Relevance of Big Data for Business and Management. Exploratory Insights (Part I)

Abstract

Over the last few decades Big Data has impetuously penetrated almost every domain of human interest/action and it has (more or less consciously) become a ubiquitous presence of day to day life. The main questions this exploratory paper seeks to address (throughout its two parts) are the following: What is the (actual) impact of Big Data on Business & Management and How can businesses (through their management) leverage the potential of Big Data to their benefit? A gradual, step by step approach (based on literature review and a variety of secondary data) will guide the paper in search for answers to the abovementioned questions: starting with a concise history of the topic Big Data as reflected in academia and a critical content analysis of the Big Data concept, the paper will then continue by emphasizing some of the most significant realities and trends that characterize the supply-side of the big data industry; the second part of the paper is dedicated to the investigation of the demand-side of the big data industry – by highlighting some evidences (and projections) on the impact of big data analytics on Business & Management (both at aggregate and granular level) and exploring what companies could and should do (through their management) in order to best capitalize on the opportunities of big data and avoid/minimize the impact of its threats.

Application of Big Data Analytics in Customization of E-mass Service: Main Possibilities and Obstacles

“…The influence of Big Data and BDA phenomena to the overall management area in a scientific discourse is recognized too. The period of 2012-2013 can be treated as a breaking period as then a relevant content of academic studies increased more than 3 times, lining from 17 to 73 (Ogrean, 2018). Reasons of this new trend, when a transition from Big Data to BDA occurred in the last decade, are both semantical and content type as well as containing a broad specter of external factors: data has become a background and essential part of business model transformation as organizations now have expanded their capabilities of IT and its infrastructure.…”

“…Thus, an adoption of automation and digitalization ideas has rocketed as service optimization via bots and other automation solutions has become inevitable. In past few years, an integrated value (for customers and organizations) creation and measurement of its influence, complementary organizations networks and ecosystems have become a dominant topic here (Prince, 2017;Ogrean, 2018;Politaitė and Sabaitytė, 2018).…”

“…In recent few years, terms and models of Big Data and Big Data Analytics (BDA) have shown a tremendously increased attention and application in Management Science as well as in practices of business organization management. The root cause of that is that the last two decades focused on traditional, technology-driven attitude and quantitative data indicators as well as E. F. Codd model whereas a new model has switched onto a qualitative data indicators, combined analysis methods and data-driven business network and ecosystems (Ogrean, 2018; Orenga-Roglá and Chalmeta, 2019). Accordingly, the result of this ongoing transition is widespread capabilities of BDA quantitative and qualitative application Gedas BARANAUSKAS 2 and, therefore, an extended semantical meaning.…”

“…At this point, the concept shifted from a narrow understanding of technological-instrumental tool to a status of strategic resource, influential condition and functionality to support business transformation processes. From a perspective of process management, a rapid transition and modification of 3V data management model to 4V, 5V (2012), 7V (2014) and final 10V (2018) models should be outlined (Grover and Kar, 2017;Asllani and Long, 2018;Ogrean, 2018;Sun, 2018). It is important to note that the final 10V model is an outcome summary of insights by Sun (2018), formulated following principles of four preceding 3V, 4V, 5V, and 7V models, composed by the researcher in this paper.…”

Relevance of Big Data for Business and Management. Exploratory Insights (Part II)

“…Both cause and consequence of (especially technological) development, Big Data has become a defining and ever-growing feature of nowadays' environment, vector of global transformations in (almost) all the areas of human concern (including everyday life). In order to (further) evaluate the relevance of Big Data for Business & Management, the first part of the paper has performed a concise history of the topic Big Data as reflected in academia and a critical content analysis of the Big Data concept, followed by an examination of the most significant realities and trends that characterize the supply-side of the Big Data industry and its main players; the following conclusions of the first part of the paper serve as background for this second part of the paper (Ogrean, 2018):…”