Trends in Global Business Environment

Trends in global
business environment

Trends in global business environment
Table of Contents
Introduction......................................................................................................................................2
Literature review..............................................................................................................................2
Challenges faced by the companies in relation to big data & AI.................................................2
Role of AI in strategic decision making process..........................................................................3
How big data enabled the organizational transformation............................................................4
Development of big analytical capabilities..................................................................................4
Conclusion.......................................................................................................................................5
References........................................................................................................................................6
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Trends in global business environment
Introduction
In this report, the literature review will be conducted on the article 4 “Companies are failing in
their efforts to become data driven”. With the help of the article 4, there are 4 questions that will
also be answered by conducting literature review. In relation to this article, it has been
investigated that there problem statement relates with the companies who are not able to become
data driven in the market. It has created a barrier for the companies at the time of competing with
the other companies present in the market. The method of data driven is considered by the
company when they want to make the strategic decisions in relation to data analysis and
interpretation.
If data driven approach is considered then it assist the companies to evaluate and organize the
data in terms of goals that serves the customers. But on the other hand it has been said by Randy
and Thomas that “To become data driven is considered as one of the major objective for the
companies over the past decade”. The four questions that are identified by analyzing the article 4
are: Challenges faced by the companies in relation to big data, Role of AI in strategic decision
making process, how big data enabled the organizational transformation and development of big
analytical capability.
Literature review
Challenges faced by the companies in relation to big data & AI
According to Alharthi, Krotov and Bowman (2017), it has been stated that the emerging
technological development of the big data is considered as one of the essential areas of future
technology and also it boost the speed, driven in the areas by the internet of things concepts. It is
examined that due to the development in the technological aspects in relation to big data has
helped the companies to transform into the data driven companies. But now big data is becoming
the game changer as each company requires building the capabilities to leverage the big data in
order to attain competitive advantage. The term big data is can be elaborated as the massive
volume of the digital data that is generated by the activity of the human. By analyzing the
organizational and technological management practices at more than 330 organizations in the
New Zealand it has been examined that there are many companies who are not leveraging the big
data.
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