Algorithm economy—algorithms enable computing machines to make sense of data and use it. Developing them for purposes of distribution and resale is a recent activity. Companies are monetizing these algorithms to realize their economic value.
Analytics—“extensive use of data, statistical and quantitative analysis, exploratory and predictive models, and fact-based management to drive decisions and actions. The analytics may be input for human decisions or drive fully automated decisions” (Davenport and Harris 2007, p. 7). Analytics refers to quantitative and statistical analysis and manipulation of data to derive meaning. Analytics is a broad umbrella term that includes business analytics and data analytics.
Big data—very large data ...
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