How Big Data can be used in the Business

Background to the project

Business intelligence (BI) has remained the topic since the 90s. Managements using several sort of BI tools to gain great number of customers and greater profits (Kernochan 2014). Big data is the promise of the modern day. Big data helps in the conversion of raw data into various actionable and pragmatic insights (Peacock 2014). Big data is referred to as the bigger data sets (Bradley 2013). (Provost and Fawcett 2013) said that these datasets that are too large for traditional data processing systems. The data sets are increasing with the passage of time. The analysis of this data has become the source of competition for the modern business. Big Data will help in increasing consumers, innovation, and overall business profits. Currently, Big Data is being used in five main business domains; including healthcare, public sector, personal care, education and manufacturing. Big Data will help businesses in increasing overall consumer intelligence by identifying the most valuable customers (Dumbill 2013). It will help in improving overall business operation based efficiencies (Einav and Levin 2014).

 

Research questions:

The main research questions that are to be followed in the study are as follows;

  1. How big data helps increasing competition for the businesses?
  2. Do the businesses require additional resources for implementation and usage of Big Data in business operations?
  3. What are the main issues faxed with the implementation of Big Data?

Aims:

The aim of this project is to suggest how big data can be used to understand the consumer behaviour thereby supporting business strategy and decision.

Objectives of this project are to:

  1. Highlight the foundation concepts of Big Data.
  2. Cover the main advantages of Big Data for the modern businesses and the issues and complications related to the implementation of big data.
  3. Evaluate the present status of the use of Big Data in
  4. Identify specific steps which can be taken to support and enhance the use of Big Data in businesses.

References:

BRADLEY, P., 2013. Implications of Big Data Analytics on Population Health

Management. Big Data, 1(3), 152-159

DUMBILL, E., 2013. A Revolution That Will Transform How We Live, Work, and Think: An Interview with the Authors of Big Data. Big Data, 1(2), 73–77

EINAV, L. and J. LEVIN, 2014. Economics in the age of big data. Science, 346(6210), 1243089–1243089

KERNOCHAN, W., 2014. Business Intelligence 101: A Brief History – Enterprise Apps Today [online] [viewed 4 Mar 2015]. Available from: http://www.enterpriseappstoday.com/business-intelligence/business-intelligence-101-a-brief-history.html

PEACOCK, S., 2014. How web tracking changes user agency in the age of Big Data: The used user. Big Data & Society, 1(2)

PROVOST, F. and T. FAWCETT, 2013. Data Science and Its Relationship to Big Data and Data-Driven Decision Making. Big Data, 1(1), 51-59