Big data refers to the huge volume of data that results from daily business activities. It includes both structured and unstructured data which can be filtered for better decision making, The concept stats that even though the data size is large, but it does not mean that all the information is relevant to the business who owns it Liliana, Valentin, & Croitoru Gabriel. (2017).
Big Data impact on the business
Big data seems to have a significant impact on the companies wherein it helps the business with the solutions to previously unanswered questions by refining the businesses process and analytical business making. Implementation of the big data concept can help companies drive insights for strategic creation. It generates strategic values to the business with the structured data, insights and action. Big data facilitates companies by improving business models and helps in generating revenue in better ways. Research by Woerner, S. L., & Wixom, B. H. (2015) says data monetization and digital transformation are the popular techniques which companies are implementing to drive the business values. Big data can help companies to restructure their business into new industries and provide them with a competitive landscape. Data monetization techniques help in retrieving the information based products and services which assist in better financial returns, on the other hand, the digitalization technique helps companies develop ecosystems, strong coordination, and consumers that creates values.
Big data focuses directly on the products, services and the customers and support them with the relevant structured data to help attain sustainability in the operations. The data riven helps decision stakeholders, criteria and the time frames when the decisions can be made. Big data helps organizations suggest new ways of thinking for analytical decision makings and financial actions such as investing and upsizing the production Davenport, T., H. (2014). Implementation of big data techniques helps companies understanding customer satisfaction, consumer relationship, and analytical business decisions such as supply chain management, pricing, and risk management. It helps businesses with the competitive advantage which results in higher market share and demand. The data-driven via big data technique supports companies in new products discovery and experiment.
The content described in the above-mentioned articles clearly shows how big data is important for any business in boosting their business values and financial returns. It provides the companies with the end market responses which will help them redesign their business strategies for the more efficient monetary benefits.