COIT20253 Business Intelligence by Using Big Data

Running head: DEVELOPING A BIG DATA STRATEGY FOR COMMONWEALTH BANK
Developing a Big Data Strategy for Commonwealth Bank
Name of the student:
Name of the university:
Author Note

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DEVELOPING A BIG DATA STRATEGY FOR COMMONWEALTH BANK
Executive summary
The big data analytics is helping various organizations to harness their data and utilize that for
identifying the latest scopes. The big data has turned into a huge deal for the Commonwealth Bank
that has been changing the way how the customers could pay and quickly the business gets paid. The
report has analyzed the organizational analysis, big data strategy and multi-dimensional analysis.
Moreover, the case of NoSQL for big data analytics and lastly the role of social media in the process
of decision making are also considered here.

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DEVELOPING A BIG DATA STRATEGY FOR COMMONWEALTH BANK
Table of Contents
1. Introduction:......................................................................................................................................2
2. Organizational Analysis.....................................................................................................................3
2.1. Nature of the business:................................................................................................................3
2.2. SWOT analysis:..........................................................................................................................3
2.3. Stakeholder analysis:..................................................................................................................4
2.4. Business pressure analysis:.........................................................................................................5
2.5. The need for developing big data strategies:..............................................................................6
3. A Big Data Strategy...........................................................................................................................6
3.1. State the big data strategy that the organization wants to adopt:................................................6
3.2. Initiatives that Commonwealth bank needs to take:...................................................................7
3.3. Outcomes of every initiative and critical success factors:..........................................................7
3.4. Specific tasks for each initiative.................................................................................................7
3.5. Sources of big data for supporting such tasks:...........................................................................7
4. The Use of Big Data Technology for Supporting the Big Data Strategy:.........................................8
5. Multi-Dimensional Data Analysis for Decision Support.................................................................10
5.1. Define data analytics and multi-dimensional data analysis and discussing their importance. .10
5.2. Use of data analytics and multi-dimensional data analysis to support decision making in
organizations:...................................................................................................................................10
5.3. Types of data analytics could be used under the proposed big data strategy to support the
decision making...............................................................................................................................11

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DEVELOPING A BIG DATA STRATEGY FOR COMMONWEALTH BANK
6. NoSQL for Big Data Analytics:......................................................................................................11
7. Different NoSQL Databases and Their uses:...................................................................................12
8. Role of Social media in decision making process:..........................................................................12
9. Big Data Value creation in organizations:.......................................................................................13
10. Conclusion:....................................................................................................................................13
11. Recommendations:.......................................................................................................................14
12. References:....................................................................................................................................17

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DEVELOPING A BIG DATA STRATEGY FOR COMMONWEALTH BANK
1. Introduction:
The big data analytics has been helping the companies to harness their data and utilize that
for identifying the latest scopes. In turn this has been leading to smart business approaches, higher
profits, happier customers and efficient operations (Provost and Fawcett 2013). Its presence has left
impact on cost reduction, faster and better decision making and latest services and products.
There has been no definite technology encompassing the big data analytics. There has been
various advanced analytics applied to the big data. However various kinds of technology have been
working together for helping to retrieve the best value from the data. The biggest players lying here
are the data mining, data management, text mining, predictive analytics and in-memory analytics.
The big data has been a big deal for the Commonwealth Bank that has been changing the
way how the customers could pay and quickly the business get paid. Daily settle and the other
merchant solutions and the mean funds have been quickly credited to the clients account regarding
invaluable insights and real results.
The report aims to analyze the new decision making techniques under the light of big data.
The fundamental objective is to undergo through a theoretical analysis providing a clear
understanding.
The study has included the organizational analysis, big data strategy and multi-dimensional
analysis. It has considered the case of NoSQL for big data analytics and lastly the role of social
media in the process of decision making.

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DEVELOPING A BIG DATA STRATEGY FOR COMMONWEALTH BANK
2. Organizational Analysis
2.1. Nature of the business:
The Commonwealth Bank has been delivering various economic services. This includes
business, retail and institutional banking, superannuation, insurance, funds management, broking and
investment services (Provost and Fawcett 2014).
2.2. SWOT analysis:
SWOT Analysis
Strength Weakness
The bank posses a strong revenue and
rising profit
The bank has witnessed the loan
impairment.
Opportunities Threats
Implementation of the technology at the
core banking activities could help to
increase the quality of services.
The bank could face risks because of
changes in foreign exchange rates.