Big data analytics: transforming data to action

Abstract

Purpose The purpose of this paper is to provide a conceptual model for the transformation of big data sets into actionable knowledge. The model introduces a framework for converting data to actionable knowledge and mitigating potential risk to the organization. A case utilizing a dashboard provides a practical application for analysis of big data. Design/methodology/approach The model can be used both by scholars and practitioners in business process management. This paper builds and extends theories in the discipline, specifically related to taking action using big data analytics with tools such as dashboards. Findings The authors’ model made use of industry experience and network resources to gain valuable insights into effective business process management related to big data analytics. Cases have been provided to highlight the use of dashboards as a visual tool within the conceptual framework. Practical implications The literature review cites articles that have used big data analytics in practice. The transitions required to reach the actionable knowledge state and dashboard visualization tools can all be deployed by practitioners. A specific case example from ESP International is provided to illustrate the applicability of the model. Social implications Information assurance, security, and the risk of large-scale data breaches are a contemporary problem in society today. These topics have been considered and addressed within the model framework. Originality/value The paper presents a unique and novel approach for parsing data into actionable knowledge items, identification of viruses, an application of visual dashboards for identification of problems, and a formal discussion of risk inherent with big data.

Big Data Analysis as a Source of Companies’ Competitive Advantage: A Review

“…It must be remembered that sometimes managers do not include all Big Data analyses when optimising their business decisions because there is, in a sense, information overload (Power, 2002). This overloading paralyses managers' decision making and actions (Bumblauskas et al, 2017). In this situation, hiring specialists or experienced external companies providing BDA solutions may be the required form of action.…”

“…The data value for a particular company depends on the purpose of its usage. For example, it might use the information for reducing costs and time, preparing better product offers or making business decisions (Bumblauskas et al, 2017). The most important benefits of Big Data usage for companies are connected with cost and time savings because of the possibility to gain information about potential customers' needs very quickly and relatively cheaply (when compared to traditional marketing research procedures).…”

“…Next, the costs for the company associated with mass data are, firstly, connected with its storage, and secondly, with the analysis (Bhat & Quadri, 2015). The more advanced the analysis conducted, the more innovative the technology and statistical systems need to be for calculations and conclusions (Bumblauskas et al, 2017). On the other hand, for individual and average customers, Big Data is usually an unknown or incomprehensible phenomenon they are afraid of (Hofacker, Malthouse, & Sultan, 2016).…”

“…A constant increase in digitalised data means that a majority of traditional ways and means of data gathering, storage and analysis are no longer well-suited to current market needs (Zikopoulos et al, 2012). Data creation in the digitalised world is now vast and continues to rise (Bumblauskas, Nold, Bumblauskas, & Igou, 2017). According to Gartner`s (2015) estimation, the amount of connected devices globally will increase to approximately 20.8 billion by 2020.…”

Drivers and Challenges Associated With the Implementation of Big Data Within U.K. Facilities Management Sector: An Exploratory Factor Analysis Approach

“…BDA is required for organizations to overcome the bottlenecks that are created by the IoT-generated amount of data and extract their actual value [26]. The successful integration of BDA and business processes creates a "new class of economic asset" which in turn helps top-performing organizations redefine their business and outperform their competitors [27]. According to [28] and [29], BDA not only influences competition and growth for individual companies, but also has wider productivity and innovation implications able to drive new revenue streams and gain competitive advantages over business rivals.…”