Heretofore, the advancement in technology has been approaching, and great leaps in science and technology have changed how humans relate with one another, additionally decreasing the needs of completing a various task while complicating other aspects in the world of business. In effect, in the contemporary world, things that would seem unbearable in the past can be done by regular people with the assistance of technology and advances in it. However, with the unlimited increase in technological advancement and improvement in the Big Data, comes variation in consequences and importance. As presented by Khan, Yaqoob, Hashem, Inayat, Ali, Alam, Shiraz, & Gani (2014) as far as technology is advancing, extreme amount of data is also generated. In this case, these data tend to represent both challenges and opportunities for businesses. In effect, the difficulties arise when it comes to figuring out how to manage and shape this tremendous amount of data information into something useful, while opportunity occurs when the Big Data is used as an advantage of the sustainable success of the organization (Khan et al., 2014). This paper, therefore, provides a comprehensive discussion of Big Data and business.
According to the research conducted by Kubina, Varmus, and Kubinova (2015), big data can be defined as the development of technologies that tend describe a new generation of information and constructions whose sizes are past the ability of a conventional database software machine to capture, store, manage and analyze. Consequently, Big Data can also be defined as high volume, high velocity, and high variety of different of different information assets that call for modern forms of processing to enable enhanced decision-making, insight discovery, and the process of optimization (Kubina, Varmus, and Kubinova, 2015).
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According to the afore-mentioned definition, it is quite clear that Big Data presents aftermaths for companies. Besides, taking into the account the amount of information and the increase in technology in it, Big Data tends to represent data sets that cannot be processed and stores with conventional or existing traditional techniques and tools. In this case, the information presents problems when it comes to keeping and storing. On the other hand, hand, when it comes to the world of business, Big Data has been beneficial in carrying out decision making in the business process. For instance, Kubina, Varmus, and Kubinova (2015) note that Big Data is the variety of information in which various businesses can understand and acquire the whole array of information that is available in the world.
Separately, Khan et al. (2014) argue that Big Data has gained much attention more so in the digital and computing world in which information is generated and collected at a rate that surpasses the boundary range. Most of the business organization are currently using Big Data to outperform their peers. For example, in several companies, established competitors and new entrants like strategic data-driven analysis, competition, and value is essential. Similarly, Big Data has assisted several businesses in creating new growth opportunities and entirely new companies, when it comes big data managed and stored (Geanina, 2012). In effect, these companies operate between the substantial information flow where information in which they can control and manipulate products, customers, buyers and suppliers, and consumer preferences are analyzed (Geanina, 2012). Additionally, the other importance of Big Data as presented by Geanina (2012) lays in the opportunity to improve the efficiency in the phenomenon of using a large volume of data, of unique varieties.
In businesses, when big data is applied and used effectively, the advances in the information technology can be used to improve security and troubleshooting through analyzing the previous logs. Moreover, data can be efficiently utilized in enhancing services and products through the use of social content (Geanina, 2012). In this case, companies and organizations can know the potential customer’s preferences, which in turn assist them to modify the products to address a larger volume of people (Geanina, 2012). On the other hand, Bulger, Taylor, Schroeder (2014) argue that the most performing business within the market tends to understand the limitation of the technology that exists behind the Big Data context operation. They also understand the significance of combining analysis with a sound understanding of the phenomena, makes a perfect intuition of the industry.
Kubina, Varmus, and Kubinova (2015) argue that Bid Data has been used to provide solutions that are ideal for analyzing raw structured data. In this case, Big Data tends to create transparency in businesses as it allows enterprises to set-up experiments. These experiments as argued by Kubina, Varmus, and Kubinova (2015) establish and analyze a significant amount of data to be used in identifying potential performance improvement. Additionally, data has also enabled new business models, products, and services or tend to improve the existing ones. Furthermore, Power (2014) argues that Big Data must be used to provide input to analytics and decision support capabilities as it creates ideal values for businesses.
In conclusion, it is clear that Big Data and business goes hand in hand. Besides, several companies and organization have realized that tremendous amount of value can be found within the massive amount of unstructured data. Additionally, as mentioned above, Big Data is advantageous to businesses as it allows high transparency of information within the business organization, which increases broader and accurate insights, thereby improving decision-making.
- Bulger, M., Taylor, G., & Schoeder, R. (2014). Data-Driven Business Models: Challenges and Opportunities of Big Data. Oxford Internet Institute. Available from https://www.oii.ox.ac.uk/archive/downloads/publications/nemode_business_models_for_bigdata_2014_oxford.pdf
- Khan, N., Yaqoob, I., & Ibrahim Abaker Targio Hashem, et al. (2014). “Big Data”: Survey, Technologies, Opportunities, and Challenges. The Scientific World Journal, Vol. 2014, Article ID 712826, 18 pages, 2014. doi:10.1155/2014/712826
- Kubina, M., Varmus, M., and Kubinova, I. (2015). Use of big data for competitive advantage of company: 4th World Conference on Business, Economics and Management. Procedia Economics and Finance, 26; 561 – 565
- Power, J. D. (2014). Using “Big Data” for analytics and decision support. Journal of decision systems, 23:2; 222-228. https://doi.org/10.1080/12460125.2014.888848