Data is valuable. Knowledge is priceless.
"Advanced technology often means that a smaller number of skilled people supply their services over a wider area, producing a `winner-take-all' effect, where only the best do well, and these lucky few command enormous incomes. The invention of the phonograph did this for singers, and the invention of the motion picture did this for actors. Proliferating communications and information technology may do the same for many other occupations in the future." Professor Robert Shiller (2013 Nobel Prize) in The Economist's article "Risk management for the masses." Mar 20th 2003
Mathematical expertise and statistical solutions are 'knowledge bottlenecks' where there are no 'one size fits all' models, concepts or methods that will fulfill your unique business requirements. That said, the Information Value Chain is simple:
Data + Statistics → Information + Analysis → Knowledge + Action = Strategy
It is fact that as information technologies proliferate, data exponentially grows while the complexity of analysis geometrically grows. Thus, rent technical experts because:
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You require concrete solutions derived from fundamental truths.
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Real solutions require mathematical & statistical experts who can analyze, engineer and code tangible results.
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Your time and effort should be laser focused upon your business.
As the justified hype of Artificial Intelligence & Machine Learning grows, understand that big data without proper analysis is useless. Hire true mathematical experts who deliver results, not subjective charlatans who simply bedazzle with buzzwords.
"After all, facts are facts." Leonard Henry Courtney, August 1895
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