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Big data analytics Assignment PDF

Added on - 12 Nov 2021

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Big data analytics1
SIGNIFICANCE OF BIG DATA ANALYTICS IN BUSINESS MANAGEMENT AND
INNOVATION
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Big data analytics2
Executive Summary
Big data analytics describes a complex procedure of assessing vast and extensive variety types of
facts. Big data analytics aims to unearth the concealed facts (Evelles, Fukawa & Swayne,
2016:898). The facts may include customer preferences, hidden correlations and market trends. It
is one of the most significant tools that organisations should have to assist the managers to make
informed decisions. Big data is an expression that is used to make a distinction amid the new
type of data and the old structured form of data. An organisation cannot rely only on its
information from the internal sources, and it has to explore the external environment and gather
data that will be used to make critical and innovative decisions (Evelles, Fukawa & Swayne,
2016:903). A vast number of research studies have given an attempt to provide the connotation
of the word big data. It is described with three "Vs" (Bhatnagar & Kurnar, 2015:4). There is need
to utilize other resources such as Big Data infrastructure to reap the benefits of big data analytics
(Chen & Zhang, 2014:315). The use of big data analytics can help a business flourish in the
market. As a result, there is the creation of employment opportunities which leads to an
improvement in the living standards of people in various countries (Rajaraman, 2016:698). The
paper begins with an introduction, followed by research rational and research questions. A
review of literature is then conducted followed by methodology, ethical considerations and study
limitations are presented.
Big data analytics3
Table of Contents
Executive Summary.........................................................................................................................2
1.0.Introduction...........................................................................................................................4
Research Topic.............................................................................................................................4
The Significance of the Research Topic......................................................................................4
Rationale of the Research Project................................................................................................5
2.0.Research Questions...............................................................................................................6
General Research Question..........................................................................................................7
Specific Research Questions........................................................................................................7
3.0.Literature Review.................................................................................................................7
4.0. Methodology...........................................................................................................................10
4.1. Research Design..................................................................................................................10
4.2. Data collection....................................................................................................................11
4.3. Data Analysis......................................................................................................................11
4.4. Importance of the study.......................................................................................................11
5.0. Ethics......................................................................................................................................13
6.0. Limitations..............................................................................................................................13
7.0. Conclusion..............................................................................................................................13
7.0. Reference List.........................................................................................................................15
Big data analytics4
The significance of Big Data Analytics in Business Management and Innovation
1.0.Introduction
Big data analytics describes a complex procedure of assessing vast and extensive variety
types of facts. Big data analytics aims to unearth the concealed facts (Evelles, Fukawa &
Swayne, 2016:898). The facts may include customer preferences, hidden correlations and market
trends. It is one of the most significant tools that organisations should have to assist the managers
to make informed decisions. Big data is an expression that is used to make a distinction amid the
new type of data and the old structured form of data. An organisation cannot rely only on its
information from the internal sources, and it has to explore the external environment and gather
data that will be used to make critical and innovative decisions (Evelles, Fukawa & Swayne,
2016:903). However, the data collected from the outside sources are generally in large quantities,
and in different types. This is why there is a need for big data analytics that helps to analyse the
big data and come up with information that is helpful to the organisation.
Research Topic
The topic of the research will be an investigation into the significance of big data
analytics in business management and innovation.
The Significance of the Research Topic
A large amount of data available from external environments is becoming a big challenge
to many organisations in the world today (Hashem et al., 2015:106). It has become difficult to
make the right choices on the information to use in their decision making. Big data analytics
helps the managers of the organisations to analyse the big data to come up with well-structured
details that can be used in decision making. Big data analytics also helps the managers to identify
hidden information, especially about other competing businesses.
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