Importance of Big Data in Business Management: Characteristics, Challenges, and Techniques

This report discusses the importance of big data in business management, its characteristics, challenges, and techniques for analysis. It also explains how big data technology supports businesses with examples. The report includes a poster and accompanying paper submitted for the course BMP4005 Information Systems and Big Data Analysis under BSc (Hons) Business Management.

BSc (Hons) Business Management
BMP4005
Information Systems and Big Data
Analysis
Poster and Accompanying Paper
Submitted by:
Name:
ID:
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Contents
Introduction p
What big data is and the characteristics of big data p
The challenges of big data analytics p
The techniques that are currently available to analyse big data
p
How Big Data technology could support business, an explanation
with examples p
Poster p
References p
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Introduction
Big data means accumulation of data in order to store the information
on the internet. The data is uploaded in a large amount on the internet.
The data is capable to store wide range of information than that of the
historical data. The new inventions that are being made in the field of
science and technology made the formation of big data possible. It also
helps in assimilation of the data in an organized manner. Basically, the
big data can be used in all the areas of technology. The report will
discuss the Importance of big data in the present times(Deepa, et.al, 2022).
It also explains the characteristics and challenges of big data. It further
talks about the methods which could be used to analyze big data and
in what manner this technological change is providing assistance to the
businesses.
What big data is and the characteristics of big data
The big data can be defined as the assembling or aggregating the
structured and unstructured data by acknowledging the valuable data
on the internet. The collection of the data is done by the purchase,
sale, transfers, online bookings, online trading transactions from the
different platforms like clients, various servers, etc. All the information
is required to be selected and assimilated so as to organize the big
data. It helps the business organizations to ensure proper decision
making process in order to run the company for the long time. Big data
also helps in evaluating the demands of the particular products in the
market. For example- Instagram, Facebook and other social media
platforms. Big data holds the following characteristics-
 Volume- the big data used to get stored in a huge quantity
like, petabytes and exabytes. It is utilized in terms of
computerized technology on the online sites. For example-
twitter. This can assist in the decision making procedure of the
company. In present scenario, each and every individual had
an access over the social media where they use to share
videos, pictures, information, play variety of games, etc. This
helps the companies to identify the preferences and likes of
the customers according to their needs(Hariri Fredericks and Bowers,
2019).
 Variety- variety of data or information could be found on the
internet through big data. The information can be accessed in a group
or on a single platform. If get compared to the historical data, big data
contains wider scope in variety of information. The reason behind this
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is that the historical data only talks about the contact numbers and the
address of the various groups of people but big data includes pictures,
videos, images and the other type of information at a single place.
 Velocity- it defines the speed of the collected and stored data
on the internet. Basically, the speed of the accumulation of the
data is extremely high because the data is uploaded at the
rate of per second on the internet. The data which the
companies use to store on the internet are analyzed at the
same time as soon as it gets uploaded. This also keeps up the
pace of the big data system(Hasan Popp and Oláh, 2020) .
 Value- big data holds a credibility in terms of providing
different types of information. And that is why its value is much
higher than the historical data. The companies can rely on the
big data in order to process the business operations and
taking various decisions. The element of reality is present in
big data, which means that it provides the correct and real
information of the different users in the market. Overall, the
companies can depend upon the information network of bug
data (Naeem, et.al, 2022) .
 Veracity- it means the quality of the information provided by the
big data. The companies can trust on the quality of the big data in
terms of acquiring the data as the information provided on this platform
is reliable. The information rendered by the big data is accurate and
genuine. As the decisions of the companies are depending on the
information of big data.
The challenges of big data analytic s
It is a fact that the information provided by big data is reliable and
authentic. The decision making of the companies is totally depends
upon the data available on the big data. The companies gathers the
information and details about various aspects of the business which
helps in effective and efficient running of the business enterprises. But
on the other hand there are certain challenges that are faced by the big
data analytic-
 Lack of understanding of big data- the workers or the
employees are not able to understand the process of
accessing information from the big data. They are unable to
recognize the correct details and its procedure. Due to this
issue, the companies have to provide proper knowledge of the
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big data before making it available to the employees in order
to initiate the further procedure. The company arranges a big
data course for the employees who all are going to handle the
task of managing the information from the big data(Reddy, et.al,
2020) .
 Increase in data related issues- various companies are
uploading and gathering data on the internet which has created a data
traffic on the platform of big data. The number of data or the related
information is growing day by day on the internet. This leads to the
situation of chaos in handling the data or the information by users as
well as by the companies. In order to solve such issues, the companies
started using the techniques like, duplication method, tie ring
technique, etc.
 Trouble in choosing the tool- the companies faces a lot of
problem while choosing the right technique in order to use the big data.
It seems to be complex for them to make use of big data. They are
unable to select the appropriate tool for handling the big data and for
the same, they are required to hire the professionals for selecting the
right tool in terms of big data. The experts guide how to choose the
correct technique so as to gather or upload the respective information
on the big data platform which further accomplishes the decision
making process of the company.
The techniques that are currently available to analyze big
data
The big data techniques or methods plays an essential role in
managing the information on the platform of big data. It helps in
analyzing, arranging and storing the correct information efficiently. It
also ensures effective decision making which can decrease the
element of any kind of risk. There are various methods available to
analyze big data, they are as follows-
 A/B test- this particular method enables the business
organizations to concentrate on the relations of different types
of test groups. Finding the suitable treatment or modifications
of the group of information would raise the level of the
information stored on big data platform. This technique has
provided an assistance to the companies in order to pull off
the work easily and in a simplified way(Baig Shuib and
Yadegaridehkordi, 2020) .
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 Data combination and data merger- with the help of
confederate set of competency the information present on the big data
can be effectively evaluated. This technique renders a deep perception
regarding the data or the details collected by the group or various
companies.
How Big Data technology could support business, an
explanation with examples
Big data provides various support to the business organizations which
are mentioned in the following points-
 Develop better structural decisions- the companies are able to
take the right decisions for their business units by analyzing the big
data information by knowing about the various business related details.
The information provided by the big data platform is genuine and
reliable which is far from any kind of assumptions.
 Apprehending the customers- it provides correct data analysis
and the information regarding the consumer behavior in the market. It
further determine the preferences or the likes and dislikes of the
customers according to their needs. This helps the companies to
understand the thought process of the customers and with this they
could easily meet the demands of the clients.
 Enhance the business operations- with the correct use of
information regarding taking any type of decision for the
company, the business organizations can improve the
performance of the business activities(Tabesh, Mousavidin andHasani,
2019)..
 Ensures income proficiency- when the companies are able to
make a right judgment for their respective businesses, it will
automatically raises the efficiency of the commercial dealings of the
companies which lays a positive impact on the performance of the
company. This will ultimately increases the profitability and financial
competency of the company.
Poster
References
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Deepa, N.,et.al, 2022. A survey on blockchain for big data: approaches, opportunities, and future
directions. Future Generation Computer Systems.
Hariri, R.H., Fredericks, E.M. and Bowers, K.M., 2019. Uncertainty in big data analytics: survey,
opportunities, and challenges. Journal of Big Data, 6(1), pp.1-16.
Hasan, M.M., Popp, J. and Oláh, J., 2020. Current landscape and influence of big data on
finance. Journal of Big Data, 7(1), pp.1-17.
Naeem, M.,et.al, 2022. Trends and future perspective challenges in big data. In Advances in
intelligent data analysis and applications (pp. 309-325). Springer, Singapore.
Reddy, G.T., et.al, 2020. Analysis of dimensionality reduction techniques on big data. IEEE
Access, 8, pp.54776-54788.
Baig, M.I., Shuib, L. and Yadegaridehkordi, E., 2020. Big data in education: a state of the art,
limitations, and future research directions. International Journal of Educational Technology in
Higher Education, 17(1), pp.1-23.
Tabesh, P., Mousavidin, E. and Hasani, S., 2019. Implementing big data strategies: A managerial
perspective. Business Horizons, 62(3), pp.347-358.
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