For instance, Deep Knowledge Ventures, a Hong-Kong based venture capital (VC) focused
age-related disease drugs and regenerative medicine projects, appointed a software
algorithm to its board of directors. This program, called VITAL, sifts through huge amounts of
data to make investment recommendations on life sciences companies. It makes these
decisions by scanning prospective companies' financing, clinical trials, intellectual property,
and previous funding rounds.
One could argue that Billy Beane was right -- well, mostly right.
The traditional baseball scouting system still exists today. And so does the Moneyball concept.
The two approaches are now designed to complement each other.
What has changed is the art -- and science -- of analytics both on and off the sports field.
Statistical analytics has helped to fuel data analytics which has helped to fuel artificial
intelligence and machine learning in organizations and businesses around the globe. And that
evolution continues.
Deloitte may have summed it up best:
"While many successful companies avoid risk, great companies embrace risk -- but only after
assessment, deliberation, understanding and planning. This methodical, Risk Intelligent
approach, elevates the entire profile of success and failure, raising the peaks and filling in the
valleys. As a result, the linkage between taking calculated risks and earning significant awards
becomes clearer, with plans in place to minimize the one while maximizing the other."
LEVERAGING DATA | 12
