Excellence Prize at 3rd Real Big Data Project on Commercial Analysis

- Helpful ideas provided through big data analytics for small-sized businesses struggling during COVID-19 -

▲ (From the left) Lee Hyeong-bin (Mathematics '14), Song Ha-hyun (Business '16), Lee Jae-yeon (Business '17)

Three students from Sogang, Lee Hyeong-bin (Mathematics '14), Song Ha-hyun (Business '16), and Lee Jae-yeon (Business '17), won the Excellence Prize in the '3rd Real Big Data Project on Commercial Analysis,' sponsored by Seoul City and the Seoul Credit Guarantee Foundation. In the midst of the current crisis affecting small businesses in the long-lasting effects of COVID-19, this project was organized to develop various analytics models of commercial supremacy based on big data and to apply them to the field in the hopes of helping small-sized businesses emerge from this lofty challenge.

For the competition, applications were received over the course of one month, beginning in July, from students in university and graduate schools, along with professors, researchers, and ordinary citizens. The final competition of presentations was held on September 25, and the final winners were then announced. A total of 101 people across 43 teams participated, with the end result of one team emerging with the Grand Prize, two teams recognized with Excellence Prizes, and five teams awarded Encouragement Prizes.

Song Ha-hyun, from the Excellence-Prize winning Sogang Team, gave her motives for participating in the competition, saying, "I wanted to try applying various technologies I learned in a Big Data Science connected class to real-life data. The technologies are to utilize Python for the analysis, refinement, and visualization of data."

On the topic of 'Analysis on Synergy between Power Business Types for Different Blocks and Other Business Types,' the Sogang Team provided multi-faceted solutions by considering the two most important factors for startups: 'location' and 'business type.' They first extracted 'power business types' belonging in the top level in terms of sales size and sales period and then looked for 'other business types' that have positive synergy with the 'power business types' in the given block. For example, a synergic effect was confirmed between the 'general apparel' business, a 'power business type' in the commercial blocks of Apgujeong-dong, Sinsa-dong, Cheongdam-dong, Nonhyeon-dong, and Yeoksam-dong in Gangnam-gu, and the 'beauty salon' business type as one of the 'other business types.' The Sogang team received a positive review from the judges, who said, "The topic was interesting, the process presented was specific, the purpose of analysis was clear, and the presented solution was appropriate."

The students said the knowledge gained from their major classes and circle activities were of great help in their winning the award. Song Ha-hyun said, "I think my data analytical capabilities benefitted from my major connected with Big Data Science and my sense of reality and logic developed from my major in Business were critical in this success." Lee Hyeong-bin said, "The most helpful factor behind my winning was what I learned in the university academic circle, 'Insight,' where I learned through projects and theory sessions about all that's required for data analysis from the quantitative to the qualitative."

Lee Jae-yeon said, "For two months, I worked hard for the competition with my fellow team members, and winning this award, I feel proud that our capabilities were worthy of recognition. I take this as a first step toward growing as a big data analyst and will try my best to become a qualified talent in this field."

▲ Photograph of award ceremony for 3rd Real Big Data Project on Commercial Analysis

(Students from the Sogang Team and Chairman Han Jong-kwan of the Seoul Credit Guarantee Foundation)