Table of Contents
Lecture / Discussion Page, Question 1
Big Data is a new way to make intelligence business solutions, which is based on the specific methods and tools of handling and analyzing huge information scopes. In addition, Big Data helps CEO’s, business executives and the investment community to make fact-based decisions on technology and create effective business strategies.
According to the analyzed article, the definition of Big Data might be as following. It is a new generation of technologies and initiatives that convert data that is various, fast changing and enormous into conventional and effective database.
Nevertheless, the Big Data concept is a strong technological innovation that supposes something greater than just analysis of a great amount of data. This is the next edge for innovation, rivalry and efficiency. Big Data analysis helps organizations to identify possibilities of process improvement, cost optimization and revenue creation.
Consequently, many businesses see the application of Big Data as an excellent reply to some contemporary challenges in the market conditions. The main importance is that companies can integrate the technical data into business processes and implement more professional analytic work.
Lecture / Discussion Page, Question 2
All large organizations have a common feature such as working with massive volumes of data. Obviously, the application of Big Data can change the game of these organizations. The considerable part of big businesses in the UAE understands the importance of implementing Big Data for company improvement. First, it concerns businesses in oil and gas industry, airlines, telecommunications operators and leading retailers.
Gas and oil industry are interested in using Big Data analysis because of peculiarities of information that is used during their work. Moreover, the collection of databases is so massive and complex that processing it with traditional technologies is difficult. The information gained in their fields should be transferred into economically effective data that can guide activities or business decision making.
Airlines should distinguish the potential of obtaining more value from their data. Big Data can include information from traditional sources and unstructured data from newer sources such as blogs, emails, posts, videos, etc. The Big Data analysis can help airlines to take advantage of the customers’ planning cycles to become more practical by transporting improved experience and making higher profits as well as to identify customer behaviors.
Big Data is certainly the biggest word in telecommunications now. Operators are eager to influence their data resources to optimize their own actions and generate new income streams from Big Data. By using Big Data, operators can successfully tap into the wealth of information to expose new insights about their clients.
The implementation of Big Data allows a retailer to make better and faster choices in their day-to-day activity leading to better performance and satisfied consumers. Moreover, companies can calculate the return on investment for spends on physical and virtual resources by using Big Data.
Lecture / Discussion Page, Question 3
Big Data is characterized by the significant amount of information. As a result, the more information we have, the more accurate analyses we can provide, and the more confident our decisions are. Better decisions lead to greater efficiency, expenditure decrease and overall growth.
Therefore, the advantages of using Big Data are as following:
- Big Data allows a company to form real-time databases about its goods, clients or resources in order to use this data for improvement of the company. For example, the databases might help the business to determine consumer preferences, the efficiency of resources usage, to optimize customer services etc.
- The technologies of Big Data can save money for the company by replacing highly customized and expensive hardware. As Big Data is an open source, it can be applied far more cheaply than other technologies. Therefore, company reduces the license and hardware costs.
- The application of Big Data might help the company to function at the market more agilely. Possession of a large amount of information allows the business to adapt changes more rapidly than competitors do.
- Rising the quantity of information used within the company and the high speed of it updating, helps organizations to react to the consumer demands faster. When company’s activity coincides with the customer desires, the competitiveness of the business grows up.
Finally, the application of Big Data allows enterprises to save money, raise proceeds and accomplish many other business goals.