BMP4005 - Information Systems & Big Data Analysis in Business

This report provides an overview of big data, its characteristics, and the challenges associated with its analysis. It explores techniques available for analyzing big data, such as machine learning and A/B testing, and discusses how big data technology can support business through better customer understanding, smarter product development, and income generation. The report emphasizes the importance of information systems in managing business operations and includes a poster summarizing key concepts. It concludes by highlighting the role of big data in improving efficiency, effectiveness, and customer loyalty within organizations, referencing examples like Disney and American Express.

Business Management
BMP4005
Information Systems and Big Data
Analysis
Poster and Accompanying Paper
Submitted by:
Name:
ID:
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Contents
Introduction 3
What big data is and the characteristics of big data 3
The challenges of big data analytics 4
The techniques that are currently available to analyse big data
5
How Big Data technology could support business, an explanation
with examples 6
Poster 7
References 8
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Introduction
Big data is defined as the process under which inspection of large and complex data is
done for the purpose of disclosing the same data in a particular assigned manner. Market
trends, correlation preferences, and hidden patterns are the some examples. In order to
making any decision, every organization is required to to extract the relevant data from
large data. So that they can take effective decisions on the basis of data analysis which also
result in the minimization of future risk. In the economy, all the organizations are related to
the IT sector which provide wide range of solution. Hence, it can be said that the
Information system has a wide concept in an economy. Internet plays an important role in
Information system which is correlated with the network of devices. For the purpose of
making sure about the connectivity with the exchange of data. With the use of technology,
a network of communication has been developed which ensures the connectivity. It has
been found that the Information system has a vital role in performing several business
operations such as managing the organization, conducting business transaction, interaction
with customers and many more. This report covers the conception of big data including its
features, challenges along with the technique of big data. In addition to this, it also state
how big data technology support the business organization.
What big data is and the characteristics of big data
A data which is fast, long and complex in nature is consider as the big data. It is very
difficult to process manually or by the use of traditional methods. Analysis of big data
means performing of the several measures of accessing and storing the huge amount of
information for analytics for a long duration of time period. Big data analytics has been
developed for the purpose of taking effective decisions at work place on the basis of
relevant information derived from the big data (Pramanik and et.al, 2017). An
improvement in the work performance of an organization has been found at work place,
only because of Big data. The organizations work on their services which they provide to
their customers which result in the increase in the overall revenue of the organization. The
size of big data is very large. Hence, it is really a difficult task to process the data manually
or by the use of traditional methods. The data become easy after the big data analytics and
then, it can be used by the companies for analyzing the several opportunities which makes
the management smart. In this way, analysis of big data is related to the generation of
higher profit as it bring efficiency and effectiveness in the business operations. In addition
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to this, effectiveness in working performance also create the loyalty in customers towards
the organization. Data mining, data visualization, data storage, data analysis etc. are some
functions which are involved in the big data. Some of characteristics of big data are given
below: Volume: Big data is very large in size as it also deal with the various technological
processes which only deals with the large data. This huge amount of data is collected
from several of sources which include machines, social media, networks and many
more. Velocity: Speed of flow of data is defined as the velocity of data. The big data is being
collected by several of sources which helps the organizations in getting quick data.
Hence, any organization can get the data from social media sites, business processes,
application logs, networks and many more or the purpose of getting data instant. Variety: There are several forms in which data can be found. Some of them are
numerical data, videos, audios, email, financial transactions and many more. The
nature of extraction of data comes under this characteristic. In ancient times,
spreadsheets and databases were used as the formats of data. But now data can be
found in digital form. Value: It can be defined as the advantages which are directed from the data. A
relevant and valuable data is required to perform the function of processing. Only
after the successful analysis, the data is said as valuable.
 Veracity: Accuracy and relevancy of data can be determined by big data. This feature
is related to the reliability and trustworthiness of data.
The challenges of big data analytics
Big data analytics are the actions which are taken by the organizations for the purpose
of processing with the data to abstract the relevant result. The biggest challenge of big data
analytics is to search the best way of managing the large amount of data. Few major
challenges of big data analytics are given below: Lack of knowledge professional: It is necessary for the organizations to hire the
employees who have knowledge of applying the big data techniques in a professional
manner. They are required to search the employee with relevant professional skills,
knowledge and experience. The person who works with the different tools related to
the data are known as data analyst, data scientist and data engineer.
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 Lack of proper understanding of Massive data: Big data is the collection of huge
data which is not in the proper form for use. The organizations are required to
effectively understand the big data initiative. It has been found that many of
employees in the organization do not know about the data, it's sources, processing,
storage, importance etc. data Growth Issues: Another challenge of big data analytics is doing the storage of
huge set of knowledge (Sun and et.al, 2020). The quantity of knowledge is stored in
data centers and databases of organization increases instantly.
 Confusion while big data tool selection: The organization have to select the tool for
performing the function of big data analytics. So the organization have to select the
best tool of analyzing their data as it directly effect the outcomes of analytics. Along
with this, there are several questions which arise at the tome of selecting the tool for
data analytics.
The techniques that are currently available to analyses big data
There are several techniques which are being available for organizations for the
purpose of managing the data. The organization have to make the selection of effective
technique so that they can acquire more speed, depth and scope. Few of techniques of
analyzing the big data are given below:
 Machine learning: This technique make the data more understandable by applying
more trends and patterns. In order to accelerating the processes, it work as the
advantage. It leads to the conversion of data in a visualized form. Hence, it is
necessary for the organization to properly recognize the trends and patterns.
 A/B Testing: In order to recognizing the better performers under a controlled
environment, comparison of two elements have been done. This technique work as
the function of comparison which result in the completion of A/B testing technique
with the outcome of higher profit.
 Statics: Big data analytics perform the functions of collecting, organizing, inferring
the data by using the several methods of research like as base surveys and
experiments. Various techniques of statistics make easy to analyze the big data and
implies the effective result.
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How Big Data technology could support business, an explanation
with examples
A business organization get various opportunities with the help of technologies of big
data as they work on the internal view of organization so that they can interact with the
users or customers. It is also helpful as it provide a new perspective for companies to
discover the information which is being used in a proper manner. Below mentioned are the
ways in which the big data helps the business organization:
 Understanding the customers: The technology of big data helps the business
organization to know about their customers in a better way (Wang and et.al, 2020).
The marketers get to know about their customers in a detailed manner i.e. what the
customer want, what they use, what is their spending power and many more. For
instance, Disney has used the big data technology in order to knowing the behavior
of visitors at its theme park.
 Delivering smarter services or products: It is also help the organization in
knowing the production of smart products so that they can influence the customer
to buy their products. For example, In order to providing the better services to the
customers, Royal bank of Scotland is using the Big data technology.
 Generating an income: Big data helps the organizations in decision making
processes along with understanding the behavior of customers. It also leads to
generation of higher revenue . For example, American Express is handling more
than 25 percent of credit card transactions in the US. Amex is leveraging the data
generated by these transactions for the purpose of bringing the businesses and
customers close together.
Poster
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References
Pramanik and et.al, 2017. Big data analytics for security and criminal investigations. Wiley
interdisciplinary reviews: data mining and knowledge discovery. 7(4). p.e1208.
Sun and et.al, 2020. Big data analytics for venture capital application: towards innovation
performance improvement. International Journal of Information Management. 50.
pp.557-565.
Wang and et.al, 2020. Big data analytics on enterprise credit risk evaluation of e-Business
platform. Information Systems and e-Business Management. 18(3). pp.311-350.
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