Big Data: Concept, Characteristics, and Impact on Businesses

This report explains the concept and characteristics of big data, its impact on businesses, and the challenges faced by companies due to big data and its analytics. It also discusses the techniques available to analyze big data and how big data technology could support businesses.

History on big Data
More than half of the business managers in today's times are not
having the useful insights that they need for making the
important decisions for their companies. The main reason for
the occurrence of this situation is the problem of big data. It
implies to the immense amount of data that exists with the
companies in present scenario from which they are supposed to
extract the important information’s (Elhoseny, and et.al., 2018).
In this report, the concept and characteristics of big data is
explained. Also the challenges that are faced by the companies
due to big data and its analytics is also presented in the report. It
is also discussed, how big data technologies influences
businesses in today's scenario and what are its impact.
Information Systems and Big Data Analysis
What is big Data
Big data implies to those information’s and details that cannot be processed,
examined or analysed using the conventional tools and traditional methods.
Big data constitutes of data that has ample and large amount of content and
huge subject matters but it’s very difficult to extract value and reasonable
conclusions from that data set.
Characteristics of Big Data
• Volume
• Variety
• Velocity
Characteristics of Big data
• Variety: structured, unstructured and semi-structured data
that is accumulated from a number of sources. In olden
times, the data could only be hoarded from spreadsheets and
databases, but now it can be collected from emails, PDF's,
photos, videos, etc.
• Velocity: it refers to the pace at which the data is being
produced. It consists of rate of change and combining of the
incoming data at different speeds.
• Volume: As big data refers to large amount of data that is
produced using different sources like social media
platforms, machines, networks and many more. This data
is stored in data warehouses
The challenges of big data
analytics
The challenges in big data are various from deciding on how to
store this large database to determining the top-quality
technologies to store the data to the best methods that can be
used to extract and attain helpful information from the database.
Some of these challenges include:
• Failure in Timely Business Analytics
• Numerous Big Data Technologies Available
• Heavy Expenses
• Lack of expertise References
Elhoseny, and et.al., 2018. A hybrid model of internet of things
and cloud computing to manage big data in health services
applications. Future generation computer systems, 86, pp.1383-
1394.
Ghasemaghaei, M. and Calic, G., 2019. Does big data enhance
firm innovation competency? The mediating role of data-driven
insights. Journal of Business Research, 104, pp.69-84.
How Big Data technology
could support business &
Examples
The big data helps and assists businesses in various ways. Some
of them includes:
• Reduces overall cost
• Increasing of revenue
• Pricing decisions
• Competitive advantage
• Decision making
Techniques that are currently
available to analysis big data
The big data techniques that can be used by organisations to deal with the
massive data amount and examine and study the data system for decision
making and business planning are:
• A/B testing
• Data mining
• Statistics
• Machine learning