KANSAS CITY, Mo., Sept. 25, 2013 /PRNewswire-iReach/ -- Consumer Orbit, a Kansas City based consumer science and tactical analytics provider, today announced that its Executive Chairman, Bill Engel and Chief Statistician Charles D. Palit, PhD. along with two data scientists from Rentrak (NASDAQ: RENT), have been granted a patent by the U.S. Patent and Trademark Office for a unique method that removes bias from "big data" by statistically adjusting information gleaned from both personally identifiable and non-personally identifiable transactions-based data.
U.S. Patent Number 8,543,523 was awarded for creating a system that statistically corrects potential biases in the conclusions provided by big data. With this process, data such as the viewing information from Rentrak's millions of TV set-top boxes, internet usage data and consumer media habits can be statistically adjusted using behaviors of a second, independent, data set to create more precise measurements of the numbers of consumers engaged in practically any form of media. The technology, for the first time, eliminates the use of sex/age demographics in the creation of projection weights by substituting the actual behavioral characteristics of the observed data.
"This Patent represents a major leap in the technology of making big data more actionable by removing or reducing potential bias from estimates based on the data set," said Dr. Charlie Palit, Consumer Orbit's Chief Statistician.
Consumer Orbit's President and CEO Jay Huckabay added; "Congratulations to Bill and Charlie, aided by our statistical staff, and joined by the statistical team at Rentrak, for successfully tackling one of the biggest issues facing big data users today. We can now make the data from large, biased data sets tactically useful in the marketing decision making process. We're proud to add this ground breaking technology to our other proprietary and patented methods of creating cutting edge decision tools used every day by our customers."
About Consumer Orbit:
Consumer Orbit is a Kansas City based consumer science company specializing in understanding customers down to the individual household level. We eschew traditional demographic descriptors for the real lessons of customer behaviors by combining your customer knowledge with our vast database of consumer behavior. These data sets together make your data smarter ensuring that each decision maker in your marketing chain has access to the same thorough understanding of your customer. www.consumerorbit.com
Media Contact: Staci Kassen, Consumer Orbit, 816-448-3405, firstname.lastname@example.org
News distributed by PR Newswire iReach: https://ireach.prnewswire.com
SOURCE Consumer Orbit