Leveraging Big Data for Enhancing Decision Making and Creating New Business Models

LEVERAGING BIG DATA FOR ENHANCING DECISION MAKING AND CREATING NEW BUSINESS MODELS 1
Leveraging Big Data for Enhancing Decision Making and Creating New Business Models
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LEVERAGING BIG DATA FOR ENHANCING DECISION MAKING AND CREATING NEW BUSINESS MODELS 2
Executive Summary
The use of big data is on the rise because of the increasing amount of data collected every
data by businesses and organizations. Of essence is how data is used and not the amount of data
because data is weighed by the value that it creates or brings to the business to improve their
operations and decision-making process. Big data analysis is very crucial identifying customer
preference and behaviors to allow organizations to restructure in order to meet these needs.
Health institutions and leaders need to do away with the traditional mindset and adopt the new
techniques and methodologies to overcome the challenges to enhance sharing of data with proper
security features and work together towards attaining the objective of delivering better services
at a lower cost. This paper will focus on identifying, creating, and discussing big data use case
business strategy. Secondly, it seeks to find and align business objectives, initiatives, and tasks
with business strategy created, determine and expound on the technology stack required,
discussion on how to support DS and BI using MDM and data analytics, discussion on how
NoSQL supports big data analytics, description of the different NoSQL databases and how it is
employed in big data, the purpose of human elements and social media in decision making
process, and finally the process of creating value using big data.

LEVERAGING BIG DATA FOR ENHANCING DECISION MAKING AND CREATING NEW BUSINESS MODELS 3
Table of Contents
Executive Summary.........................................................................................................................2
Introduction......................................................................................................................................4
Business Strategy for Big Data in Health Sector.............................................................................4
Aligning Business Objectives with Business strategies..................................................................6
Needed Technology Stack...............................................................................................................8
Data Analytics and MDM to support DS&BI...............................................................................10
NoSQL for Big Data Analytics......................................................................................................11
NoSQL Databases and its use in Big Data....................................................................................12
Role of Social media in organization’s decision-making process.................................................12
Value Creation Procedure of Big Data..........................................................................................13
Reflection and Conclusion.............................................................................................................14
References List..............................................................................................................................15

LEVERAGING BIG DATA FOR ENHANCING DECISION MAKING AND CREATING NEW BUSINESS MODELS 4
Introduction
Big data is a term that has been used to describe vast amount of unstructured and
structured data that drives the operations of a business or organization on daily basis. What is of
importance is how the data is used and not the amount of data because an institution may have a
large amount of data but it has no relevance to their operations and decision-making process. Big
data is often analyzed to get a deeper insight on trends to make strategic business moves and
decisions. In health sector, a lot of data is collected every day from diagnostic images, mobile
applications, EHRs, and social media. Most of this data is not utilized to enhance the operations
of the health sector. For instance, Roski, Bo-Linn and Andrews (2014, p. 1119) have argued that
less than 20% of the data collected through electronic health records can be converted into
structured data to enable analysis by employing the native analysis and retrieval techniques.
In addition, big data makes it easy to connect different data and phenomenon to get a
specific solution to medical, research, or operation questions. This report will focus on
identifying, creating, and discussing big data use case business strategy. Secondly, it seeks to
find and align business objectives, initiatives, and tasks with business strategy created, determine
and expound on the technology stack required, discussion on how to support DS and BI using
MDM and data analytics, discussion on how NoSQL supports big data analytics, description of
the different NoSQL databases and how it is employed in big data, the purpose of human
elements and social media in decision making process, and finally the process of creating value
using big data.
Business Strategy for Big Data in Health Sector
Currently, in health sector, the success and impact of big data use cases are on the rise.
Big data have raised some major concern in health sector even though its benefits are
undoubtedly great. Many medical institutions have implemented big Data strategies in their
different operational sectors but some are still struggling to identify a better way to incorporate it
(Shaw, 2015, p. 19). Adopting big data business strategy in heath sector requires in-depth
analysis of several aspects such as; it is important to determine the requirements of the
institution, that is, what you want. Business objectives and goals have the greatest effects on the
shape of the overall strategy. It is important to determine whether you want to improve the
operational efficiency, improve patient/customer relationships, improve medical diagnostics,