From improving healthcare to suggesting what movies to watch, big data is being used to improve our lives on a daily basis. Accordingly, businesses across the globe — and across industries — have spent extensive amounts of their marketing budgets on using this data to gain expert insight into both their businesses and their customers.
Since its first implementation with bitcoin back in 2008, blockchain has shown extreme promise to upend a number of industries – and most recently, the industry in the spotlight has been transport and logistics. In December, logistics leader UPS joined the Blockchain in Transport Alliance. In January, Maersk and IBM announced their intention to form a blockchain joint venture. And in February, Warren Buffet’s BNSF Railway joined the Blockchain in Transport Alliance as the first of seven major railroads to do so.
To understand more about this industry transition, Transmetrics’ Co-Founder and CCO Anna Shaposhnikova spoke with Martijn Siebrand, expert and advisor in blockchain technology in Supply Chains.
Is data quality an obstacle for predictive analytics optimization?
First of all, If you try to put any data that you have into the predictive algorithm, it is going to predict some results, but they’re not going to be what you need. Instead, the algorithm is going to deliver you a set of very low-quality predictions. In other words, it follows the principle “garbage in, garbage out”, in which the decision-making might be flawed due to incomplete, or imprecise data. Improving the quality of the historical logistics data is extremely difficult but it is a must before you even start thinking about predictive optimization.