Big Data Analysis for Effective Decision Making in Business

This presentation discusses the characteristics, challenges, and techniques of using big data for effective decision making in business. It also explores how big data technology can support businesses with examples. The presentation covers the history of big data, its definition, and its role in strategic decision making. It also discusses the challenges of big data analytics and the techniques currently available for analyzing big data. The conclusion highlights the benefits of big data for businesses.

History on big Data
Big data is concerned with large, hard manage volume of
information in both structured and unstructured form that
provides assistance in formulating strategic decision. In the
current era, there is higher requirement to get effective
decision-making by using big data in turn competitiveness to
get desirable outcome. Big data has been in use since early
1990s that is founded by Roger Mougalas that has been applied
to understand existence of it. The current report will pay
attention on involving characteristics, challenges, and
techniques of using big data. Present report will pay attention
on explaining how big data technology can be used to support
business along with example.
Information Systems and Big Data Analysis
Name of the Student
What is big Data
Big data is one of the significant factor that contributes in
formulating effective decision for the purpose of gaining
ability to accomplish objectives of firm. It basically provides
insights to improve the ability to make decision so that
competitiveness can be achieved (Zhang, 2018).
Characteristics of Big data
• Velocity
• Variety
• Volume
• Value
• Veracity
The challenges of big data analytics
• Inability to integration of data from spread sources
• Data growth issue
• Confusion while selection of big data tool
• create lack of understanding among professionals
• Lack of knowledge regarding tools, etc
REFERENCES
Books and Journals
Chin, W.L., Li, W. and Chen, H.H., 2017. Energy big data security threats in
IoT-based smart grid communications. IEEE Communications
Magazine, 55(10), pp.70-75.
Han, W. and Xiao, Y., 2020. Edge computing enabled non-technical loss
fraud detection for big data security analytic in Smart Grid. Journal of
Ambient Intelligence and Humanized Computing, 11(4), pp.1697-1708.
Uchibeke, U.U. and et.al., 2018, July. Blockchain access control Ecosystem
for Big Data security. In 2018 IEEE International Conference on Internet of
Things (iThings) and IEEE Green Computing and Communications
(GreenCom) and IEEE Cyber, Physical and Social Computing (CPSCom)
and IEEE Smart Data (SmartData) (pp. 1373-1378). IEEE.
Xingyuan, C.H.E.N. and et.al., 2020. Research progress on big data
security technology. SCIENTIA SINICA Informationis, 50(1), pp.25-66.
Zhang, D., 2018, October. Big data security and privacy protection. In 8th
International Conference on Management and Computer Science (ICMCS
2018) (Vol. 77, pp. 275-278). Atlantis Press.
Zhou, Z. and et.al., 2021. Blockchain in Big Data Security for Intelligent
Transportation With 6G. IEEE Transactions on Intelligent Transportation
Systems.
Online
How Does Big Data Help Companies? 2020. [Online]. Available through:
<https://bernardmarr.com/how-does-big-data-help-companies/>.
How Big Data technology could support business &
Examples
• Strategic management decision
• Experienced team
• Recognize goals & objectives
• Grabbing larger number of opportunities, etc.
Techniques that are currently available to analysis big data
• A/B testing
• Data fusion and data integration
• Data mining
• NLP
• Statistics
• sentimental ascertainment,
• Social network analysis, etc.
CONCLUSION
From the above presented information it can be
concluded that big data plays significant role in making
business process effective. The current report has involved
information regarding features of big data such as velocity,
volume, etc. there are few challenges as well that are faced by
companies through utilizing BD into decision-making process
such as lack of knowledge, integration among diverse from of
data, etc. techniques that can be use for managing BD includes
A/B technique, etc. There are several ways in which business
gains several benefits like strategic decision-making,
appropriate opportunities grabbing, etc.