The bar graph is dead.
It’s a bygone relic of an era intimidated by 1.28 billion Facebook members and 3 billion computer users globally. These numbers are not as daunting as they once were; rather, they are now the tools used to determine anything from favorite food to political preference.
This is big data, the new face of statistical and computational analysis.
Big data is the collection of data sets so large that it is difficult to process them with traditional methods. As the volume, velocity and variety of these sets increases, so does the need for informed analytics.
The Fox School of Business created the Big Data Institute for just this purpose.
In existence for more than a year, and with the assistance of seed money provided by Temple University Provost Hai-Lung Dai, the Big Data Institute strives to blend several programs and encourage natural synergies among big data researchers, students and firms, while seeking to become a global leader in research, education, industry practice, and technology transfer of big data.
For Dr. Paul A. Pavlou, Senior Associate Dean of Research, Doctoral Programs, and Strategic Initiatives at the Fox School of Business, the Institute represents a year of work supporting students and professors engaged with large data.
“The amount of data created in just an hour or minute is tremendous. We need new techniques and approaches to make sense of this data,” Pavlou said.
The Institute has five centers with individual specializations that include big data usage in mobile analytics, social media, health sciences, oncology research, statistics and biomedical informatics. These centers have used big data to connect brain imaging to successful advertisements, to use technology to create vast amounts of DNA for clinical study, and, in the School Tourism Hospitality and Management, to decrease dissatisfaction in the leisure industry, among other research projects.
“One of the unique advantages we have is that the Statistics department is housed in Fox. We try to leverage that to have different conversations,” Pavlou said.
The Institute and its centers are funded by data enthusiasts from Temple University, the federal government, affiliated firms and commercial groups, as well as start-ups the Institute helped get off the ground. With the aid of these associates, and partners in the private sphere, the Institute seeks to continue its research into cutting-edge data analysis.
In its pursuit of this goal, the Institute’s Center for Web and Social Media Analytics has capitalized on the data generated each minute from the 74 percent of adults using social media.
For Dr. Sunil Wattal, Associate Professor of Management Information Systems (MIS), this data is critical. “There is not a whole lot of awareness of what firms can do with social media,” Wattal said. “The Center provides firms with a way to quantify the value of social media and use the data to derive some interesting insights about their business.”
The Center logs onto social media to help firms such as Aerospace to understand consumer tendencies at the microscopic level. Combing through Twitter or flicking through Instagram, the Center decrypts consumer preferences for the latest fitness craze to political party affiliation. This data is then synthesized into something that anyone, from pollsters to yogis, can use to further their goals.
A key area of research, said Wattal, is how a crowdfunding organization can convince more people to donate to campaigns. Chief among the Center’s findings is that, contrary to the belief that Internet popularity grows exponentially, the more popular a campaign, the less likely it is to receive more funding. Working with a particular company, the Center has proposed design changes to combat this issue.
“There’s a community that gets created on these sites, and you can measure how people influence each other,” said Wattal.
In 2015, the Center will use funds received from the National Science Foundation (NSF) to host a big data and privacy conference, bringing together federal agencies, online giants such as Google, and interested parties to discuss personal privacy in the Big Data age.
To keep students abreast of the latest in data analysis, the Fox School’s MIS department has introduced its newest university-wide course, Data Science. It is available to all students and has allowed business students to improve their data usage in the business world.
“We’re constantly surrounded by data. If you can get the average employee to take this data and get some insight on their own you can give them an advantage over the rest,” said Dr. David Schuff, Associate Professor of MIS and instructor for the Data Science and Data Analytics courses.
Schuff said he begins with the basics – teaching business majors and minors in his Data Analytics course how to use data-mining software, like SAS Enterprise Miner, to examine data and identify its pertinent characteristics.
“We want them to be able to look at cause-effect relationships in business data and use some basic tools to analyze that data and use the results to make better decisions,” Schuff said.
Using the basic skills Schuff teaches, students can use data to examine consumer preferences, such as using sales receipts to predict which goods are bought in tandem and how strategic sales can maximize profits. Broadening the scope, if politicians want to know a Facebook friend’s electoral value, they need someone who can use big data to decipher the sentiment behind a Facebook post. For Schuff, this person is someone who is, “comfortable with data,” and can fuse tools gleaned in business classes to decode the human psyche.
Data professionals “know what you can do with data and so they know how to support the marketing function. These people aren’t going to be just data scientists, …but business people who are working with data,” Schuff said.
Schuff aims for his students to move beyond the bar graph- and pie chart-models to create and analyze more sophisticated visualizations to better integrate data in their professional lives. These students get hands-on experience using SAS products, as well as Tableau software, both of which are currently used in the analytics industry.
“We really want people to touch the tools they would be using in industry so they can speak from experience,” Schuff said.