Type: Definition Essays
Sample donated: Michael Long
Last updated: February 19, 2019
Most of the employees in the companiesfeel uneasy by the loads of information.
They are excited by these loads of data;a majority of the executives say that they need more data for companies getused to. The reason for this quest was believed to be the feeling theexecutives have that vast information will consequently bring changes to theirbusinesses. Companies must acknowledge that success and growth of a businessare realized through proper integration of human resources, business processes,technological capabilities of the organization and right information (2, 2012).Organizationsacross the world have started working on Big Data. Most of the Companies like Amazon,American Express, BDO, Netflix, Capital One are using Big Data. Largeorganizations like Google, EBay, Facebook and LinkedIn are built around BigData.
These organizations are improving their organizational, leadership,technologies and decision-making skills by joining the data economy and mergingthe big data analytic with conventional analytics. Even small companies thatgenerate the data need big data for data storage, processing and forprotection. To improve internal business operations and decisions,organizations make use of sensors to track their shipments and performance ofmachines, which helps the organizations to improve quality of product andmaintain better relationship with the customers. By adopting Big Data inbusiness, organizations will achieve goals like time and cost reduction. Big data is, however, creates bothopportunities and problems to businesses.
For businesses to reap benefits frombig data, it must be processed and evaluated in a manner that it would helpharness the current situation and bring positive impact to business and improveits decision-making process (Execs, 2016). By studying the current operationsand process with the aim of enhancing the already existing procedures andprocesses, when a new way of solving challenges is available may not besufficient, but it would be prudent enough for managers to take it as anopportunity for improving business and adapt hem to the benefit of thebusiness.Big dataposes both opportunities and challenges for businesses. In order to extractvalue from big data, it must be processed and analyzed in a timely manner, andthe results need to be available in such a way as to be able to effect positivechange or influence business decisions. The effectiveness also relies on anorganization having the right combination of people, process and technology. Bypure definition, analytics is the discovery and communication of meaningfulpatterns in data — but for business, analytics should be viewed as theextensive use of data, statistical and quantitative analysis, using explanatoryand predictive models to drive fact-based business management decisions andactions. Analytics helps to optimize key processes, functions and roles.
It canbe leveraged to aggregate both internal and external data. It enablesorganizations to meet stakeholder reporting demands, manage massive datavolumes, create market advantages, manage risk, improve controls.