Main Features of Big Data - Research Proposal Example

Big Data Introduction In the present scenario, big data is generated from different digital sources along with processes which include sensors, systems, social media exchanges along with mobile devices. Presently, multiple sources are accountable for generating big data in an immense manner in terms of volume, variety as well as velocity. In this respect, big data might be used with the intention of deriving meaningful value or understanding through effective analytical skills and processing power. The management of business organizations with the aim of making better decisions uses big data. Additionally, big data also assists employees in working as a team. A proper analysis of big data has assisted business organizations in conducting their operations with better engagement of customers, reducing fraudulent practices along with threats and enhancing business revenue (UNC Charlotte, 2014; Moshood, 2013). Management of business organizations with the assistance of big data is able to conduct business operations competitively in this changing business environment owing to increased globalization and advent of modern updated technologies. In this regard, management of business organizations uses big data with the aim of having a better understanding of the factors that are accountable for changes in the market environment. Subsequently, the information obtained from the analysis of the data will aid the management of business organizations in conducting their operations accordingly for better competitiveness (Moshood, 2013). Thesis Statement In this context, the proposal paper emphasizes providing adequate information in relation to big data. Moreover, the importance of big data is revealed on the basis of which business organizations are able to conduct their operations competitively. An analysis will also be conducted in order to ascertain the role of big data in improving business performances. Review of Literatures Big Data According to Ahalt & Kelly (2013), big data signifies to the amount of data collected by business organizations through various mediums that include feedbacks from social media, databases of customer services, web crawlers and server logs. Big data is recognized to provide adequate information on the basis of which management of business organizations is able to formulate suitable strategies in accordance with which business operations can be conducted effectively. In this regard, adequate expertise is required for obtaining, organizing along with analyzing the collected data efficiently in order to derive meaningful insights. Respectively, business leaders are required to be competent, knowledgeable as well as experienced in recognizing value from data (Ahalt & Kelly, 2013). Ahalt & Kelly (2013) further implied that big data represent contemporary technologies along with architecture design facilitating in obtaining better economic value from immense range of data through appropriate evaluation of collected data. Additionally, Ahalt & Kelly (2013) noted that the revolution of big data has emerged in a significant way in the present day context due to reduced cost of technology. The facet of business analytics is also eased with the opportunity of accessing data in a convenient manner. Currently, management of business organizations collects data from various sources which include ‘sales transaction data’, operational data, ‘machine or device data’ and ‘customer service data’ (Ahalt & Kelly, 2013). Big data is also identified to possess certain challenges from three different perspectives which include volume, velocity and variety. Volume signifies that management of business organizations might face ample challenges in processing data of large amount. Velocity refers to the challenge faced regarding analyzing immense quantity of data inside certain specified timeframe. Variety implies that management of business organizations might face adequate challenges in examining as well as comprehending data obtained from different sources suitably (Ahalt & Kelly, 2013). As further affirmed by Ahalt & Kelly (2013), big data is based on several insights on the basis of which data is recognized to play an important role towards different production factors that include capital and labor. It will also aid business organizations to perform their business operations in a value added manner. Big data assists business organizations in conducting their operations with better competitive advantages and productivity. Moreover, management of business organizations is also able to mitigate issues in relation to intellectual property, privacy and security (Ahalt & Kelly, 2013). Importance of Big Data The present market scenario is changing owing to the shifts in the preferences of customers, which in turn have affected the marketing concepts of business organizations (Dholakia & Dholakia, 2013). Respectively, the performances of business organizations are based on the needs along with requirements of customers. Subsequently, management of business organizations is required to conduct surveys of markets with the intention of determining the preferences of customers. Subsequently, business organizations by obtaining feedbacks of customers will be able to develop an effective relationship with them. Dholakia & Dholakia (2013) also noted that management of business organizations with the assistance of big data will be able to identify behaviors of consumers. Correspondingly, big data assists management of business organizations in making effective decisions so that business operations are conducted successfully (Dholakia & Dholakia, 2013). Presently, the business scenario has changed immensely owing to different factors that include proliferation of globalization driven business dynamics which is significantly aided by up-gradation of technological periphery (Pardeshi & Akulwar, 2014). According to Pardeshi & Akulwar (2014), corporate sector is identified to make huge investments in the fields of data warehouses, analytical software of data and data scientists. Business organizations are making investment in analyzing data with the aim of obtaining adequate information in accordance with which effective decisions can be made. Moreover, big data has assisted business organizations in developing an effective working culture, wherein people are able to perform their operations in a better coordinated manner. Pardeshi & Akulwar (2014) further noted that development of the digital economy has aided management of business organizations in acquiring and evaluating data in order to possess adequate information based on which customers are required to be served. Subsequently, the analyzed data is used for making important decisions in accordance with which activities should be conducted in order to accomplish business objectives successfully. Contextually, management of business organizations using big data is facilitated with the opportunity of building an effective working environment based on the process of data driven decision making. In this respect, business organizations making effective decisions are facilitated in performing their operations with better competiveness (Pardeshi & Akulwar, 2014). Similarly, Wu (2013) stated that decision making plays a significant role in ensuring that business operations are conducted with appropriate strategies. Management of business organizations that aim at making decisions without analyzing the prevailing operational circumstances might formulate inappropriate strategies or plans. Correspondingly, big data is recognized to be of immense importance for management of business organizations in making effective decisions so that appropriate strategies are formulated and implemented. Besides, big data assists business organizations in conducting their operations with better identification of problems and therefore act accordingly. Respectively, management of business organizations with the assistance of big data is able to operate with better competitive advantages. Big data is used in order to make better strategic decisions in accordance with which business operations are performed succinctly (Wu, 2013). According to Panicker (2013), management of business organizations with the assistance of big data is able to accumulate appropriate information from different sources that include social media, mobile phones and digital devices with the aim of ensuring that business operations are conducted in accordance with changing business scenario. In this respect, analysis of big data will facilitate in having a comprehensive understanding of collected information so that management of business corporations are able to conduct their operations with better governance. Moreover, management of business organizations with the assistance of big data will be able to determine the market trends so that business operations are conducted accordingly. In this respect, management with adequate information will be able to devise appropriate policies in accordance with which business risks might be identified in an effective manner. Subsequently, suitable solution mechanism might be developed with the intention of mitigating risks, which in return will facilitate business organizations in conducting their operations significantly and profitably (Panicker, 2013). In a similar perspective, Merrick (2013) stated that management of business organizations scrutinizing enormous amount of data from feedback of customers and business performance will be able to ascertain the requirement of customers as well as business successfully. Accordingly, management of business organizations can formulate appropriate strategies based on organizational objectives that might be accomplished effectively. Additionally, business organizations will be able to provide products and/or services for better satisfaction of customers. Contextually, business organizations will be able to conduct operations with essential growth by meeting the preferences of customers (Merrick, 2013). Carter (2013) noted that big data is of immense importance for business organizations in possessing a better knowledge of the changes in the market environment. In this respect, changes in the business environment, management practices, governance principles and marketing practices can be recognized in a better predictable manner. In this concern, big data will provide immense quantity of data in accordance with which business decisions can be made successfully. In this context, management of business organizations develops contemporary and comprehensive business models with the assistance of which business operations might be executed in an improved manner. According to Carter (2013), big data facilitate management of business organizations in obtaining information about likes along with dislikes of potential customers and subsequently determine their purchasing behavior. Management of business organizations combines analytical tools, business processes and people in keeping with the objective of enhancing the outcomes of the businesses. Big data can be of immense value, if business strategies are formulated as well as implemented in accordance with market changes in a timely manner (Carter, 2013). As stated by O’Toole (2013), big data is recognized to play a significant towards the development of business organizations. Management of business organizations should accumulate data from various sources that include social media technologies, print media and the internet with the intention of evaluating them. In this respect, business organizations are analyzing the data change management practices and business operations in order to ensure that products and/or services are offered in accordance with their requirements for better customer satisfaction. Contextually, big data is used in different organizations operating in healthcare industry, automobile industry and airline industry with the aim of improving their business operations. Accordingly, big data assists business organizations in retaining their competitive position in their operational market segments (O’Toole, 2013). Critical Analysis It can be comprehended from the review of literatures that in the present changing business scenario technological advancement and shift in the preferences of customers have been playing a decisive role towards business operational performance. In this regard, business organizations are required to adopt effective means on the basis of which business operations should be conducted effectively. Presently, big data is identified to play a significant role in assisting business organizations to evaluate relevant information about market changes and requirements of customers (Dholakia & Dholakia, 2013). Big data represents facts collected through different mediums that include social media technologies, print media and the internet. Big data should be aligned with the business processes. It is dependent on certain factors that include volume, variety and velocity. The aforementioned factors signify that immense quantity of data should be collected from a variety of sources. The collected data should be analyzed in a timely manner in order to ensure that better valuable information are obtained in relation to business needs and market needs (Ahalt & Kelly, 2013; Merrick, 2013; O’Toole, 2013). Respectively, management of business organizations is identified to collect relevant information through market surveys, business performances factsheets and customers feedbacks among others in relation to market demands and information. The data collected should be analyzed with the assistance of appropriate analytical tools so that management of business organizations is facilitated with the opportunity of making appropriate decisions. Contextually, business organizations with the assistance of big data are able to have adequate information about the requirements of customers and business organizations. Management of business organizations identifying the needs of customers will be able to provide quality products and/or services to them for better satisfaction (Panicker, 2013; Wu, 2013). It is also identified that management of business organizations with the aid of big data is able to have comprehensive information in relation to market conditions. In this respect, management of business organizations is facilitated with the opportunity of obtaining relevant information about the behavior of consumers with respect to purchase pattern and likes along with dislikes. Contextually, big data enables management of business organization to make changes in business processes and management practices so that business operations are conducted with better competitiveness. In this context, it is further critically determined that big data assists business organizations in reshaping their business strategies on the basis of which business operations might be conducted successfully (Pardeshi & Akulwar, 2014; Wu, 2013). Satisfaction of customers is determined to play an important role towards performances of business organizations. Customer satisfaction is identified to be the prime factor accountable for the measurement of business performances as meeting the requirements of customers is an important objective of business organizations. Therefore, management of business organizations obtaining important information about the needs the customers is able to provide products and/or services in accordance with their preferences. Subsequently, meeting the needs of customers, business organizations are able to accomplish their business objectives efficiently (Panicker, 2013; Wu, 2013). Consequently, it can be comprehended that business organizations with the assistance of big data are able to adopt appropriate policies based on which market conditions are evaluated in a timely manner. Additionally, management of business organizations with the focus on predicting the prevailing market conditions is able to mitigate business risks effectively. Big data also assists business organizations in conducting their operations effectively with the development of effective problem solution mechanism. The mechanism will aid management of business organizations in eliminating business issues appropriately so that business operations are conducted in a proficient manner. Thus, it can be ascertained that big data plays an effective role in the present changing business scenario for business organizations to possess immense knowledge about market demands and market conditions. Contextually, management of business organizations with the assistance of market information is able to perform business operations successfully through better satisfaction of customers (Dholakia & Dholakia, 2013; Merrick, 2013; Panicker, 2013). Conclusion It can be identified from the foregoing discussion that big data plays an important role for business organizations to conduct their operations in accordance with the changes in the business environment. The concerned authorities of business organizations with the assistance of big data are able to obtain adequate information in relation to the preferences of customers and market needs. Subsequently, management of business organizations can formulate appropriate policies along with strategies, which will aid the businesses in providing products and/or services in accordance with the preferences of customers. In this context, business organizations meeting the needs of customers are able to meet their satisfaction level. Customer satisfaction is determined to be an imperative consideration in terms of business objectives. Subsequently, management of business organizations meeting the needs of customers is facilitated with the opportunity of improving business performances. Respectively, big data facilitates business organizations in conducting their operations in an effective manner. Analysis of big data will also aid the management of business organizations in predicting market or business risks efficiently so that they can be mitigated in a timely manner in order to ensure that business operations are conducted sustainably. Thus, big data can play a decisive role with regard to business organizations in enhancing their business performances in their operational market segments by a considerable extent. Works Cited Ahalt, S., & Kelly, K. (2013). The big data talent gap. Retrieved from http://www.kenan-flagler.unc.edu/~/media/Files/documents/executive-development/execdev-big-data-talent-gap.pdf The article depicts important information in relation to big data about its revolution and significance for business performances. Carter, K. (2013). Big data: What’s the big deal? Retrieved from http://thinkbusiness.nus.edu/articles/item/135-big-data-whats-the-big-deal The article provides adequate information about big data and the procedures on the basis of which business outcomes can be improved. Dholakia, R. R., & Dholakia, N. (2013). Scholarly research in marketing: Trends and challenges in the era of big data. Retrieved from http://web.uri.edu/business/files/Encycl-Communication-DataMining-n-Marketing-.pdf The article signifies the changes in the market condition which in return have noticeably altered marketing strategies and business operations. Respectively, the article has provided adequate information in accordance with which business performances are enhanced with the assistance of big data. Merrick, A. (2013). Mining the promise of big data. Retrieved from http://www.chicagobooth.edu/about/newsroom/news/2013/2013-05-01-cfo The author of the article implied the aspects in accordance with which big data assists business organizations in conducting their operations with better customers’ satisfaction and in a cost effective manner. Moshood, O. (2013). Big data a prolific use of information. Retrieved from http://www.cameron.edu/uploads/1e/c9/1ec908b646b90b1e4f0512cf81aeae1b/1.pdf The article has signified the different sources of collecting relevant data and the practices used for analyzing collected data. O’Toole, K. (2013). Susan Athey: How big data changes business management. Retrieved from https://www.gsb.stanford.edu/news/headlines/susan-athey-how-big-data-changes-business-management The author of the article presented views about the importance of big data in reshaping management practices so that business operations are conducted in a competitive manner. Panicker, R. (2013). Adoption of big data technology for the development of developing countries. Retrieved from http://www.met.edu/Institutes/ICS/NCNHIT/papers/50.pdf The author depicted that big data provides important information based on which business decisions and policies can be framed successfully. Pardeshi, S. A., & Akulwar, P. K. (2014). Escalation the power of big data. Retrieved from http://nci2tm.sinhgad.edu/NCIT2M2014_P/data/NCI2TM_55.pdf The authors of the article affirmed that business organizations with the assistance of big data are able to segment customers effectively grounded on data driven decision making. UNC Charlotte. (2014). The challenge of "big data". Retrieved from https://dsba.uncc.edu/challenge-big-data The article has presented the importance of big data in relation to management of business risks along with determining the purchasing behavior of customers. Wu, C. (2013). How to use big data to make better business decisions. Retrieved from http://www20.csueastbay.edu/news/2013/03/SmartBizMag-ChongqiWu-030113.html The article has signified that big data has assisted management of business organizations in making effective business decisions so that business operations are conducted with better competitive advantages. Read More