Recently i have been looking at Big Data, i have blogged about big data before, but i have to say, the technology is much bigger than i first thought.
Introducing Social media monitoring
Such as blogs, wikis, news sites, micro-blogs such as Twitter, social networking sites, video/photo sharing websites, forums, message boards and user-generated content in general as a way to determine the volume and sentiment of online conversation about a brand or topic.
What this means is, once you post something online, its always there.
Jay Z wrote a song about it
Software is constantly scanning social media, blogs, websites, videos and pictures to extract the following:
- Named entities -> Who/ What/ Where ?
- Themes -> Whats the buzz?
- Categories -> What is it about?
- Intentions -> What will they do?
- Sentiments -> How will they feel?
Do you watch soccer?
Introducing a sport data analytics company called Sportradar
The odds on any given contest don’t just represent the potential profit of a single bet; they indicate market confidence in a certain outcome. The tsunami of data gushing into Sportradar gives the company some pretty amazing predictive power about what the odds should be in a vast number of sporting events around the world.
As bookies adjust the odds, Sportradar can detect when gamblers aren’t following the expected betting patterns, when there’s too much money—too much confidence—on one side.
Look closely at a big enough sample, and the way odds move can tell you if a match might be fixed. Sportradar estimates that about 1 percent of all athletic competitions it covers are fixed—and it’s reasonably sure it’s found more than 1,800 fixes since 2009.
noun: match-fixing; plural noun: match-fixings
- (in sport) the action or practice of dishonestly determining the outcome of a match before it is played.
The social media comments about gambling by the players here led to police being called
“They weren’t bottom of the league,” Mace said, “but they were 2 points away, simply getting beat 4, 5, 6-nill. This was their sort of modus operandi, which is quite common for football teams when they’re fixing—just get beat heavily. It’s quite easy to profit.“
People talk social, then they take action
For this data to be of use, you need to measure:
- Precision, If i identify certain things as red, how many were actually red?
- Recall, for all the red things in the data set, how many did i identify?
You need to measure:
- Entities -> Who do you care about?
- Categories -> What affects your business?
- Sentiments -> What phrases carry weight?
What this means is even your photos and videos are being analyzed, companies can now trawl through the net and…
- Identify you
- Identify products in the photo
- Identify people your with
- Identify situations,
- Judge the mood of the group
Everybody has seen Facebook tagging people
All this would lead you to start thinking about managing your online identity
Identity will be a key factor with financial industry in the future
The kind of things you might suffer if you lose your reputation
A loss of reputation works the same way no matter what you do, it takes years to acquire if you are a
- or a football team,
When people lose trust in you, you are finished, so its probably a good idea to manage it, some might call it a business opportunity?
Stay tuned, its not all bad with Big data analytics, you can use this technology for education too, that will be the next blog post.