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

BSc (Hons) Business Management
BMP4005
Information Systems and Big Data
Analysis
Poster and Accompanying Paper
Submitted by:
Name:
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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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