Uses of Big Data in Business Organizations
In every firm, for carrying out the business in the successful manner, it is important to accumulate valuable data and that could be processed by the big data. At the time of understanding the preferences of the consumers and the targeted audience makes the use of big data. The proper presentation of data helps to achieve the set goals at the time of carrying out of business. Big data provides the combination of all the tools and process to manage all the necessary required data. Big data has been established to understand the current trends and preferences at the time of generating the database for the people by interactions. The firm could able to carry out the big data by the usage of analytics and identify the particular customers for the development of business. This makes the growth of business and provides better services as well as makes a new experience.
2. Project Objective
There are certain fixed project objectives that are made on the use of big data in the business organizations. These are followed as:
- To know the competitive advantage from the use of big data
- To analysis the disadvantage of big data
- To know the effect of big data in the business organizations
- To recommend the possible solutions for the ill-effect of the big data
3. Project Scope
This project deals with the importance of big data in the development of the business organizations. The usage of big data is the most important things that the companies need to carry out for the development of business. In order to grab the competitive market the establishment of big data is the vital things that need to introduce in the firm. This provides new strategy that helps to capture, compete and innovative the business in a new manner (Shi‐Nash and Hardoon, 2016). The use of big data could able to create several opportunities for making the growth of business. This provides various categories in the businesses that arise from the aggregate and analyze various areas of the industry. The large flow of information could be easily maintained with the help of big data. All the industries need to start developing the big data for effectively getting success from the business. The usage of big data could be used in the both the sectors that lies with the private as well as public.
The big data provides the feedback from the consumers about the service and products provided by the company at the time of carrying out of business. This helps the organization to make the effective changes to re-develop the product as per required by the consumers. Big data helps the company to provide various designs and variations in a short time interval. Hence, it makes the raise of the efficiency and productivity of various processes in the production. The big data provides to analysis the condition of market as well as the demand of the customers. This helps to analysis the upcoming threats in the business (Ganapathi and Chen, 2016). It ensures the safety of the data as well protect the vital information of the company that could be used for the future aspects. However, the use of big data provides a major role for the growth of business in the present and future aspects and needs to continue by the company.
4 Literature Review
Changes happen from big data in business:
Big data provides the firm support for the organization to effectively carried out of business. There are mainly four ways to consider that the use of big data makes the changes in the business. These are followed as:
i) Provides the better experience for the consumers:
The usages of big data enhance the organizations to improve the experience of the consumers. The big data provides the analysis of the requirement of the customer for the particular products and service offering. As the big data, give the feedback for the company from the experiences gathered by the customers.This helps the firm, to arrange accordingly for improve the quality of the products and enhance the better services (Babu and Sastry, 2014).
ii) Improve the operation and develop the efficiency:
The big data has high capacity to improve the efficiency and develops the operation of business. It allows the machine to improve the performance and provides better tracking systems to measure the capability of the staff members working in the company. These make the better operation of business with the usage of big data by the organizations.
iii) Provides to get better condition of market:
The usage of big data helps the firm to develop the market conditions and makes to garb the better customer. The big data provides the company to carry out the business in a proper condition of market that yields to gain maximum amount of profit. However, this helps to meet the demand of consumers for the particular products and further makes the growth of business.
iv) Provides the assets:
In order to carry out the business in an effective manner, it is required to gather all the information in a sequential manner. Big data helps to accumulate all the vital information as the important assets for the company. The proper planning and strategy needs to be implemented for the big data to protect or collect the useful data for the growth of business (Spiess et al. 2014).
Impacts of big data:
Big data provides enough impacts for the growth of business in various companies. This provides the better managing of the entire work in a superior manner. Big data provides the better impacts on the business by enhancing the relationship with the customers. The analytics in the big data helps to maintain by several banks (Rothberg et al. 2017). In the manufacturing industry, the big data makes the high influence to increase the performance. The company Walmart also uses big data to make the record all the quality of products and stores sufficient information about the customer.
The big data provides the system in a better way by managing the suppliers to give products and monitor the inventory volume, gross margin and turnover rate. This helps the company of Walmart to reduce the chances of risk and the cost associated with it. The usage of big data provides the establishment of the new company from the gathered information of market and requirements of consumers. Organizations could easily access huge amount of data by considering all the useful assets at the time of developing a new company (Gao et al. 2015). This makes the highest amount of contribution for the success achieved by the firm from the data analysis.
Advantage and disadvantage of big data:
Big data provides the gathering of large volume of information that provides the better structure of the business. With the use of advanced software installed in the computer systems provides processing to store the data at the time of carrying out in business (Spencer, 2016). There are certain advantage and disadvantage arise in the analytics of data. These are followed as:
i) Big data provides unlimited storage capacity for the large volume of data that is used in the business organizations.
ii) This could be easily accessed in any place with the use of devices. This is stored in the cloud software installed in the systems.
iii) Big data requires high transmission speed for carrying out the entire processing with the use of technology that arises from the cutting-edge.
iv)Modern usage of methods helps the tools and technology to gain more data analysts in the big data (Chen et al. 2016).
v) This provides the better platform to carry out the entire process of unlimited information.
i) There might be various irrelevant point of storing of data. The recruited analyst in the company needs to eliminate the irrelevant data at the time of storage of information.
ii) The usage of big data might make a major problem by providing privacy for the entire systems at the time of working in social networking sites.
iii) This provides lower amount of security for maintaining the essential information.
iv) The investment required in the storage of hardware makes a high amount of capital.
v) This provides high amount of problem at the time of fetching the required information.
As opined by Katal et al. (2013), big data provides large amount of information that required advanced technology and different architectures that is possible to detect the values. This makes a large amount of problem for carrying out the analysis in the techniques that exists in the traditional manner. In order to mitigate the challenges lying in the big data depends on certain properties that includes in variety, volume and variability. This is the recent forms of technologies that has been introduced in the market and are used by various companies. This new technology has provided enough benefits in the business that makes the growth of the company. Hence all the problems and challenges associated with the big data needs to be introduced at the time of working in the company. Big data provides the new technology in the advanced growth of the world. As referred by Georgeet al. (2014), big data has been generated due to the excess growth of the sources collected by the organizations at the time of carrying out of business. In order to collect sources of data, it is necessary of the techniques connected with the computer that unveils patterns and data to measure the large amount of information. As stated by Hartmann et al. (2014), the usages of big data has provided growth in business and introduced a new business model in the market by the organizations. In the retail industry, the use of big data has made a major influence for keeping all the stock intact.
The storage of large amount of data makes the possible challenges for the organizations. The company needs to develop the better way to manage the data for the present and future aspects. The maintenance of big data requires huge amount of security problems. Organizations management needs to implement dedicated technicians to reduce the problems of the security. All the stored information needs to manage accordingly to mitigate the security problems (Khan et al. 2017). There is a necessity to handle a large amount of storage and speed is the most important things for managing the entire working of big data. The managing of all the sources of data is the important things for the big data from external and internal areas or it might cause a huge problems. The analytics of big data requires ample of time for the growth of business. This might be the problem for the organizations to maintain the effort as well as time to deliver the values.
Gaps of literature:
From the previous experience of the company has less amount of working pressures, hence there is no such necessity of the use of big data. All the useful information was stored in the computer systems by the organizations. From the recent experience, the company’s working has increased at a high amount (Mosco, 2015). This could be due to many reasons for the use of big data in the recent times. The big data carries out the entire business in both unstructured and structured forms. This makes the management to implement better decisions and moves in a fixed strategy in business. Hence, it makes the organizations to increase the growth and yield maximum amount of profit. The use of big data has gained the momentum of the working in the company. This includes with volume, variety and velocity. In the volume, the company could able to collect large amount of sources in the business that lies in the transactions of capital of various customers. The big data provides ample to speed for collecting of information. The information collected could of various formats that includes with audio, video and email.
It has been concluded that the use of big data provides enough advantage for carrying out business in the company. However, all the important information are collected in the big data by the company. This forms with the preferences of customer and provides effective ways of prediction of business in the future aspects. The use of big data provides the better strategy for the enhancement of revenue and makes the smart growth of firm. This makes the reduction of cost at the time of using of big data in the business organizations.