The Danish Industry Foundation boosts research on big social data

CBS received a 6.2 m kroner grant from the Danish Industry Foundation for research on big social data. Danish companies need to improve their ability to combine data streams from social media with big data from websites and customer databases. Building new analytical models can provide significant competitive advantages.

10/20/2015

The Danish Industry Foundation gave 6.2 m kroner for research on big social data targeting Danish companies. The research project is case based and can, by building new analytical models that collect big data streams from company databases, websites and social media such as Facebook, Instagram, Pinterest, Twitter and LinkedIn, provide companies with a golden opportunity. CBS President Per Holten-Andersen welcomes the grant from the Danish Industry Foundation, stating:

- We’re incredibly excited that the Danish Industry Foundation has chosen to support CBS’ research on big data. We have unique research capabilities in this field and have previously given, for example accurate sales predictions for iPhones based on social media traffic. With this grant from the Danish Industry Foundation, analytical models can now be developed for the benefit of Danish industry.

The Danish Industry Foundation is actively studying how Danish companies can acquire concrete knowledge from working with big data. Under the theme “Big data – From vision to action” the Danish Industry Foundation supports five research projects to be introduced at a conference on 23 October 2015. CEO Mads Lebech explained the following about the big social data research project:

- There’s tremendous potential in combining a company’s own data with relevant data from the outside. The project is designed to help companies predict, for instance customer behaviour, thus putting them in a better position for product innovation and business development. In particular we’ve emphasised giving companies various easy-to-use tools to allow the creation of specific results and to strengthen their competitive edge.

CBS Professor Ravi Vatrapu, who has expertise in computational social science, will head the research project. Professor Lisbeth la Cour (econometrics), Professor Torsten Ringberg (marketing), Associate Professor Daniel Hardt (computational linguistics) and External Lecturer Per Østergaard Jacobsen (business analytics) are also part of the project.

Using big social data analytics, the project will improve understanding of consumers, product development and marketing in companies such as TDC, the Danish Cancer Society and the daily Jyllands-Posten. Professor Vatrapu comments that:

- The project aims to convert big data sets into business assets. The project will systematically collect, combine and analyse business data and social data about a company for predicting sales and revenues as well as dashboards for reputation monitoring. We aim to generate meaningful facts, actionable insights, valuable outcomes and sustainable impacts for Danish companies.

In addition to supporting the “Big social data” study, the Danish Industry Foundation has provided a grant for the CBS research project "From big data to big business”, which is headed by Professor Thomas Ritter, CBS. Associate Professor Hans Eibe Sørensen, University of Southern Denmark, Professor Poul Houman Andersen, Aalborg University, and Professor Jan Damsgaard, CBS are also part of the project.
 
All five of the research projects will be presented at the conference on 23 October. Read more about the Danish Industry Foundation’s “Big data – From vision to action".

For more information please contact the Danish Industry Foundation Head of Communications Ole Østrup on + 45 23 80 06 60, or CBS Press Manager Mikael Koldby: +45 40 20 44 54. You’re also welcome to contact the head of the project directly, Professor Ravi Vatrapu: +45 24 79 43 15.

The page was last edited by: Communications // 12/17/2017