Data Science Archives – Viking Analytics

Science Behind Industry 4.0: The Origins of Bayesian Statistics

Bayesian methods have become widely used in machine learning and pattern recognition. Talking simplistically, traditional – or ‘frequentist’, statistics see probability as the limit of relative frequencies of events as the number of trials increases, assuming a fixed set of distribution parameters. Bayesian statistics, on the other hand, is more concerned with adapting a model’s


Data is the new gold… or is it?

Many industrial companies have been collecting data for several years if not several decades with varying degree of success in terms of the quality of the data collected. We asked ourselves, if data is the new gold, why are companies struggling with converting it to real tangible revenue? Afterall, this was the reason we started