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Are you ready for the Big Data - Coursework Example

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Big data that entails capturing and analyzing huge volumes of data is the new way for corporates to gain competitive advantage. The authors' present a case where a top marketing executive of a big retailer in the United States found herself perplexed at how fast a competitor was gaining market share across a number of profitable market segments. …
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Are you ready for the Big Data
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"Are you ready for the Big Data"

Download file to see previous pages The competitor company had used this ability to carry out myriad of experiments in the real world giving it a competitive advantage. The main point the authors put across is that big data collection is the game changer in the 21st century corporate world. Big data has the potential to revolutionalize the management practices. The authors pose a challenge to the companies to decide whether they are ready to exploit the potential of big data and to manage the threats it could pose effectively. The rest of the article explores the important ways in which big data could transform the competition in the corporate world, alter the corporate ecosystems and improve innovation. One of the major elements of organization development is effective communication across all organizational sectors and also extending to external stakeholders such as the suppliers. This article lays emphasis on the importance of sharing data across the different lines of business such as finance, management, production and sales and marketing. It further calls for integration of the organizations data system with suppliers, data systems in order to accrue benefits such as instant stock replenishment and real-time price adjustment. It argues that the tendency of many companies to accumulate huge volumes of data in their silos and other forms of information hoarding impedes timely exploitation of this data. This is not in line with essentials for organization development. Organizations need to open these data enclaves and integrate data from various systems. ...Download file to see next pagesRead More
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