Growth Of Big Data: What Impact Do They Have on Strategic Business Decisions?
The growth of the Big Data Analytics market in the last few years has significantly impacted the company’s way of doing business.
The added value of Big Data in the strategic management of the economic decisions taken by corporate organizations is enormous.
Every company (both SMEs and Large Corporations) must be able to set up the best strategic management of company data ( entrepreneurial information assets ) and know how to plan how to use, collect, archive, and protect them most effectively and efficiently as possible.
Big Data and Italian companies: how big is the market?
In a globalized context, the competitiveness of any company of any size is played increasingly around the ability to ” foresee ” and to make strategic decisions at the right time.
Big data analysis is increasingly transforming the methods and approaches of the current business scenarios in the Italian entrepreneurial landscape.
When referring to the Big Data market, one cannot consider the four key attributes, which are the four Vs.: Volume, Variety, Velocity, and Value.
The volume of data, structured or unstructured, would be the fundamental key attribute that would also “drive” the growth of the business of the way of doing business.
Analyzing large amounts of data can generate useful information to help the business world make the best strategic decisions.
With the ongoing evolution of mobile apps, the concept of Big Data has increasingly taken on a new dimension for the business world: traditional analytical methods have been “overtaken” to go beyond the mere memorization of enormous amounts of information.
Many corporate organizations have implemented new trends within their management, implementing new technologies to help Top Management make faster decisions in a highly volatile economic context.
Just think of how mobile apps have changed enormously in recent years. The business development process has increasingly generated a huge flow of data that takes time to process systematically.
The Big Data market aims to help solve enterprise data management problems, the size and volume of which have grown exponentially.
The great challenge for many companies is the ability to collect and archive huge data flows: with the advent and implementation of technologies such as Hadoop, Cloud Computing, and Spark, management costs have significantly reduced in the face of an increase in economic and operating benefits.
Processing Big Data: how to collect and organize random data
Everything was done on the Internet, such as listening to music, reading ebooks, and concluding online transactions, generates a continuous flow of data of great added value.
All these data generated by billions constitute a great information potential for the corporate world, which must be able to manage ad hoc and strategically.
To manage data flows in real-time, RFID or Radio Frequency Identification tags constitute a very valid automatic identification technology based on the propagation of electromagnetic waves, which allows for the automatic detection of objects, animals, and people, even in motion.
RFID technology is a unique and automatic recognition system increasingly used in various business sectors: logistics to distribution, asset management to inventory.
The technology makes it possible to analyze a large amount of generated data without storing it in databases.
With this technology, we are moving towards an era in which true wealth and corporate assets are no longer made up of tangible assets but information assets, an essential component of the intangible asset of every business.
The greater the information sources available and usable by companies, the greater the possibility of reducing the margins of error in strategic decisions and in the way of doing business.
Growth of Big Data: the various applications
Italian companies are well aware that Big Data represents a source of competitive advantage and a tool for the evolution of the business model in a globalized context.
Data is an input of great added value in the management of business processes of every organization: it is necessary to know how to plan the correct use, collection, and protection to avoid “bottlenecks” and impoverishment of activities considered ” core. “
In doing business, one must recognize relevant concepts such as Cloud Computing which allows the analysis of Big Data to track and process data in various fields, from applied sciences to agriculture, from transport to financial transactions.
Data analysis plays a fundamental role in managing business processes, but data security is considered essential.
Many apps and social networks (such as Facebook) help you share your data with others, but this must be done in full compliance with the rules and policies to avoid violations of user data ( user information, searches, likes, etc.).
Strategically managing Big Data means ensuring that company resources and inputs are converted into tangible information of great added value to help all companies make economic decisions in the best possible way (with efficiency, effectiveness, quality, and timeliness).
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