The Age of Big Data
“It’s a revolution. We’re really just getting under way. But the march of quantification, made possible by enormous new sources of data, will sweep through academia, business and government. There is no area that is going to be untouched.”-- says Gary King, director of Harvard’s Institute for Quantitative Social Science. [1]
"They are our nuclear codes."
-- Ben LaBolt, the campaign spokesman responded so when mentioned about the data analysis help Obama win. [2]
Welcome to the Age of Big Data. Data flows everywhere in the contemporary era, and it is growing rapidly all the time. IDC, a technology research firm, estimates that the data is growing at 50 percent a year, or more than doubling every two years. It’s not just more streams of data, but entirely new ones. For example, there are now countless digital sensors worldwide in industrial equipment, automobiles, electrical meters and shipping crates. They can measure and communicate location, movement, vibration, temperature, humidity, even chemical changes in the air. [1]
Data analysis has been widely applied in various industries, business, science, sports, advertising and public health, almost every area we could imagine. Data-driven discovery and decision-making are playing an increasingly important role in our life. Recently, An article in the Time briefly describes how Obama beat Romney by the data collected, stored and analyzed.
Social Network Analysis
Despite various approaches for data analysis have been introduced and applied, most of them assume that what people do, think, and feel is independent of who they know. This obviously brought bias on result when the analysis relates to human behavior. In this case, Social Network Analysis, which based on the assumption that people are all interdependent, could show its great power.SNA has gained significant attention in recent years, largely due to the success of social networking and media sites, and the consequent availability of a huge mass of social network data. As the concepts and major algorithms of SNA have been introduced in our lecture notes, I will not repeat them here.
SNA applies to a wide range of business problems, including: [3]
Another paper, Social Network Analysis and Mining for Business Applications also provides detail about the business application of SNA, including more applications and challenges for SNA.[4]
Most recently since the IPO of Facebook, it seems that the investments on SNS have been cooling down. An obvious factor is the revenue models for most SNS are ambiguous. However, I believe that with more studies and applications on social network mining and analysis, situation will go much better. (One typical case is Sina Weibo)
Reference
1. STEVE LOHR, The Age of Big Data, February 11, 2012, The New York Times.
2. Michael Scherer, Inside the Secret World of the Data Crunchers Who Helped Obama Win, Nov. 07, 2012
3. Kate Ehrlich & Inga Carboni, Inside Social Network Analysis.
4. Bonchi, F., Castillo, C., Gionis, A., and Jaimes, A. 2011. Social Network Analysis and Mining for Business Applications
Picture Source: Greenbookblog
Revised on 28 Nov 2012
- Knowledge Management and Collaboration. SNAs can help locate expertise, seed new communities of practice, develop cross-functional knowledge-sharing, and improve strategic decision-making across leadership teams.
- Team-building. SNAs can contribute to the creation of innovative teams and facilitate post-merger integration. For example, SNAs can reveal which individuals are most likely to be exposed to new ideas.
- Human Resources. SNAs can identify and monitor the effects of workforce diversity, on-boarding and retention, and leadership development. For instance, an SNA can reveal whether or not mentors are creating relationships between mentees and other employees.
- Sales and Marketing. SNAs can help track the adoption of new products, technologies, and ideas. They can also suggest communication strategies.
- Strategy. SNAs can support industry ecosystem analysis as well as partnerships and alliances. They can pinpoint which firms are linked to critical industry players and which are not.
Another paper, Social Network Analysis and Mining for Business Applications also provides detail about the business application of SNA, including more applications and challenges for SNA.[4]
Most recently since the IPO of Facebook, it seems that the investments on SNS have been cooling down. An obvious factor is the revenue models for most SNS are ambiguous. However, I believe that with more studies and applications on social network mining and analysis, situation will go much better. (One typical case is Sina Weibo)
Reference
1. STEVE LOHR, The Age of Big Data, February 11, 2012, The New York Times.
2. Michael Scherer, Inside the Secret World of the Data Crunchers Who Helped Obama Win, Nov. 07, 2012
3. Kate Ehrlich & Inga Carboni, Inside Social Network Analysis.
4. Bonchi, F., Castillo, C., Gionis, A., and Jaimes, A. 2011. Social Network Analysis and Mining for Business Applications
Picture Source: Greenbookblog
Revised on 28 Nov 2012


