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
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In our latest blog post, my colleague Arash Toyser wrote about data and its relation to value using a very intuitive and informative analogy of gold and goldmines, making the point that raw data is the goldmine and the extracted insights are the actual gold. Continuing the analogy, one can argue that gold in itself
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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
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