Is Big Data A Strategic Tool?

1545 words - 7 pages

Big data can be defined as the voluminous amount of unstructured and semi-structured data a company creates. (1) And businesses are usually collecting more data than they know what to do with, which aims to provide the ability to take advantage within the competition. (4) Data have swept into every area of the global economy (6). Therefore the use of Big data not only emphasis on collecting and storing a large amount of data but also turn these data into competitive goal to gain the competitive advantage. The big data can create value to the business success in terms of innovation and differentiation, to improve organizations’ performance and productivity, and to increasing the ability to make better decision. On the other hand, Big data can be challenges such as the importance of privacy and security, and talent of organization to find the full value of Big data.
According to the research by MGI and McKinsey's Business Technology Office, big data will become a key basis of competition, underpinning new waves of productivity growth, innovation, and consumer surplus. (3) So that big data provide the companies more opportunities to discover data correlations before would have remained hidden.

Dominic and David (2012) mentioned Bigger and better data give companies both more-panoramic and more-granular views of their business environment. Big data enables companies to create new products and services, enhance existing ones, and invent entirely new business models. (8) And using big data can be a key factor for companies to gain the competitive advantage than competitor. (13) Therefore, the use of Big data has already become an important method to boost their competition by make differentiation products and service, such as Google and Amazon have eclipsed competitors with powerful new business models that derive from an ability to exploit data (11). Companies can gather all relevant information from the use of existing products. So that companies can gain the early mover position by developing the new products and updating existing products quickly. Early movers that secure access to the data necessary to create value are likely to reap the most benefit. (8) Additionally, the use of Big data also allows organizations to create highly specific segmentations and to tailor products and services precisely to meet those needs. (10). Companies use data to help customize the product and service every individual or segments that comes to their site. Hence Big data it is an effective way to draw insights on consumer behavior and generate greater value from marketing campaigns in terms of innovation and customization. (12)

Big data provide the ability for organizations to expose variability, and improve performance. (8) Based on the huge amount of transaction data has been created and stored in the database, companies can select more accurate and correlative and detailed information in the real time. Using these data analyze to evaluate...

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