Research At Least Two Articles On The Topic Of Big Data And Its Business Impacts.

Discussion 3

Research at least two articles on the topic of big data and its business impacts. Write a brief synthesis and summary of the two articles. How are the topics of the two articles related? What information was relevant and why?

Provide the references in your responses.

Your post should be 300 words long (25 points). Respond to at least two other postings (25 points).

Reply for Discussion 1- Pranitha

Big data is the vast and different volumes of data created by people, machines and tools. Big data is especially used when the data sources, number of transactions and data volumes is too complex and big and which requires special technologies and methods. It requires latest and innovative technologies to gather and analytically process the huge amount of data to derive the business insight that relates risk, performance, and profit. It is mainly characterized by 4 V’s Volume- large amount of data, variety- from different data sources like text, image, recordings, velocity- data from transactions and social media comes at a great speed and veracity- quality and accuracy of the data. Big data includes structured data- which can be processed and stored in a fixed format, unstructured data- unknown form of data and semi-structured data- data is in structured form but unable to define the content. Examples of big data includes- New trade data of 1 terabyte obtained by New York stock Exchange per day, 500+ terabytes of new data integrates into the Facebook site per day, Flights generate 10+ terabytes of information per day.

Impacts on Business:

There are various business impacts by adopting the big data.  Big data turns the raw data into a relevant predictions and trends which will be a key part of decision making in predicting the future business. Based on their buying habits big data can generate customer offers, identifies the real time issues and root cause failures, quickly reevaluates the risk portfolio. Using big data telecom organizations can predict the customer churn; retailers can prioritize what items to sell in the market, security services use analytics to hinder the cyber-attacks and terrorist attacks, credit card companies utilize big data analytics to detect fraudulence. Big data analytics is used to improve countries and cities by regulating the traffic flows based on traffic information, hour-hour updates on weather condition. Big data in healthcare- analyzes health issues and trends across geography; based on the streamed data it can analyze the spread of the disease, determines the source of infection based on the global outbreaks, it enables complex event processing which can stream large data from medical devices and sensors. The articles portray the benefits of big data and its business impacts in various sectors.

Reply for Discussion 2- Prabhanjan

I strongly believe that Big Data and its impacts will influence each and every business and will completely change the way we work. It doesn’t make a difference what field you work in or how huge your business is; as data analysis, collection, and interpretation will turn out to be more open, they will affect each business in a few critical ways.

1. The asset of every business will be Data: Indeed, even the smallest organizations produce huge data these days. Even these small businesses have a website, an online networking (Social networking) and acknowledges credit cards. This implies organizations of all sizes require a system for Big Data and an arrangement of how to gather, utilize, and secure it. If you own or work in a business, and you have inquiries regarding how to enhance that business, you have Data, and your data is an asset, and it can be utilized to enhance your business.
2. Companies use Big Data to gather customer related information. Nowadays all the businesses we work with know a lot about us and every year the quality and quantity of the information they know is increasing a lot. Every company like Walmart, Target, Car manufacturers know very well about their customers, like what they buy, what they use and what drives them to buy a specific thing or item. The other portion of this condition is that organizations should be proactive about making and keeping up their security and all the systems and applications are expected to ensure the security of the client information.
3. Big Data improves efficiency. From utilizing sensors to track machine execution, to optimize the routes in the maps and to better track the worker information, Big Data can possibly enhance efficiency and operations for a business and in a wide range of departments. This data can also be used by HR to ensure they hire the talented resource. Data is becoming the very important part of any organization.

These are the top impacts of Big Data that is on all types of Businesses.

Article 1:

Big data has helped the new era companies with the opportunity to capture and analyze new data information. This way they are in a position to develop a new and radical business model that could help meet the changing requirements of the customers by reshaping entire industry trend. Some of the companies that utilized the big data information for business purpose are “Fintech”, “Airbnb”, “Uber” and many more. These companies have been successful in offering its global level customers with variety of services using big data information system. Fintech has added to its financial services without increasing number of branches. Airbnb has been able to cater the needs of global tourist through virtual overnight booking. Finally Uber has been able to offer its passengers with the latest facility of sharing taxi to make the travel become more cost effective. This way big data has helped these and many other companies deliver the best of other services (Kaka & Chui, 2017).

Article 2:

Big data has helped in improving the efficiency of the businesses to reach out to the target customers. Through big data the daily aspects of customers are recorded in the form of their likes, dislikes, needs and requirements. These data are later used for pitching out relevant advertisements to the customers on their mobile phones. This way the customers are made informed about the latest updates about schemes and offers that the companies have for them. Hence relevant information display helps in attracting the customers towards making their next purchase for company products and services. Big data therefore refines the information retrieved from the customers and help them to be used in such a way that an effective marketing plan is applied. Through this the customers are offered with relevant offers that could drive them towards making purchase for the company products and services. These customers could track search, browse and purchase using online facilities also so that the travelling efforts, expenditures and time consumption can all be saved (Sudhir, 2017).

Bibliography

Kaka, N. & Chui, M., 2017. The big impact from big data. [Online]

Available at: http://www.livemint.com/Opinion/QtWoDuIfVAkk4n4jRbjwFP/The-big-impact-from-big-data.html [Accessed 31 July 2017].

Sudhir, K., 2017. What is the impact of Big Data? [Online]

Available at: http://insights.som.yale.edu/insights/what-is-the-impact-of-big-data [Accessed 18 March 2016].

Reply 1:

This post is very informative and offers an in-depth knowledge sharing about the big data and its implications in the present day world. Clear efforts are made in this research for displaying the various benefits of big data in the present day world. However its specific impacts on the business do not consists of the material information. Adding more information about the role of big data in affecting business is required to be made so this article could be made relevant to the topic. The attempts could be made towards discussing the role of big data in storing huge information about customer preferences which can be later used for marketing product and their right positioning.

Reply 2:

This article is completely equipped with the most desired information. It clearly discusses about the role of big data in managing, controlling and marketing business activities. The role of big data to create customer oriented profile and offering the best system of marketing to target customers. It has also information about the role of big data in improving the internal efficiency of the business. The additional information that could have further made this article more informative could have been the application of big data in marketing products and services in the market. These features are vital for the development and growth of the business in the present day highly competitive environment. Therefore the article needs to add some information on these factors.