The report helps in analysing the importance and essentiality of the big and open data on the business innovations and performance. The main aim of the open and big data is to provide better usage of the different resources along with storage that helps in reducing the computation of time along with proper decision-making of the business. Big and open data affects the business in a positive manner and this provides benefits to the organization as well.
The main objective of the project is to:
The cope of the projects is limited in nature; however, this project will help in improving the knowledge of the assessor and researcher regarding the different importance of the big data on the performance of the data in an effectual manner. The big data analytics has to be analysed in an effectual manner. The role of big data has to be identified to understand the importance of the same in the business.
There are different kind of organizations that are grappling with what the big data is and the effect of the same on the different kind of organizations. The benefit of the big and open data on the different organizations wherein the different analysis is required to be done in order to provide the customers with proper and accurate knowledge on the big and open data. It has been commented that the organizations need to have proper customers along with goods and rules with the help of the big data.
Furthermore, it has been stated that the different kind of organizations require proper analysis of the big data that has enabled the different kind of big data to find new kind of techniques to compete with the other kind of organizations in the market. The different kind of organizations of the entire world are using the big data for making different kind of future decisions in an appropriate manner. According to the authors, there are different kind of decisions that the different kind of organizations can make from the big data that will be smarter in nature and this helps in creating difference in the decisions appropriately.
The authors has commented that the different businesses are making different kind of decisions with the help of the transactional data in both past or present. However, it has seen that there is another type of data that are non-traditional along with less structured kind of data that includes social media, weblogs along with emails and these are used for effective decision-making process for the entire business. For instance: Oracle has offered different kind of products and services to organize as well as acquire data types along with analyse them to find the different kind of new insights.
Oracle’s solution for big data includes four kind of steps that includes the acquiring the data, organizing the data and analysing the data in order to find different kind of new insights. These models are described in extracting the data value from big data. The models are ETL extract, transform and load, furthermore the second model includes interactive kind of queries, third kind of model includes predictive kind of analysis. There are different kind of businesses wherein performance innovation is required in order to improve the performance and solve the different kind of queries in an effectual manner as well.
It has been seen that Intel is taking proper advantage from the big and open data and this has helped Intel in speeding up the process of innovation. Proper innovative strategies have been applied by Intel in managing the different kind of activities and this created proper growth strategies for Intel in the entire competitive environment as well. It has been seen the different kind of organizations that are built around the big and open data from the start are eBay, LinkedIn, Facebook along with Google. These kinds of organizations did not require any kind of integration of the big data with the existing kind of sources of data. The process that has been described for the organizations are interested in nature to adopt Big Data in an effectual manner.
Figure 1: Research Framework of strategy technology planning
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Furthermore, the authors has commented that there are different kind of steps in the process that includes that the decision criteria are the ones that is dependent on the different kind of decision factors that includes social, technological along with economic kind of factors. Proper indicators of technology assessment are essential in nature as this will help in analysis of the enterprise adoption ratio along with barrier to entrance and strength and barrier of entering into the industry. The figure has helped in analysis of the research framework that has helped in planning of the technological advancements and this has created different kind of challenges in the big data analytics that has to be improved by the different organizations in an effectual and appropriate manner.
It has been stated that the business intelligence is the actual ability of the organization as this helps in making meaning usage of the different kind of available data. The business intelligence includes the different range of areas wherein the intelligence of the different competitors along with intelligence of the customers and technological intelligence as well. It has cited a proper survey that has been conducted by Thomson in the year 2004 wherein it has been suggested that there are different kind of major benefits of the business intelligence that generated faster reporting along with accurate reporting and this has helped in improving the decision-making of the entire business in an effectual manner.
According to the authors, it has been seen that there are three major attributes of Big Data that has been characterised by velocity, variety and volume. The three vs. signify the massive volume of the data along with variety of the type of data and diverse generation of the data velocity. The big data is essential in nature for different kind of businesses in the entire economy as this helped in improving the performance along with the business innovative strategies as well. The role of big data analytics will help in improving the business performance in an effectual manner.
As per the authors, big data has helped in achieving the different kind of goals that includes the following kind of strategies that has to be implemented in an effectual manner. The reduction of the cost is one of the strategies wherein Hadoop is the framework for restoring the amount of data on distributed kind of clusters. The big and open data analytics help in assisting the different companies in the market to exploit the big data in improving the satisfaction among the customers in an effectual manner.
The authors have stated that the proper management of the supply chain risk, generating the intelligence of the competitors helps in providing the business with different kind of real time insights as this will help in making essential kind of information and optimizing the pricing when it is utilized in an appropriate manner as well. According to different authors, the retailers in the market can use the big data in an effectual manner that has the proper kind of potentiality to increase more than 65% of the entire operating margins by gaining the share of the market over the different kind of rivals in the market and exploit the different data of the consumers in an effectual manner. It has been commented that there are more than five advantages of the big data analytics that includes that it helps in increasing the different kind of viability by making the different data that is more accessible in nature in an effectual manner.
According to the different authors, the big data analytics has helped in facilitating the improvement of the performance along with exposure of the variability by collecting the different kind of accurate data on performance of the data analytics in improving the performance of the organization along with the reliability of the same. Furthermore, it helps in meeting the different kind of actual needs and requirements of the customers by segmenting the different kind of population in the market and this helped in creating proper analysis of the open and big data. Lastly, the big and open data will help in complementing the decision-making with the automated kind of algorithms by revealing the valuable kind of insights in an appropriate manner.
As commented by author, one of the most essential applications of the analytics of the big data is the creation of the knowledge along with new principles of management along with economy that is based on the big data as well. In the production kind of environment, the big data mining process does not end and some proper big data analytics has platformed different kind of factors that includes speed of the entire development along with analysis of the huge data. The entire growth of the data in terms of the size along with number of the different users has helped in increasing in the last few years.
It has been commented that the big data has helped Intel for improving the business intelligence and the big portion of the big data was unstructured in nature wherein this will increase the business velocity along with tapping the different kind of new markets. Furthermore, it has been seen the author has commented that Big Data applications are being utilised in different kind of industries and Big Data analytics has helped the company in improving the management of the entire supply chain from different kind of respects including the efficiency of the supply chain management along with planning relating to the supply chain management as well.
Proper inventory control along with risk management and market intelligence are supported by big data and the big data helps in innovating the business performances in different organizations. It has been commented that the big data analytics has helped the supply chain management in development of the different kind of different ideas as this helps in understanding the diversity of the different kind of sub firms that can be collaborated in an effectual manner and this is of huge importance in the company in an effectual manner.
The analytics of the big data helps in improving the entire service supply chain management of the company in an effectual manner. The accurate and effectual usage of the big and open data helps in understanding the diverse decision contexts and the entire information processes has to be analysed in an effectual manner. There are different companies in the market that has properly implemented the big data for making the decision-making processes in an effectual manner and this helps in creating huge importance on reducing the variety of the data along with reducing the equivocality as well.
It has been commented that there are different kind of organizations in the market that tries to understand the importance and meaning of the data analytics and they use the same in aiding to make proper and effectual decisions in an effectual manner. According to the different authors, there are three kinds of analytics that include descriptive analytics, predictive analytics along with prescriptive analytics. Proper optimal solutions have been adopted in nature wherein this has helped in achieving the different kind of optimal solutions in an effectual manner.
It has been commented that there are different kind of the ability of the firms in acquiring and assimilating the application of knowledge to produce the dynamics that helps in analysing the capacity of the organization. Innovation is defined as the invention along with design along with the entire implementation of the different kind of altered products and services or the business model for the entire purpose of creation of the new value for the different customers in the market.
Proper collaboration among the different kind of decision-makers along with the data analysts helps in enhancing the effective utilization of the big data decision-making in an effectual manner. Proper analysis of the different kind of business innovation is required to be done in an effectual manner that will help the companies in the market to use the big data in managing the same with proper utilization of the different kind of resources. The entire decision-making process has to be effectively analysed in an effectual manner as this helps in managing the minimizing the different kind of issues in an effectual manner. However, there are different kind of challenges in the businesses that has created huge issues in the business with the predictive analysis of the same.
The authors have helped in commenting that in order to properly leverage the different kind of massive amount of heterogenous data in an unstructured data, proper development of the different kind of analytic methods is required to be adopted as this will help the company in managing the issues in an appropriate manner. Furthermore, it is meaningful in nature to use the different kind of new tools to do the different kind of predictive analysis for structured kind of big data in an effectual manner as well. The different kind of businesses in the economy will help the different companies in managing the business performance and innovative strategies has helped the company in managing the different conflicts effectually as well.
There are different kind of challenges of the big data analytics in context of the business intelligence that has created huge issues for the businesses performance and innovation. Although, it has been seen that there are different kind of big data that helps in analysis of the companies and it helps them in gaining the entire competitive advantage over the different rivals in the entire market. There are main challenges that has been faced in the big data is there is lack of the intelligent big data sources along with lack of the different kind of scalable data in the businesses. There is no proper availability of the different kind of resources and this causes huge insufficiency of the different innovation in the business processes.
Furthermore, it has been seen that there is lack of the cost-effective kind of storage system in the organizations as this created huge issues in the business as well. There is lack of the security along with privacy in the data security and identification of the privacy problems is analysed in an effectual manner as this will help in reducing the issues in an appropriate manner. The authors have helped in commenting that there are different breaches of data along with unavailability of the data in the organizations and no back up of the data as well.
However, on the other hand, there has been misuse of the big data wherein there are different kind of challenges that included information is powerful in nature and these types of data can be produced by individuals in the future by unknown as well. In order to manage the issues in an effectual manner and better technology has used in order to strengthen the relationship and increase the capacity and content in an appropriate manner. The data management is one such critical issue for the cooperation of the different kind of industries along with corporation.
Proper analysis of the different issues in the management of the business innovation and performances has to be analysed and identified in an effectual manner with the implementation of different kind of management techniques. Proper kind of data warehouse strategies has to be used in an effectual manner as this will help in algorithmic implementation in an effectual manner.
There are different kind of facts and figures of the big data analytics wherein everything is dependent on the decisions of the different policymakers along with the different decisions that are dependent on the techniques of data mining along with frameworks of the big data. In order to find the proper worth of the business, it is essential in nature for the different businesses, the different organizations need to require the different kind of tools to arrange and analyse the different kind of different resources in an effectual manner.
There are two kind of data that includes consumer and product data wherein there are different kind of sub divisions wherein under the customer data it includes business consumer data and under the product data, it includes the selling side data and buying side data in an effectual manner. Proper business data kinds are essential in nature in different kind of businesses in order to provide decision support and this will help in managing the different kind of issues in managing the decisions effectually as well.
Conclusion
Therefore, it can be concluded that big data has to be integrated in the different kind of businesses or in the architecture of the different kind of organizations. It has been seen that there are different kind of big companies that uses Big Data Analytics in order to improve the performance of the same and this has helped the businesses innovations and performance in an effectual manner as well.
There were different kind of challenges in the big data that included the misuse of the big data wherein the information is power and this has helped the company in managing the different kind of issues effectually. It has been seen that there are different kind of companies such as Intel and Oracle that has helped the companies in innovating the business structure and this helped them in managing the same and gain competitive advantage in the entire market.
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