Soccer team in a huddle

Nate Silver, IoT, and Success in the Digital Economy

Feature Article | October 14, 2016 by Doug Shirra

We are less than a month away from Election Day and the ‘outcome’ of the U.S. Presidential race. November 8th will deliver a conclusion to the most dominant and disruptive (and many would say entertaining) conversation of 2016.

Now is a great opportunity to consider the amount of data that has been created, collected and (to some degree) consumed via formal surveys, polls, pundits, news broadcasts, celebrity opinions, personal opinions, and so much more in our hyper-connected world. It is significant.

Now also consider how all that data has been analyzed from many different purposes and perspectives – it was used one way to report and predict to the public and altogether different ways to fuel the strategies and tactics of the Democratic and Republican campaigns. There’s likely no person who better understands this, nor how to interpret that data, better than the founder and editor-in-chief of FiveThirtyEight.com, Nate Silver.

That’s why I’m so pleased that Silver will deliver the opening keynote at the SAP Executive Summit: Internet of Things in New York City on October 27th.

Nate Silver will deliver the opening keynote at SAP Executive Summit: Internet of Things in NYC

It will be fascinating to hear him explain the role data has played in the election campaign and summarize the predictive power that he and his team of disruptive, ‘fact-based’ journalists have brought to the conversation, and maybe he’ll share a few lessons learned as well.

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Even without the ‘pop-culture’ topic of the day, it’s synergistic to have Nate Silver delivering the SAP IoT Summit keynote because of his understanding of big data and the art of applying probability and statistics to real-world problems. Just as Nate Silver does this (with unparalleled success) for the U.S. political process, so too must organizations in all industries make predictions and decisions based on big data scenarios – a challenge that grows more difficult as more and more aspects of our society become data sources through IoT initiatives.

For this reason, the 2016 race to the White House and the amount of information created during it, bears a striking resemblance to the digital disruption facing every business, in every industry, due to hyper-connectivity and the Internet of Things.

The amount of information created from the 2016 White House race resembles the digital disruption businesses face

The struggle to get from Things to Outcomes is real today and it will only amplify tomorrow. This raises two important questions:

1. How can a business – your business – tap into, analyze, learn and take action from a network with millions of connected devices; and
2. How can you use that to correctly predict – to know where opportunities exist, what immediate action to take and how to create value.

If you are responsible for making your business a connected business, then you need to be in New York City on October 27.

The opportunity to hear how Nate Silver is successfully predicting outcomes from one of the most significant big data topics today, and to hear SAP customers talk about how they have already moved — or are in the process of moving — to Live Business strategies that enable real-time insight into connected things and, as a result, are now learning to use that insight to empower their entire business to react, decide, act and grow is not to be missed.

Successful companies in the digital economy will quickly and accurately anticipate the future.

They will know where opportunities exist; evolve business processes and take immediate action based on real-time insights; and create new business value staying better connected with their customers, and improving operational efficiency.

October 27th will be a conversation about real competitive advantage. Start your journey to Run Live with SAP and Nate Silver at the SAP IoT Summit.

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This story originally appeared on Business Trends in the SAP Community.

Top image via Shutterstock

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