Recent Development in Big Data Analytics for Business Operations and Risk Management

Abstract

"Big data" is an emerging topic and has attracted the attention of many researchers and practitioners in industrial systems engineering and cybernetics. Big data analytics would definitely lead to valuable knowledge for many organizations. Business operations and risk management can be a beneficiary as there are many data collection channels in the related industrial systems (e.g., wireless sensor networks, Internet-based systems, etc.). Big data research, however, is still in its infancy. Its focus is rather unclear and related studies are not well amalgamated. This paper aims to present the challenges and opportunities of big data analytics in this unique application domain. Technological development and advances for industrial-based business systems, reliability and security of industrial systems, and their operational risk management are examined. Important areas for future research are also discussed and revealed.

Modern software cybernetics: New trends

“…Big data is an emerging technology that has attracted the attention of many researchers and practitioners in industrial systems engineering and cybernetics (Choi et al, 2016). Large and variegated data from business transactions, social media, and the Internet of Things is estimated to grow at 30 to 60 percent per year.…”

“…The proposed method was further used to specify and model the Vehicular Ad-hoc NETwork (VANET). Choi et al, (2016) analysed the challenges and opportunities of big data analytics and examined the reliability, security, and their operational risk management. Chang (2015) presented system design, development, and analysis on Social Cloud to ensure a smooth delivery of big data processing.…”

E-logistics as the ICT Support in Modern Polish Organizations

“…As regards the use of SMAC solutions, the statistics of the analysed entities reflects the general global trend in this respect, i.e. (Choi, Chan, & Yue, 2016;Gajewski, Paprocki, & Pieriegud, 2016;Report IDC, 2016): a cloud is used in 18% organizations (38% of analysed population plans to start using it), mobility is utilised in 29% of organizations (with 15% of analysed population planning to launch it), analytics is applied by 9% of organizations (while 16% of studied population have plans to start it), and social media are declared by as many as 45% of organizations already, and their use in the near future is declared by 55% of respondents.…”

Research on the Application of Energy Internet Big Data in Integrated Energy Market

“…Big data refer to data set that is unable to capture, manage, and process by conventional tools and massive and diversified information assets that has stronger power on decision-making, insight and optimization only in a new processing model, which characterized by volume, velocity, variety, value and veracity [5].…”