(PDF) The Importance of Big Data Analytics in Business

Added on - 31 May 2021

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Uses of Big Data in BusinessOrganizationsAssignment 1Student Name:Student ID:Unit Name:Unit ID: HI6008Date Due:Professor Name:1|Page
Executive SummaryGlobalized corporations are making extensive use of data and information in order to extendtheir core competencies. Big Data forms an essential component for taking strategic decisionswithin an organization. The concept of Big Data was developed and innovated such that largeamounts of data could be collected and then subsequently analysed such that it could be adoptedfor the benefits of the organization. The scope of this study undertakes various literature sourcesin order to arrive at understanding related to Big Data and uses regarding the same. A wellformatted literature review from multiple journals and articles have been undertaken to arrive atdetailed understanding related to advantages and challenges faced in Big Data application.2|Page
Table of ContentsExecutive Summary.........................................................................................................................21.0Introduction...........................................................................................................................42.0 Project Objective.......................................................................................................................43.0 Project Scope.............................................................................................................................54.0 Literature Review......................................................................................................................64.1 Understanding Big Data.........................................................................................................64.2 Need for Big Data..................................................................................................................74.3 Effectiveness of Big Data......................................................................................................84.4 Challenges faced from Big Data............................................................................................95.0 Conclusion...............................................................................................................................126.0 Reference List..........................................................................................................................147.0 Appendix..................................................................................................................................157.1 Appendix 1...........................................................................................................................157.2 Appendix 2...........................................................................................................................157.3 Appendix 3...........................................................................................................................173|Page
1.0IntroductionRapid development of technology around the world has led to emergence in competitionamongst corporations(Davenport & Patil, 2012).Corporations have expanded their businesses tobecome multinationals and take advantages from multi-cultural operations.The subject of BigData is becoming integral each day.Within such large and diversified cultural and competitivesphere, companies face Big Data that are currently characterized as Big Data.The developmentin the volume and assortment of information is massive and speed of producing new informationis quickening rapidly.Big Data is making companies evolve in their current decision makingframework. Applicability of Big Data and its analytics allows development of competitivenesswithin the industry for corporations(Manyika et al, 2011). Big Data is starting to be a vital pieceof the economy that includes, work and capital.Big Data comprise of data sets that are complexand voluminous in nature. Big Data needs storing, capturing, analysis, sharing, transfer,visualization, querying along with various other functions. Big Data applicability has been foundto be across multiple industries. The current scope of the study analysesseveral advantages anddisadvantages of Big Data along with their relevant applicability across industry.2.0 Project ObjectiveIn order to attain to goals of the study, there are multiple objectives the current project needs toattend to. Some of the project objects are as follows;Project Objective 1:To be able to understand the scope of Big DataProject Objective 2:To evaluate the effectiveness of Big Data within organizationsProject Objective 3:To understand the advantages of Big Data within organizations4|Page
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