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Big Data, Innovations and New Business Models

New Economic Models in the Digital Economy

Decision-making is the essence of management. Mammoth amounts of data are being generated through society's interactions with technology, documenting stages of collective human decision making on a scale previously impossible to achieve. Such digital traces of individuals create new scientific and commercial opportunities in the digital economy. The goal of this £697K grant is to explore the opportunities that massive online information streams may offer to gain insight into early stages of collective decision-making.

Methods

The project aims to develop an open Big Data platform that mines, merges and models publicly available Internet data on human activity to explore relationships between these online information flows and real world processes. Our cross disciplinary and cross institutional efforts will focus on core markets including pharmaceuticals, banking, healthcare and telecoms, in which insight into aggregated behaviour of their users and customers has the potential to make a huge impact on a company's competiveness. Our open Big Data platform will provide the possibility to integrate external corporate data streams and relate these to online information flow, using standard methods including correlation analyses, as well as newly developed methods inspired by complexity science.

Research Questions

  • How can we model complex real world events using data from online sources?
  • How can we leverage Big Data to inform policy?

People


This project is funded by the RCUK Digital Economy Programme, via the EPSRC.