Is Big Data A Strategic Tool?

1545 words - 7 pages

Introduction
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.
Body
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...

Find Another Essay On Is Big Data a Strategic Tool?

Music Is A Powerful Tool For Globalization

1672 words - 7 pages the lyrics of Wyclef Jean’s If I was President and Nancy Schimmel’s 1492 one learns how music is a powerful tool in building consciousness and solidarity on global issues. The power that music has throughout the world is infinite. Many songs have the capability to help identify a culture, as well as educate countries about other cultures. Music has a way of inducing feelings, awakening old memories, and producing new ones. It can be used for

The Collection of “Big Data;” a Problem or Convenience?

1132 words - 5 pages data collection would be useful, but, more often than not, this is not the case. The government's use of big data in America, can be perceived in one of two ways: as a hindrance to the daily life of citizens in America or an helpful tool to improve the structure of America as a whole in the present and for the future. Generally speaking, Americans view data collection as negative. More specifically, when asked the question: would an

Is Homelessness a Big Deal?

2274 words - 10 pages When people see a homeless person they probably try to walk the other way to avoid being asked for money. Many people don't think about the homeless; they just think about how to avoid them. People think "that doesn't affect me," but it does. Homelessness affects more than just the people suffering from it. Not many people know how much money they are actually giving to homeless shelters. Helping the homeless is a big deal and should be dealt

What is a Data Mart?

2412 words - 10 pages your organization’s EHR applications department. The primary reason for this assignment is because the collecting, consolidate, and organizing of clinical data for analysis and reporting requires decisions on technology deployment to support the reporting needs such as choosing online analytical processing (OLAP), ETL tools (e.g. SSIS, a Microsoft data stage tool), and SQL Server for database management. The maintenance components of the data marts

Data Is a Preeminent Asset

1235 words - 5 pages Ensuring Business Continuity in Order to Protect Data Assets Many businesses, especially those related to information technology, view data as a preeminent asset. Some assets, such as physical property and equipment are more obvious, but those that are less noticeable can be of greater value, define an organization’s image and success, and offer a competitive advantage. Information is considered such an asset and the collection, maintenance

Big Data Analytics: A discussion of the importance of big data in today's world. - South Dakota State University/ Data Science - Essay

627 words - 3 pages Big Data Analytics The term “Big data” does not have a universally accepted or specific definition. It is generally defined as the gathering of much more data or intelligence from a business entity that would have been ignored due to the limitations of customary data management technologies. Zikopoulos et al. (2013) explained that big data is about adopting new business processes and implementing new technologies that enable the storage

Money Is Only A Tool in One's Life

1119 words - 5 pages Money Is Only a Tool in One’s Life Money has a big impact on the quality of life because a person is possibly manipulated by the material world. Money is a known predator, which cons unsuspecting people into trusting it to exploit the weakness in their hearts. Anyone who cannot control his/her own greed will eventually fall under its charm and will hardly be able to live on without it. However, while it is true that money makes the world

Money Laundering: It Is a Big Crime

643 words - 3 pages , theft or burglary or drug trafficking has occurred. It is the lack of information on money laundering that is available to the person in the street, making it an invisible problem and therefore difficult to address. (Steel 2). The criminal can use the dirty money after making some strategic stages, these stages: 1) Placement, where the launderer inserts the dirty money into a legitimate financial establishment. It is often in the form of cash

"Small business is not a little big business"

2942 words - 12 pages : assessing performance, planning and evaluating Human Resources policies, implementing these policies and designing their implementation.The first point to discuss is also about the specific features of Human Resources Development in small businesses. Secondly, there are a many barriers to overcome, especially compared to big businesses, and the reasons why Human Resources is a neglected field in SMEs should be explained. Thirdly, SMEs have many

Body image; is it really a big deal?

984 words - 4 pages start to analyze their body image a lot more, This is when people start to think that body image is not a physical achievement but a mental one. The advertising industry could be a big influence towards how people think of their body image, I believe this because adverts are everywhere you look, Not all but many of them involve dieting for example weight watchers, As you are watching a weight watchers advert you start to feel the need to diet

Domestic violence, as of today, is still a big problem

924 words - 4 pages Domestic violence, as of today, is still a big problem in the United States, there is no such thing as a real solution, but it is cause in different ways and it also effect many people.Some of the causes to domestic violence are family origin, inner psychological makeup and symbolic world, community of peers, and patriarchal society. Statistics show? that 85% of convicted batterers grew up in households where they witnessed their mother being

Similar Essays

Show How Code Switching Can Be Used For Strategic Purposes. In What Way Is Code Switching Similar To Or Different From Style Shifting As A Strategic Tool

2365 words - 9 pages French to give his comments, as French is the marked language for work related issues. (Heller, 2002)Code Switching As A StrategyOther than Heller's (2002) findings on how codeswitching can be used as a strategic tool, there are methods in which codeswitching can be used as a strategic tool that are similar to Heller's findings. Let us begin with Swann (2002), who had shown that codeswitching can be used to manage relations, such as interrupting

Product Life Cycle As A Strategic Marketing Tool

2057 words - 8 pages then launched as ?New & Improved!? and the pellets were called Persil ?Megaperls? which led a new generation in laundry detergents. Competitors were automatically marked down as ?the old generation?. This strategy grew sales of Persil and helped increase its market lead of 5% over Ariel! 4. Conclusion ? Final points to note To conclude whether or not the PLC concept is considered a useful strategic marketing tool or not would be a constant

Is Ecotourism A Viable Tool Toward Sustainability?

1469 words - 6 pages The debate over ecotourism's success as a tool for conservation and development in the developing world is aggravated by the dispute over what exactly ecotourism is. The International Ecotourism Society offers a succinct and often cited definition: “responsible travel to natural areas that conserves the environment and improves the well-being of local people” (TIES). Ecotourism is often tied to the concept of sustainable development

Why Social Media Is A Beneficial Tool

1032 words - 5 pages attention deficit disorder. The problem is that people have to be able to distinguish between work and play. If a person really has their mindset on work, then they will not get distracted. If anyone is really committed to learning or getting work done, then social media should not be an excuse for distraction. Facebook was originally designed to be a tool which would allow individuals to keep up with their old friends by posting pictures and