Generating Big Data

Abstract

Big data is characterized as huge datasets generated at a fast rate, in unstructured, semi-structured, and structured data formats, with inconsistencies and disparate data types and sources. The challenge is having the right tools to process large datasets in an acceptable timeframe and within reasonable cost range. So, how can social media big datasets be harnessed for best value decision making? The approach adopted was site scraping to collect online data from social media and other websites. The datasets have been harnessed to provide better understanding of customers' needs and preferences. It's applied to design targeted campaigns, to optimize business processes, and to improve performance. Using the social media facts and rules, a multivariate value creation decision model was built to assist executives to create value based on improved “knowledge” in a hindsight-foresight-insight continuum about their operations and initiatives and to make informed decisions. The authors also demonstrated use cases of insights computed as equations that could be leveraged to create sustainable value.