Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
Importance of big data essay
Importance of big data essay
Importance of big data essay
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recommended: Importance of big data essay
Introduction
Big data can be defined as the voluminous amount of unstructured and semi-structured data a company creates. (1) And businesses are usually collecting more data than they know what to do with, which aims to provide the ability to take advantage within the competition. (4) Data have swept into every area of the global economy (6). Therefore the use of Big data not only emphasis on collecting and storing a large amount of data but also turn these data into competitive goal to gain the competitive advantage. The big data can create value to the business success in terms of innovation and differentiation, to improve organizations’ performance and productivity, and to increasing the ability to make better decision. On the other hand, Big data can be challenges such as the importance of privacy and security, and talent of organization to find the full value of Big data.
Body
According to the research by MGI and McKinsey's Business Technology Office, big data will become a key basis of competition, underpinning new waves of productivity growth, innovation, and consumer surplus. (3) So that big data provide the companies more opportunities to discover data correlations before would have remained hidden.
Dominic and David (2012) mentioned Bigger and better data give companies both more-panoramic and more-granular views of their business environment. Big data enables companies to create new products and services, enhance existing ones, and invent entirely new business models. (8) And using big data can be a key factor for companies to gain the competitive advantage than competitor. (13) Therefore, the use of Big data has already become an important method to boost their competition by make differentiation products and service...
... middle of paper ...
... This is based on the detailed and sufficient transaction data collect by the business. Moreover, many companies are already using big data to improve the ability to making better choice for business. The sufficient data not only help manager to analysis the business conditions easily, but also provide confidence to manager to make better decisions. On contrast, many researches shows that Big data can be seem as challenges for business. First one is security and privacy of the data. Most of the data is sensitive and has significant impacts on business performance, such the customer personal data, business financial records, etc. The second one is about the talent and ability of organizations and manager to maximize the full value of data. And not only focus on the quantitative of data. How to use the data to create value can be the Achilles heel for some companies.
Big Data is characterized by four key components, volume, velocity, variety, and value. Furthermore, Big Data can come from an array sources such as Facebook, Twitter, call
Most of the common activities in our daily life present an opportunity to negotiate, whether or not we realise it. Meta-reflecting upon my negotiation experiences during the class and other activities have led me to identify few common themes. In this assignment, the two themes I will be discussing are (1) the importance of being clear on the strategic intent and big picture thinking, and (2) the importance of managing the negotiation process through understanding the various phases and visualising negotiation as a train journey.
The key strategy implementation efforts at Amazon all surround the use of “big data”. Big data is the growth and availability of large volumes of structured/unstructured data. The use of big data has allowed decision making based upon data and analysis instead of past experience and intuition. Big data has directed organizational change in allowing Amazon to expand from an online book store to an internet giant. Revolutionary application of big data has allowed Amazon to create superior service quality while motivating employees by providing real time information to solve customer issues. Big data has strengthened Amazon’s competitive capabilities by pioneering the application of big data and charging a monthly fee to smaller businesses
If auditors can look at a complete population, they may not have a great defense if they missed a “smoking gun” since they looked at all the data (Alles and Glen). However, this data may not be valid which raises the importance of the auditor understanding where the data came from and how reliable it is. Not only this, it will be interesting to see how standards consider big data evidence. While it most likely will not be as reliable as confirmations, it would be a challenge to figure out how much the auditors could rely on it. Furthermore, higher education would most likely play a role in helping their graduates understand data and how to use technology to be not only more efficient but also ensure they are able to use sound professional judgement while using big data.
In today’s society, technology has become more advanced than the human’s mind. Companies want to make sure that their information systems stay up-to-date with the rapidly growing technology. It is very important to senior-level executives and board of directions of companies that their systems can produce the right and best information for their company to result in a greater outcome and new organizational capabilities. Big data and data analytics are one of those important factors that contribute to a successful company and their updated software and information systems.
Big Data is a term used to refer to extremely large and complex data sets that have grown beyond the ability to manage and analyse them with traditional data processing tools. However, Big Data contains a lot of valuable information which if extracted successfully, it will help a lot for business, scientific research, to predict the upcoming epidemic and even determining traffic conditions in real time. Therefore, these data must be collected, organized, storage, search, sharing in a different way than usual. In this article, invite you and learn about Big Data, methods people use to exploit it and how it helps our life.
Currently, businesses want to use the information effectively for competitive advantage to make better decisions that improve and optimize business processes, predict the market dynamics accurately, optimize forecasts to adequately maintain resources to name a few reasons.
“The Big data phenomenon is driven by staggering and energizing advances in innovation. Exploiting these advances in the agricultural division could require new hierarchical linkages to be shaped – amongst suppliers and clients and among contenders.
Strategic planning has a focus on stabilizing the current environment, and it also support the organization's business plans and goals. Strategic planning helps to implement new projects, new technology, consolidation of data centers, data warehouses, exponential data growth, cost of ownership, and resources available in an organization to assess the future requirements. Strategic planning analyzes the business plan, potential blockage or other issues in the current architecture, processes and their implementation in new initiatives, and processes. Strategic planning helps to formulate the ideas about the key factors that are affecting the present and future development of the organization and the opportunities offered by the environment and the competence of the organization.
For the past couple of decades the majority of businesses have wanted to construct a data-driven organization or company. Furthermore, companies around the world are considering harnessing data as a basis of competitive advantage over other companies. As a result, business intelligence and data science use are popular in many organizations today. The increase in adoption of these data systems is in response to the heavy rise in communications abilities the world over. Which, in turn ,has increased the need for data products. Indeed, the Data Scientist profession is emerging to be one of the better-paying professions due to the urgent need of their labor. This paper is going to discuss what business intelligence is all about and explain data science that is usually confused to be similar to business intelligence. I will tackle a brief overview of data scientists and their role in organizations.
Effectively, big data provides the companies with the opportunity to know and understand their customers. With Big Data, a company holds a lot of information about their customers, such as their habits, what is the product they prefer, the time they make purchases, how many products they buy and what kind of promotion their prefer. Then they can make a relation with who the person is, age, gender. Thus they can adapt their offer to the customer. If you are a good client, you can have private discount, or more discount. The objective is to know personally your customer to make them feeling unique.
Companies have transformed technology from a supporting tool into a strategic weapon.”(Davenport, 2006) In business research, technology has become an essential means that many organizations use in their daily operations. According to the article, Analytics is a major technological tool used. It is described as “the extensive use of data, statistical and quantitative analysis, explanatory and predictive models, and fact-based management to drive decisions and actions."(Davenport, 2006) Data is compiled to enhance business practices. When samples are taken, they are used to examine research and understand how to solve problems or why situations are as they are. Furthermore, in this article, Thomas Davenport discusses analytics from a business standpoint. He refers to organizations that have been successful in their usage of data and statistical analysis. In addition, he also discusses how data and statistics can be vital in the efforts to improve the operations of businesses.
Adopting big data can also help the banking industry by saving them from lots of embarrassment resulting from increase in the number of customer which in turn requires banks to improve on their performance. As stated earlier banks are entrusted with lots of information and this information must be safe will be required to be accessed ready and in a timely fashion. The use a normal small database will not be enough to perform this operation and if banks don’t embrace the use of big data they might start to experience failure in there system.
Group 6 Strategic Management Strategic management is the process where organization managers reach the goals and aspirations of the organization on behalf of its owners. This is done through formulation and implementation of ways and methods to fulfill the organizational goals and objectives (Brian, 2011). This is done with in-depth consideration of both the internal and external environments that the organization operates in, in order to allow the organization to make the right decisions. Strategic management is an important element that firms must put together through strategic thinking as well as strategic planning (Nag, R., Hambrick & Chen, 2007). In order for a firm to compete within its industry, it must plan and relate to the industry dynamics, determine its strengths and weaknesses before determining the best way to match and overcome competitors.