If you do not have all that you have to find them.

How do you find them?

With new tools, we can find them.

We can do customer acquisition.

In the campaign, the problem was voter acquisition.

Have the something like this work?

Let's talk about health care and outreach through media.

With health care right now, we know is sensibly -- we have a program where people are supposed to enroll in health care.

But there's no database of who is uninsured.

We do not know who they are.

Outreach has been conducted through broad demographics.

You think about youth, soccer moms, but those categories are not useful when you are thinking about identifying an actual list of people.

Is there an example you can give me of how company was able to use the data to improve their profile?

This is the future of everything we are doing.

It goes like this.

It is a combination of big data, an overwhelming amount of data that exceeds the amount of data economically provide.

An explosion of telemetry.

You know where your customer is, their preferences.

You have to crunch it and analyze it.

You use machine intelligence, artificial intelligence techniques, to go through all this data and look for interesting patterns.

Let's look at health care.

It is a long conversation.

Under the aca, medicare reimbursements are declining.

Medicare does not cover the total cost of care.

The profits of these hospitals are directly related to the percentages of expensive operations are given to people and are not covered by medicare.

And some people are overpaying, which is the commercial people, most of us.

That is how our system works, whether you like it or not, that is the math.

If you can make that more efficient, you can deliver better health care to patients.

More repeated activity and more predictable outcomes for these health outcomes that you as a consumer are happy, the hospital is happy because they have better control over their costs and therefore profitable.

They may be able to stay in business.

A lot of hospitals are closing.

It is not just the algorithms are the data.

You have to know what to do.

It is important to understand that these computers are not running amok.

In the example of education, a very popular service of teenagers provides a way to plan your child's education.

There are a series of math questions.

There's an algorithm that looks at the math questions and what happens after these you get tested.

Based on that, it selects which math questions are the most appropriate to learning.

Isn't that interesting?

. having normal educational process, which is studying math, it has been done for over 100 years.

We do not know exactly what the best way to teach math is.

Using data analysis, we can say that for the core curriculum, these are the best ways to do it.

We can also do it in this variation.

Can i just ask, how hard is it?

It seems like a no-brainer.

Every company should do this.

Government should do this.

You want the most information at your fingertips available so that you can make the best vision.

But how hard is it really?

There is the implicit question and needs less a question -- expletive question.

If i'm an organization that wants to do this, where do i start?

The process that we walk-through for many years was to measure and monitor and predict and change.

To begin fundamentally with measurement.

You don't exactly know what you are going to see that requires a certain level of healthy agnosticism.

By measuring what is going on in your organization, and by having people who are responsible for identifying patterns, you will be surprised that we discover very soon.

It is similar to what we saw at that room at that hospital.

Given that we are looking for 2014, what is the role of big data in 2014? i believe we have invented something new in american politics.

It is a pretty efficient market.

You should expect that there'll be a lot of competitors to these ideas.

Not everyone will follow the playbook that was invented.

Just to collect data that is publicly available and easy to target your message.

Nothing can go wrong with this, it is the evolution of american politics.

Ultimately the people who won the elections where the candidates.

They were the ones with the messages for voters.

This gives you a more accurate way of finding out who your supporters are and getting your message out.

We still have to run -- you still have to run, you still have to be right, you still had to be charismatic and you have to have that special will to win.

Up next, we will have more from the robin hood conference.

An exclusive interview with a

This text has been automatically generated. It may not be 100% accurate.

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