HI6008: Report on the Uses of Big Data in Business Organizations

This report examines the uses of Big Data within business organizations, emphasizing its role in strategic decision-making. The study begins with an introduction to Big Data, its evolution, and its significance in today's competitive environment. The project objectives include understanding the scope, evaluating effectiveness, and identifying advantages and disadvantages. The scope encompasses the application of Big Data across various industries, particularly in addressing globalization challenges. The literature review explores Big Data's definitions, need, and effectiveness, highlighting its impact on competitiveness. It also discusses the challenges associated with Big Data, such as data security and management issues. The report draws from multiple sources to provide a comprehensive overview, concluding with a summary of key findings and implications for businesses leveraging Big Data. The report underscores the importance of Big Data in enhancing organizational efficiency and driving better decision-making.

Uses of Big Data in Business
Organizations
Assignment 1
Student Name: Student ID:
Unit Name: Unit ID: HI6008
Date Due: Professor Name:
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Executive Summary
Globalized corporations are making extensive use of data and information in order to extend
their core competencies. Big Data forms an essential component for taking strategic decisions
within an organization. The concept of Big Data was developed and innovated such that large
amounts of data could be collected and then subsequently analysed such that it could be adopted
for the benefits of the organization. The scope of this study undertakes various literature sources
in order to arrive at understanding related to Big Data and uses regarding the same. A well
formatted literature review from multiple journals and articles have been undertaken to arrive at
detailed understanding related to advantages and challenges faced in Big Data application.
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Table of Contents
Executive Summary.........................................................................................................................2
1.0 Introduction...........................................................................................................................4
2.0 Project Objective.......................................................................................................................4
3.0 Project Scope.............................................................................................................................5
4.0 Literature Review......................................................................................................................6
4.1 Understanding Big Data.........................................................................................................6
4.2 Need for Big Data..................................................................................................................7
4.3 Effectiveness of Big Data......................................................................................................8
4.4 Challenges faced from Big Data............................................................................................9
5.0 Conclusion...............................................................................................................................12
6.0 Reference List..........................................................................................................................14
7.0 Appendix..................................................................................................................................15
7.1 Appendix 1...........................................................................................................................15
7.2 Appendix 2...........................................................................................................................15
7.3 Appendix 3...........................................................................................................................17
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1.0 Introduction
Rapid development of technology around the world has led to emergence in competition
amongst corporations (Davenport & Patil, 2012). Corporations have expanded their businesses to
become multinationals and take advantages from multi-cultural operations. The subject of Big
Data is becoming integral each day. Within such large and diversified cultural and competitive
sphere, companies face Big Data that are currently characterized as Big Data. The development
in the volume and assortment of information is massive and speed of producing new information
is quickening rapidly. Big Data is making companies evolve in their current decision making
framework. Applicability of Big Data and its analytics allows development of competitiveness
within the industry for corporations (Manyika et al, 2011). Big Data is starting to be a vital piece
of the economy that includes, work and capital. Big Data comprise of data sets that are complex
and voluminous in nature. Big Data needs storing, capturing, analysis, sharing, transfer,
visualization, querying along with various other functions. Big Data applicability has been found
to be across multiple industries. The current scope of the study analyses several advantages and
disadvantages of Big Data along with their relevant applicability across industry.
2.0 Project Objective
In order to attain to goals of the study, there are multiple objectives the current project needs to
attend to. Some of the project objects are as follows;
 Project Objective 1: To be able to understand the scope of Big Data
 Project Objective 2: To evaluate the effectiveness of Big Data within organizations
 Project Objective 3: To understand the advantages of Big Data within organizations
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 Project Objective 4: To understand the several disadvantages of Big Data within
organizations
 Project Objective 5: To analyse the uses of Big Data within the scope of the industry
3.0 Project Scope
Big Data has become one of the leading trends that affect company’s performance within the
industry. The term Big Data have been used since the 1990s as first invented by John Mashey.
The concept of Big Data was used to include structured along with unstructured data (Davenport
Dyché, 2013). The term is generally used to refer to large volumes of data sets that are diverse
and complex in nature on a massive scale. Corporations make use of such large amounts of
voluminous data in order to arrive at various complex strategic decisions. Corporations collect
and analyse such voluminous amounts of information such that they can have appropriate
understanding regarding to the market and the various factors related to it (Tene & Polonetsky,
2011). Especially currently to manage globalization oriented difficulties and meet with
innovative updation, Big Data is utilized as a part of relatively every contemporary organization.
Big Data has found its application not only across industries but also gains applicability in health
care and other non-profit oriented activities. Due to its enormous capability to accommodate
large voluminous and complex data organizations find it effective to access the same and then
use it across various departments. From the above discussion it can be analysed that Big Data has
several applicability hence the scope of this study analyses the several uses of the same in
organizations.
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4.0 Literature Review
Literature Review is a critical component for every study hence needs to be undertaken here as
well. A brief literature of multiple journals and articles has been effective in providing relevant
information pertaining to the field of Big Data so as to evaluate its uses. The ascent of what is
known as Big Data will encourage things such as development of news throwing (continuous
anticipating of occasions), the improvement of inferential programming that surveys venture
results to date designs, and the formation of cutting edge calculations for connections that
empower new comprehension of the world. The current study in order to obtain greater analysis
into the same has sub-divided it into major areas that have been considered for ease of
understanding.
4.1 Understanding Big Data
Big Data has several popular definitions that have been developed by corporations and
researchers in the domain. McAfee, Brynjolfsson, Davenport, Patil and Barton (2012) analyses
several critical theoretical concepts pertaining to Big Data to enhance its understanding. Big Data
has been revolutionizing ways and means by which information was earlier used as compared to
date. Big Data implies a substantial piece of crude information that is gathered, put away and
broke down through different means which can be used by associations to expand their
proficiency and take better choices. The development of Big Data is a gigantically positive for
society in all perspectives. The other inquiry exhibited negative predisposition, including the
working of the Web, human and machine investigation of Big Data will cause more issues. The
Presence of Big Data indexes for examination will incite false trust in our prescient powers and
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will prompt commit huge and frightful errors. Such data can either be organized and unstructured
structures. Organized Information is all the more effectively broke down and composed into the
database. Whereas unstructured Information, is significantly harder to examine as it utilizes an
assortment of arrangements. The significance of Big Data does not spin around quantity of much
information an organization has yet how an organization uses the gathered information. Each
organization utilizes information in its own specific manner; the all the more proficiently an
organization utilizes its information, the more potential it needs to develop (Tene & Polonetsky,
2012). The organization can take information from any source and investigate it to discover
answers which will be creating competitive advantages for it.
4.2 Need for Big Data
LaValle, Lesser, Shockley, Hopkins and Kruschwitz (2011) emphasizes on the need of
analysing Big Data for understanding their effectiveness within corporations. Analytical
instruments of Big Data like Hadoop and Cloud-Based Examination can convey cost favorable
circumstances to business when a lot of information is to be put away and these devices
additionally help in recognizing more effective methods for working together. Such data cannot
be effortlessly translated by customary information models and procedures. Indeed, an ever
increasing number of organizations, have been utilizing Big Data and related investigation
approaches as an approach to acquire data to better help their organization and serve their clients,
profiting from the benefits of huge data (Zaslavsky, Perera & Georgakopoulos, 2013).
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4.3 Effectiveness of Big Data
The rapid scope of analytics that have been developed currently such as Hadoop and in-memory
examination can undoubtedly recognize new wellsprings of information which helps
organizations breaking down information instantly and settle on the varied choices in light of the
learning’s. The utilization of Big Data is getting to be normal nowadays by the organizations to
outflank their companions. In many ventures, existing contenders and new contestants alike will
utilize the systems coming about because of the broke down information to contend, develop and
bring about brand loyalty.
Davenport, Barth and Bean (2012) analyses ways in which Big Data is different compared to
other types of information and data analysis. With the process of breaking down Big Data an
organization can show signs of improvement comprehension of current economic situations. For
instance, by examining clients' buying practices, an organization can discover the items that are
sold the most and deliver items as indicated by this pattern. By this, it can advance beyond its
rivals. Recognizing patterns of client needs and fulfillment through investigation an organization
can make items as indicated by the needs of clients, Big Data can provide tremendous
profitability and competence to the organization (Bettencourt, 2014). Big Data analytics can do
conclusion investigation. In this way, an organization can get criticism about who is saying what
in regards to an organization. In the event that an organization needs to screen and enhance the
online nearness of business, at that point, Big Data analytics can help attain this. Big Data causes
the associations to make new development openings and altogether new classes of organizations
that can consolidate and dissect industry information. These organizations have sufficient data
about the items and administrations, purchasers and providers, shopper inclinations that can be
caught and dissected. It additionally comprehends and improves business forms. Organizations
that deal with products can without much of a stretch streamline their stock in view of prescient
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models produced from the online networking information, web look patterns and climate
conjectures. Intermittently, every one of the frameworks would reinforcement and joins the
information into a database where reports could be run and everybody could understand into
what was happening.
4.4 Challenges faced from Big Data
The issue was that the database innovation essentially was not able deal with numerous,
persistent input of information. It was also not able to change the approaching information
progressively. Big Data arrangements offer cloud facilitating, profoundly ordered and advanced
information structures, programmed documented and extraction abilities, and detailing interfaces
have been intended to give more exact investigations that empower organizations to settle on
better choices (Davenport, 2014). Better business choices imply that organizations can lessen the
danger of their choices, and settle on better choices that decrease expenses and increment
advertising and deals effectiveness. Informatica strolls through the dangers and openings related
with utilizing Big Data in partnerships. The normal information security break costs $214 per
client. The protected foundations being worked by Big Data facilitating and innovation
accomplices can spare the normal organization 1.6% of yearly incomes.
George, Haas and Pentland (2014) article analyses the several challenges that arises from
management of Big Data. With Continuous Big Data Examination an organization can remain
one stage in front of the opposition or get advised the minute and organization or its immediate
rival is changing methodology or bringing down its costs for instance. Data is at present kept in
storehouses inside the association. 43% of organizations are disappointed with their analytics
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capacity to sift through unimportant information. Something as basic as sifting clients from an
organization or web examination can give a huge amount of knowledge into an organization in
procurement endeavors. 80% of associations battle with different adaptations of reality relying
upon the wellspring of their information. By joining different, verified sources, more
organizations can create profoundly precise knowledge sources. Half of senior officials report
that getting to the correct information is troublesome. 60% of every workday, learning laborers
spends endeavoring to discover and oversee information. The standard rendition of Hadoop is,
right now, not yet appropriate for ongoing investigation. New analytics should be purchased and
utilized. There are however very a few instruments accessible to carry out the activity and
Hadoop will have the capacity to process information progressively later on. Moreover
examination of Big Data will be abused by effective individuals and establishments with
egotistical motivation who control discoveries to put forth the defense for what they need.
However Big Data will be negative for society about in all regards. The outcome was 53% for
positive inclination and 39% concurring with the negative situations. There might be issues
related to protection and abuse and unapproved individual data. In any case, taking a gander at
the positive inclination, there are exceptionally fascinating use instances of Big Data, which
recognizes huge amounts of information examples of associations and interdependencies. In
view of the huge measure of information that Google gets each moment in individual web
crawler and they are identified with individuals' needs, Google built up a venture where the
pattern goes past pursuit and figured out how to distinguish slants before the official numbers
mirror the circumstance. This sort of forecast can likewise be made for swelling, joblessness, and
so forth.
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Misrepresentation can be distinguished the minute it happens and appropriate measures can be
taken to restrain the harm. The money related world is extremely alluring for offenders. With a
constant protect framework, endeavors to hack into an organization association are advised right
away. Utilizing continuous bits of knowledge requires an alternate method for working in case
the organization regularly just gets experiences once per week, which is extremely basic in a
considerable measure of associations, accepting these bits of knowledge consistently will require
an alternate approach and method for working. Bits of knowledge require activity and as
opposed to following up on a week after week premise this activity are currently continuously
required. Constant knowledge into blunders causes organizations respond rapidly to alleviate the
impacts of an operational issue. This can spare the activity from falling behind or flopping totally
or it can spare organization clients from stopping utilizing an organization items. Speedier
choices can be set aside a few minutes examination that better suit the (present) client.
The execution of Continuous Big Data Investigation devices might be costly, it will in the end
spare a great deal of cash. There is no sitting tight time for business pioneers and in-memory
databases (valuable for ongoing examination) additionally lessen the weight on an organization's
general IT scene, arranging for assets already committed to reacting to demands for reports.
Bello-Orgaz, Jung & Camacho (2016) analyses the recent challenges arising in the domain of
Big Data. Administration enhances significantly, which could prompt higher transformation rate
and additional income. At the point when associations screen the items that are utilized by its
clients, it can genius effectively react to up and coming disappointments. For instance, autos with
ongoing sensors can inform before something is turning out badly and let the driver realize that
the auto needs support. Knowledge into focused contributions, advancements or organization
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client developments gives profitable data in regards to traveling every which way client patterns.
29% of organizations measure the financial cost of poor information quality. Obsolete or awful
information brings about 46% of organizations settling on terrible choices that can cost billions.
Obviously, Ongoing Big Data Investigation isn't just positive as it likewise offers a few
difficulties. Better deals bits of knowledge, which could prompt extra income. Constant
investigation tell precisely how an organization deals are getting along and on the off chance that
a web retailer sees that an item is doing to a great degree well, it can make a move to forestall
passing up a major opportunity or losing income. Furthermore, Big Data will require new parts
and aptitudes. There will be considerably more boundless effects in which it will be valuable to
society. In order to have positive impacts from Big Data, all intents and purposes each branch of
human information will be "information concentrated". Envision political science, for instance.
With investigation of countless information produced by blog entries, scan for particular themes,
tweets and remarks on Facebook, combined with official data as public statements and media
articles can examine patterns spread of certain political streams, even before surveys as
customarily done by inquire about organizations. With utilization of computerized instruments
and better approaches for following up on survey volumes estimated in petabytes, most likely, it
won't be important to do handle look into as done today.
5.0 Conclusion
Big Data has been gaining more relevant and importance across multiple industries. As more and
more companies make use of Big Data, there is a scope for more innovation to take place in the
domain. Whether multinational corporations or other organizations, Big Data is being used for
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