Information Systems and Big Data Analysis: Business Challenges

This report provides an in-depth analysis of big data, its advantages, challenges, and available techniques for analysis in competitive business environments. It sheds light on how big data technology supports businesses, using examples of innovative usage for gaining a business surge. The report addresses challenges such as the lack of knowledgeable professionals, difficulties in understanding massive data, data growth issues, and confusion in selecting big data tools. It defines big data and its characteristics, emphasizing veracity, variety, velocity, volume, variability, volatility, visualization, and value. The report also highlights how big data technology supports businesses by meeting customer requirements and enabling quick decision-making, citing Amazon's use of big data for gathering information on customer preferences. Desklib provides access to similar solved assignments and study tools for students.

History on big Data
Big data is new name evolving within recent technologies among
companies, for bringing corporate expertise significantly and
extended innovation in storage of data innovatively. The report will
bring in depth analysis on big data term and advantages, challenges of
big data analytics; and the techniques that are currently available to
analysis within competitive business grounds. Study will also shed
light on how big Data technology could support business, and
examples for innovative usage of new trends for gaining business
surge.
Information Systems and Big Data Analysis
Name of the Student
What is big Data
Big data is term that is used to describe large, hard to manage varied volumes
within data which are both structured and unstructured that inundates business
services on day to day basis. The big data can be further analysed as insights that
are further used in improvised decisions and confident functioning within
business strategic moves for strengthening competent surge significantly.
Characteristics of Big data
1. Veracity, variety, velocity, volume, variability along with
volatility, visualization and value are some of the most specific
big data characteristics which further forms stringent actions for
gaining innovative data used up in businesses.
2. By using big data costs are cut and it increases efficiency which
also further improves business pricing on wider levels, focuses on
local working preferences and advances increase in sales and
loyalty.
3. The big data also ensures hiring of right employees, to be done
rapidly on extended working grounds for connecting on new level
functional horizons significantly.
4. There is efficacy maintained, where attaining optimum functional
growth rise enhances business standards to be evolved up
informatively and develop untapped competitive abilities on
extended grounds significantly.
The challenges of big data analytics
There are range of big data analysis challenges that are being faced
by the company while handling huge information in order to take
right decision for growth and expansion of business.
Lack of knowledge professional: The first and foremost key
challenge related to big data analysis is lack of knowledge
professional or individuals that have capabilities to effective analysis
and interpret information in effective manner.
Lack of proper understanding of massive data: There are many
companies that fail to understand the range of information that lead
in taking more time to take right decision or to make best use of
available opportunities in optimum manner.
Data Growth issue: In recent scenario, growth of data or
information is at rapid stages as companies have lot many
information that need to be stored for used in future circumstances.
Confusion while selecting big data tool: There are many companies
that get confused related to what tool can be used to effectively
analysis the necessary information.
References
Faroukhi, A.Z. and et.al, 2020. Big data monetization throughout Big
Data Value Chain: a comprehensive review. Journal of Big Data, 7(1),
pp.1-22.
Reddy, G.T.and et.al, 2020. Analysis of dimensionality reduction
techniques on big data. IEEE Access. 8. pp.54776-54788
How Big Data technology could support business & Examples
Big data technology support business in effective operation of
company in external environment through meeting the requirement of
customers in best possible manner. Company make use of big data
technology in order to accumulate analysis and interpret maximum
number of information for quick decision making and growth of firm.
Likewise, Amazon has make use of big data technology to gathered
sufficient information about the existing or current taste and
preferences of customers. Thus, this technology has helped company
in knowing about customer’s unsatisfied wants or available
opportunity in market thereby it can plan out alternative method that
could be used by the company to make customers happy and satisfied
(Shakhovska and et.al., 2019).
Techniques that are currently available to analysis big data
On the other hand, big data analysis is process of examination of set of data and
information in order to draw a particular conclusion by making effective use of
system, techniques and method.
A/ B testing: It is one of the data analysis technique that involves comparison of
control group with variety of test group.
Data mining: Another set of techniques that could be used by business for big data
analysis is data mining that extract pattern from large set through combining
method from both machine and statistic learning within database management.
Data fusion and data integration: It is technique of big data analysis in which set
of techniques are being combined to analysis and integrate data from multiple
sources and solution.