BIS 601: Business Information Systems

Big data analytics can be used by company to make informed business decision by examining large amount of varied data to get customer preferences, market trends and other useful information. Company can use it to explore new revenue opportunities, improved operational efficiency, better customer service and competitive advantages over rivals.

Business thrive when they have the most accurate, up-to-date, and relevant information at their disposal. This information can be used for a plethora of pertinent markers in small and large businesses, relating to accounting, investments, consumer activity, and much more. Big data is a term used to describe the extremely large amounts of data that floods a business every day. For decades, big data has been a growing field, facing controversy on many levels, but as of late, it has been a major innovator in the challenge of making businesses more sustainable. Big data is often scrutinized for its over-generalization and inability to display meaningful results at times. When applied correctly, data analysis can bring earth-altering information to the table.

We believe that BDA will play a huge role in US economy for many years to come. However, Data analysis can be tough without proper direction. If properly directed, Big Data impact can not only be seen through scientific advances, but it can lay the ground work for next generations to come for growth in the fields of business, science, and medicine.

At Google, searches are the transactions, while at credit card companies it is actual sales. Big data essentially works like a loyalty program, but on a much larger scale. The data gathered will include several variables, and millions of consumers. Then, trends are determined and identified through the processing of the data through applications that specialize in big data. Companies have the ability to gather their own data, but in many other cases they buy it – this depends on the business. The more the company knows, the more it can understand about the path to purchase. Retailers seek to understand the data, for example in order to know what products will be sold when. A basic decision without big data, for example, would inform a retailer that spring clothes should go on sale by February because people want to buy new spring clothes the minute the first hint of spring comes into the air. However, big data will be able to break that down in a much more refined way so that the company will know who will buy what and when. Correlations will help put the retailer right in the mind of the consumer.

The emergence of new technologies, applications and network systems makes it hard to run the current business models and huge data types, and thus emerged various types of analytic tools like Big Data, which make this work easier by way of proper organization of data. Big Data is all about analyzing different forms of data (Structured, Semi-structured and Un-structured) and it is not about the procedure, creation or consumption of data.

Managing and analyzing big data is a huge task for all organizations of all sizes and across all industries. If a business’s plan to implement a data management tools there is a need for a more realistic way of capturing information about their customers, products, and services. Mining data is often in the terabytes and organizations need to be able to quickly analyze that data and then pull appropriate information needed to make managerial decisions. Further, with the insurgence of social media, smart devices and click-stream, data is generated daily on global networks through interactions. The use of data management technologies allow a company to interface unstructured data and structured data to gleam information that is usable for business managers to make sound business decisions, improve sales and to decrease operating costs. Big data integration and analysis has evolved for organizations to store, manage, and manipulate vast amounts of data then provide the appropriate information when it’s needed to meet business objectives.

According to a report from The International Business Machines Corporation, known as IBM, 90% of the data in the world has been generated in the last two years. Frank J. Ohlhorst (2013) explains how the concept of collecting data for use in business is not new, but the scale of data that has been collected recently is so large that it has been termed Big Data (p. 1). Company executives who choose to ignore Big Data are denying their companies an advantage over their competitors. Big Data analysis is fundamental for all fields of work; it provides an insight to large amounts of data that will answer questions and make discoveries to improve efficiency in all areas of the world.

Big Data gives one the ability to collect, manage and analyze large amounts of data, leading to changes in the way companies deal with customers, resulting in increased profits and a competitive edge over other companies. Big data is

Like the traditional data, big data through a series of steps that contain collection, storage and analysis to form a complete system to help both enterprises and individuals produce an optimum strategy or decision and maximize benefits in their stance. As for traditional data system, it is usually not enough accurate in analyze the phenomenon or the situation due to lack of sufficient data that results from the speed of collecting data is relatively low and the process

‘Big Data’ is a new innovation. Processing big data and converting it into useful information can result in many benefits to a company such as increase its profitability, improve their business practice. Companies do spend lots of resources to harness this new technology. “Google Spent $7.3 Billion on its Data Centers in 2013. (Miller, 2013)” Big Data is regularly being generated by our activities such as surfing internet, using social media, blogs etc. Every digital process leaves a trail of information about consumers and their behaviour. These consumer behaviour and purchasing patterns can be used to visualize information. The big companies use big data to improve their customer’s

Big Data has gained massive importance in IT and Business today. A report recently published state that use of big data by a retailer could increase its operating margin by more than 60 percent and it also states that US health care sector could make more than $300 billion profit with the use of big data. There are many other sectors that could profit largely by proper analysis and usage of big data.

Big data is an extensive collection of structured and unstructured data. It is a modern day technology which is applied to store, manage and analyze data that are not possible to manage, store and analyze by using the commonly used software or tools. Since all of our daily tasks are overtaken by the modern technologies and all the businesses and organizations are using internet system to operate, the production of data has increased significantly in past

Big data is defined as “large data sets or to systems and solutions developed to manage such large accumulations of data, as well as for the branch of computing devoted to this development.” (“Big Data”) This definition of big data was not added to the dictionary until 2014. The next big thing in business analytics is a relatively new, yet, explosive business practice known as data mining: the collection and analysis of big data. (Fayyad) These large, seemingly random, sets of data are condensed and analyzed for patterns and trends by people with a very broad set of skills. These people are known as data scientists and are considered unicorns in today’s job market.

Big Data is changing the way business decisions are made. It is no longer a passing fad and if companies are not extracting insights from the data collected, they will be left behind by their competition.

Big Data is a useful tool that helps in collecting, analyzing and disseminating any form of information that may start from simple phones and ranging up to enormous super computers to analyze the movement of pattern, behavior of people towards data and patterns that are developed out of data analysis (LaValle, 2013). Data mining techniques are also aided by the concepts of big data to scoop out some of the useful information in various fields and researches of study. The pattern analysis can be aided with the help of text messages via cell phones. It is almost next to impossible to trap the data generated by millions of users but with the invention of this new technique and plethora of tools aiding the process of data analysis, the cell phone data generated by approximately six billion of