Definition of Big Data
Big data is an important part of each and every company to gather various kinds of facts and information. The primary aim of this task is to outline the significance of big data. It explains that how big data affect the progress of the firm adversely as well as negatively. Furthermore, the paper discusses that how big data has impacted on the various types of businesses. Further detail of the task has been detailed below.
Big data may be defined as a term that indicates the large volume of data. In today’s competitive world, the decision makers have to large amount of data in making decisions. Big data may be defined as developing term that describes any voluminous amount of semi structured, structured and unstructured data that has the potential to be minded for information and facts (McAfee, Brynjolfsson, Davenport, Patil & Barton, 2012). Data and facts need to be processed in order to be of valuable and effective. Furthermore, big data is generally characterized by 3Vs: the variety of data types, extreme volume of data and the speed at which the data shall be processed. The world is totally interconnected to a big data information system that renders GPS localization (John Walker, 2014). Big data has many features that made its term dynamic and unique, big data is a concept that combines all types of data in the organization. It shall be noted that big data has five values which is helpful to increase and enhance the performance and productivity of the workers within the organization (Gandomi & Haider, 2015). It helps the companies and businesses to make unique and dynamic decisions. Big data provides solutions to handle and eliminate the barriers related to the software and technology. Keeping track of big data is essential because it helps in making unique decisions in the organization. There are enormous tools and techniques to manage unstructured data such as Mongo DB etc (Chen & Zhang, 2014).
Big data provides several advantages to the companies, some of the benefits have been stated below.
- Big data provides competitive benefits by helping and tracking the unlock secrets about website usage, customer details and other significant factors of a business operations. Furthermore, it shall be noted that data governance is significant because it helps to reduce and avert the costs and misleading data within the organization (Hashem, Yaqoob, Anuar, Mokhtar, Gani & Khan, 2015).
- Big data also helps in data governing and it also helps in centralization. Big data is a tool and technique for advanced experimentation with maintaining accuracy. This provides flexibility to the organization to explore and expand the different uses of big data in the organization.
- Big data helps in checking and examining the quality of data to gain the competitive benefits in the marketplace. It is noted that big data allows the companies to identify and evaluate the errors and barriers without making any mistakes. It also helps to save the operation cost of the firm.
- Big data tools also help in improving operational efficiency and effectiveness within the organization. In addition, the company can anticipate business opportunities and make effective decisions that affect the profits in areas such as targeting marketing campaigns.
- The big data analytics tools and techniques are considered the software products that support to gain competitive advantages in the marketplace.
- The high velocity of techniques such as Hadoop and memory analytics can easily analyze and identify new sources of data which helps the business to make quick decisions (Davenport, 2014).
- Furthermore, big data helps in analyzing and identifying the needs, requirements and wants of the customers. Therefore, it helps to provide satisfaction to the consumers worldwide.
- By evaluating the big data, the firm can get better understanding and knowing of current market trends and conditions. Big data techniques can do sentiment analysis. If the firm wants to improve and monitor the online presence of the business then big data tools can help the firm. In this way, the organization has been able to overcome the rivalries in the international market (Ha Xuan, 2014).
The use of big data is becoming common in these days therefore; it affects the profitability and revenue of the firm. Mostly big data is used by industries to capture and compete values. It also helps the companies to create new growth opportunities that can evaluate and combine the industry data (Davenport & Dyché, 2013). These organizations have ample of information and facts about the products and services, suppliers, buyers and consumer preferences that can be evaluated and captured. In this way, big data provides lots of information related to new product and service. One of the significant areas that hold effective potential for big data will be in the personalization of products and services for consumers in the market. Big data uses various information and data to focus on the personal needs, desires and wants. By using the big data, the firm has been able to make a unique and effective image in the minds of the customers. In today’s modern world, there are unique and successful example of companies such as Google and Amazon who uses big data to beat the competitors worldwide. The analytics requires the building blocks of any good and effective strategic transformation for capturing the potential of data. Automated system is one of the significant values of the big data which helps to collect plenty of information and facts. It is necessary for the organizations to restore human decision making with automated algorithms. On the other hand, it shall be revealed that big data helps the firm to generate and invent new products and services in such a way that was not managed by the firm earlier (Ohlhorst, 2012).
Features of Big Data
The big data enhances and improves the recommendation engine in which the operators can perform work effectively and efficiently. Data comes from a wide range of resources that helps to increase efficiency of the company. Rising of the big data is widely positive for the community in all aspects. Additionally, analysis of big data can be misused by potential people and institutions with selfish agendas who uses and manipulates findings to make the case for what they want. It shall be stated that big data also helps in overloading the information and facts within the organization (Kwon, Lee & Shin, 2014). In today’s competitive world, the companies are fighting to watch big data as a driver of real business and value. The organizations have an opportunity to access their data to generate new business and profitability. Furthermore, big data has the command to transform the large trade and business (Schmarzo, 2013). With the help of big data, the firm can make accurate decisions and predict on how their trade and business is managing. In addition, it is a term used to explain the processing, collection and availability of large volumes of streaming data in a specific time. The companies are merging sales, customer data, marketing, external data, transactional data, stock prices, social conversations and weather to identify correlations and to help the make more effective decisions. Moreover, half of senior executives in the companies have analyzed that big data is accessible and reachable. By using big data, the companies get to know the cost of poor data quality and features. It is noted that big data seems to be relevant and secured. There are some other examples of the companies that using the big data which indicate that how marketers utilize the various kinds of information and facts. Telstra is a good paradigm which uses big data in order to attract and retain the consumers towards its products and services. The company uses net promoter score attribution modeling approach to maximize the sale of the goods and services (George, Haas & Pentland, 2014). This approach is effective and efficient to analyze and identify the needs and requirements of the customers across the world. Let’s talk about another example, Google also uses big data to maximize the profitability and outcomes within the organization. With the help of big data, Google has been able to develop and build well efficient spelling programs in which users do not need to put the efforts to make the changes in spelling and it will be turn into suitable format immediately. Apart from this, Telecom Company such as Argyle data and Vodafone are significant and effective top companies in telecom companies who uses big in their business operations and activities. Big data helps to eliminate and reduce the fraud and deceit in the telecom industry. In this way, big data plays an enormous role in each and every business. Big data also helps in forecasting process and it helps in identifying the challenges of the market easily. There are two types of investment involved in big data including investment in big data and investment on best recruitment of people. Investment in IT including architecture cost and data bases like Hadoop. On the other hand, investment in recruiting the big data capability include talents for IT executives and analytics. In this way, big data has a direct impact on the various businesses. Big data also helps in fulfilling the demands of the consumers in the global market. It also helps in improving the academic performance and outputs (Tan, Zhan, Ji, Ye & Chang, 2015).
Advantages of Big Data for Companies
It has been analyzed that big data is also being adopted and initiated in the commercial training industry. Unlike the education industry, the organizations do not exchange the same privacy issues and concerns because they keep their own employees training data. Big data in corporate training leads to increase and boost net earnings and revenue (Simon, 2013). Thus, the company has been able to implement new technology within the organization. Corporate training is an important part of the HR departments that helps to improve and enhance the effectiveness of the workers. By integrating and using big data, the organizations can be empowered to gather various data and create a set of metrics to directly evaluate whether how training can enhance and develop business performance. Big data also renders the constant feedback and reviews to adjust corporate training to be more efficient and dynamic. On the other hand, the businesses can utilize the same data to figure out and analyze the improvements. These rights and appropriate improvements help in improving the overall business metrics (Sharda, Delen & Turban, 2013). It shall be argued that big data is the next effective big thing in the technology world. Big data creates a lot of buzz in the technologies. Security applications is built and developed for big data to identify the needs and expectations of people. In addition, it generates new and innovative opportunities for self service analytics (Kshetri, 2014). One of the effective and foremost trends of big data is Hadoop which is becoming an integral part of the company’s IT landscape. Hadoop data must be acceptable for business users to handle the challenges of the market worldwide. Money can be saved with the help of this data. Social media is a foremost component of big data that helps to improve the outcomes of the firm (Gandomi & Haider, 2015). On the other hand, big data plays a unique role in healthcare sector also. The people can build health profile and better anticipate the models so that diagnosis and illness can be reduced easily. To initiate the big data, the company requires a analytics team with appropriate people and favorable culture. It will help to increase the number of customers across the world. In this way, the companies have been able to stand out against the competitors and it helps to make a unique financial position in the global market (Minelli, Chambers & Dhiraj, 2012).
Examples of Companies using Big Data
Conclusion
On the above mentioned analysis, it has been evaluated that the role of big data is wider and larger in various companies. Big data helps to find out the suitable opportunities and challenges of the market to increase revenue. Now it is recommended that the firm should focus on the right IT architecture to collect the benefits of big data. Furthermore, the organization should invest money to collect various types of data. In this way, the organization can attain targets and goals with minimizing the cost of the firm.
References
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Davenport, T. (2014). Big data at work: dispelling the myths, uncovering the opportunities. harvard Business review Press.
Davenport, T. H., & Dyché, J. (2013). Big data in big companies. International Institute for Analytics, 3.
Gandomi, A., & Haider, M. (2015). Beyond the hype: Big data concepts, methods, and analytics. International Journal of Information Management, 35(2), 137-144.
Gandomi, A., & Haider, M. (2015). Beyond the hype: Big data concepts, methods, and analytics. International Journal of Information Management, 35(2), 137-144.
George, G., Haas, M. R., & Pentland, A. (2014). Big data and management. Academy of management Journal, 57(2), 321-326.
Ha Xuan, C. (2014). Retail market analysis in Vietnam and suggested growth strategies for retailers: case company: Big C Supermarket.
Hashem, I. A. T., Yaqoob, I., Anuar, N. B., Mokhtar, S., Gani, A., & Khan, S. U. (2015). The rise of “big data” on cloud computing: Review and open research issues. Information Systems, 47, 98-115.
John Walker, S. (2014). Big data: A revolution that will transform how we live, work, and think.
Kshetri, N. (2014). Big data? s impact on privacy, security and consumer welfare. Telecommunications Policy, 38(11), 1134-1145.
Kwon, O., Lee, N., & Shin, B. (2014). Data quality management, data usage experience and acquisition intention of big data analytics. International Journal of Information Management, 34(3), 387-394.
McAfee, A., Brynjolfsson, E., Davenport, T. H., Patil, D. J., & Barton, D. (2012). Big data: the management revolution. Harvard business review, 90(10), 60-68.
Minelli, M., Chambers, M., & Dhiraj, A. (2012). Big data, big analytics: emerging business intelligence and analytic trends for today’s businesses. John Wiley & Sons.
Ohlhorst, F. J. (2012). Big data analytics: turning big data into big money. John Wiley & Sons.
Schmarzo, B. (2013). Big Data: Understanding how data powers big business. John Wiley & Sons.
Sharda, R., Delen, D., & Turban, E. (2013). Business intelligence: a managerial perspective on analytics. Prentice Hall Press.
Simon, P. (2013). Too big to ignore: the business case for big data (Vol. 72). John Wiley & Sons.
Tan, K. H., Zhan, Y., Ji, G., Ye, F., & Chang, C. (2015). Harvesting big data to enhance supply chain innovation capabilities: An analytic infrastructure based on deduction graph. International Journal of Production Economics, 165, 223-233.
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