Unlike deterministic data, probabilistic data can be inaccurate if the proxies are based on incorrect assumptions. This is particularly true in cases where the end users do not realise that they are supplying their data for a purpose. However, when the proxies are based on the right assumptions, probabilistic data can be very accurate.
Typically, probabilistic data structures are used to solve the problem of storing and retrieving data in large volumes. These structures rely on hash functions to perform operations on data. They have a limited memory requirement and a constant query time. These structures can be applied to modern web applications and ISPs. They can also be used to find unique items and to find similar documents.
One of the main use cases of probabilistic data structures is to map the behaviour of a user across different devices. For example, if a user is browsing the product categories of a website using a desktop computer, then a third device in the same wifi network may be browsing a different product category. Using probabilistic data structures, it is possible to link the device groups to the identities of the users. Using advanced algorithms, the probability of the user's gender, age, and socio-economic status can be determined. Read this full article to know more info.
Probabilistic data structures also have applications in streaming applications. These applications require the processing of data in one go, and in order to achieve this, the data has to be processed in a probabilistic fashion. This results in a more accurate and consistent stream of data. Some of the most popular data structures for this purpose are the Bloom filter and the HyperLogLog. Depending on the needs of the application, a probabilistic data structure can be used to perform intersection and union operations. These structures are usually very parallel and can also be implemented with a low memory requirement.
Probabilistic modeling can also be used to create a user profile for top-of-funnel prospects. This can help companies build customer profiles without having to use personally identifiable information (PII) or login details. By tying engagements that a user has made across multiple devices to a unified customer profile, these models can provide an accurate and accurate assessment of a user's behavior. By using this data, companies can improve the quality of their marketing campaigns. By ensuring that the profiles are accurate and personalized, a company can reduce wasted media spend and deliver fine-tuned targeted offers to potential customers.
For example, if a luxury brand is targeting high-net-worth consumers, probabilistic matching could be used to reach these audiences. While it is important to reserve probabilistic matching for specific use cases, this type of data can provide valuable insights that will help marketers target potential customers. Discover more here: https://www.encyclopedia.com/social-sciences-and-law/economics-business-and-labor/economics-terms-and-concepts/market-research.