Application of Big Data Analytics in Companies

Running head: INFORMATION SYSTEMS MANAGEMENT
INFORMATION SYSTEMS MANAGEMENT
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INFORMATION SYSTEMS MANAGEMENT
1
I. Introduction
The application of big data has expanded over the recent years. In this paper, the
competitive advantage provided by utilisation of big data in companies has been discussed.
The main benefits of using big data analytics are that it helps in reduce cost, save time and
provides better understanding of the market condition (Duan, & Xiong, 2015). The big data
analytics can also be used to increase customer retention as well as acquisition. The paper
discusses the application of the big data analytics technology with respect to customers,
advertiser problems, risk management, product development and supply chain management.
II. Methodology
The methodology used in this paper to analyse the use of big data is SWOT or
strength, weakness, opportunity and threat analysis. In this procedure, the strengths of big
data is discussed along with the emergence of possible opportunities due to this new
technology. The methodology also discusses the weakness of this technology and the threats
that are faced by the company while implementing it. The main strengths of using big data
analytics are the information gained and analysed from customer feedbacks, demographic
related customer preferences, marketing and sales data and customer referrals (Ahmadi,
Dileepan, & Wheatley, 2016). The main weakness that can be identified by using this
technology are bad customer reviews, poor after sales support, product and services reviews
and benchmark tests and the reach of the company through social media.
The main opportunities which can be identified by using big data analytics includes
identification of in demand products, identification of new trends and business awareness and
training programs that can be used to gain new knowledge and learn new technologies
(Gandomi, & Haider, 2015). The main threats that can be detected by using this technology
includes information gained on market competitors, details about the products that are having
a negative impact on sales, information about competitors who are successful and changing
market trends that can affect the business negatively (Wang, Wang, & Alexander, 2015).
III. Literature review
This section aims in reviewing the literature related to the use of big data. The works
of different authors are analysed in this section. The implementation of big data in different
companies has a number of benefits, which include effective customer management and