Big Data in Managing and Measuring Performance - Desklib

ACCOUNTING FOR MANAGEMENT

Big Data
Executive Summary
With the sharp increment in the field of technology, the scope and importance of performance
management has undergone a sea change. Big data can be said to be a new revolution that has
changed the face of performance management as it influence the manner in which the
companies perform. The report is based on the concept of big data where big data support
organizations in terms of measurement and management of performance. Further, big data
enhances the performance that leads to change in the system of performance management.
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Big Data
Contents
Introduction................................................................................................................................4
Big Data in managing and measuring performance...................................................................5
Big Data in managing and measuring performance...................................................................6
Whether big data can improve performance measures and impact changes in PMS.................7
Evidences...................................................................................................................................8
Conclusion................................................................................................................................10
References................................................................................................................................11
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Big Data
Introduction
Big Data is associated to an opportunity to change the design of business models and their
decision-making through assessment of huge volume of data gathered from varied sources.
Many researchers anticipate that BDA (big data analytics) can facilitate management in an
effective way, thereby paving a path for smarter decisions and better decisions. Nevertheless,
in relation to performance measurement, the same can be regarded as analysis and
procurement of information about exact attainment of plans and objectives that can impact
plan realization (Chugh & Gandhi, 2013). However, currently such performance
measurement systems have been encountering issues owing to enhancement in performance
complexities. Some state that such complications are because of increasing competitiveness
whereas some regard it as sustainability and supply chain problems (Fanning & Grant, 2013).
Despite the entire scenario, it can be said that big data is a potential weapon for the
organization as it leads to ample opportunities. Such exaggeration of complications has
resulted in increment of amount of data to be procured, processed, and evaluated to offer
meaningful information to facilitate decision-making in organizations. Big data comprises of
five V’s namely variety, veracity, value, volume, and velocity. These assist in enhancing the
competitive position of organizations, thereby facilitating in management and measurement
of performance. When it comes to performance, the organization needs to be alert because
performance management can lead to immense benefits (Fanning & Grant, 2013). In simple
words, big data has become a new revolution in the management of information that can
affect the way an organization conducts its business.
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