BUSINESS RESEARCH: BIG DATA IN BUSINESS ORGANISATION
Assignment 1: Big data in Business Organisation
The subject big data associated with the accumulation of voluminous resources in the form of data. The utilisation of these data by various organisations needs to be done in a proper way or a proper method. The specific study contains the brief introduction of the big data and the application of the big data in achieving the desired task by an organisation. The study also comprises of various tools incorporated in the huge dimension of the specific term known as big data. Big data and its components utilised by various organisations or business units find it easy to monitor and analyse hefty amount of data. The assignment also comprises of a detailed literature review of the particular topic big data and the utilisation of the tools of big data by the organisations. The study also displays various important theories and models of big data and the application of these models or theories in business operations. The study also consists of the project scope and objectives of the particular subject known as big data and its application in business operations.
2. Project Objective
● To evaluate the significance of big data in business environment
● To assess the applications of big data and the utilisation of big data by various organisations
● To analyse different theories and models of big data
● To examine the impact of big data on organisational performance in present future
3. Project Scope
The project helps to identify the actual concept of big data and the various applications of big data in modern business operations. The detailed study and analysis of the theories and models of big data definitely provide an opportunity to understand the necessity of big data in present times. Big data and its applications provide a lot of data or knowledge regarding the understanding of the particular term big data and the usefulness of the tools of big data by the business organisations. The study also helps to realise the necessity of various tools associated with big data such as Apache Hadoop, Lumify, Apache Storm, Apache Samoa and many more. The project will also help to understand the percentage of profit in terms of revenue gaining by several organisations. Facebook and Google rank the topmost gainers by utilising big data tools in their business operations. Facebook increased its revenues by 1.18% and Google increased its revenue by 0.87% utilising big data.
4. Literature Review
The literature review comprises of various information or data regarding the big data and the utilisation of the various big data tools in gaining positive outcomes in business operations. The section also contains various theories and models of big data and that helps in the understanding of big data and the applications of it. The impact of big data on the performances of the organisation utilising the tool also highlighted.
4.2 Conceptual framework
Figure 1: Conceptual framework
(Source: Created by author)
4.3 Gap of the literature
The introduction of big data and different tools of big data in the systemic functioning of an organisation highlighted in the present times. Still, research and studies find big loopholes in the entire system of big data and its applications. The big data system or the components of big data need upgradation in context to security systems. Traditional security systems cannot secure the numerous data or information stored in the database for a particular organisation. Data often consider as concerns, when the number seems countless. The accumulation of data, storing procedure of data and securing the data needs more upgradation and in a systematic way in ensuring the proper usage of data in future days (eduonix.com, 2017).
4.4 Theories and models of big data
The theories and models of big data comprise of various theories and understandings related to the big data and its applications on the business operations. The theories and models comprise of big data and SP theory of intelligence, big data and inductive theory of development and big data and causal inference.
4.4.1 Big data and SP theory of Intelligence
Big data comprises of heap of data about several identical or non-identical data or information in context to various subjects or topics. According to Wolff (2014, p.552), the big data and SP theory of Intelligence comprises of several different learning such as,
Learning and discovery:
According to Wolff (2014, p.552), the learning and discovery method comprises of finding out and analysing the natural structure of a data. The learning and discovery also comprise of accumulating various types of data in a sequential manner.
Interpretation of data:
The SP technology or the system consists of the ability to recognise the pattern of a particular data contained in the entire data structure. As per Erl et al. (2016), the interpretation of data also comprises of retrieval of information or data, creation of natural language, translation or transformation of data from one form to another form, analysing various kinds of reasoning and solving various types of identical or nonidentical issues regarding data.
According to Jagadish et al. (2014, p.86), the velocity regarding big data constitutes the analysis process of the streaming of data. The data get collected and analysed in an incremental way of order, where the exact order easily maintained by the big data tool and assist a specific user.
Volume is related to big data and accumulation of various data or information regarding any specific subject associated with compression or analysing of data, the compression of data or information assists a particular user in understanding and realising the exact meaning of the data. According to Lazer et al. (2014, p.1203), the analysis and compression of a specific data also help in management, storing of data and transmit the data to a destined location.
The term veracity includes analysing and finding out various types of errors and issues regarding a specific data or information. The SP system comprises of the capability of identifying and analysing a particular error or uncertainties with data or information. According to Kitchin (2014), the SP system or the SP tool also helps in identifying and correcting the errors in various identical or nonidentical data or information. The SP system also aids in calculating possible probabilities in finding out solutions regarding the data, to make it error free.
The term visualisation associated with the big data indicates the knowledge structures generated by a system. The particular term says that the particular system always remains transparent and the SP system easily inspects the issue related to data or information.
Figure 2: Big data and SP theory of Intelligence
(Source: Created by author)
The SP system or the SP theory remains under development and upgradation. The SP theory also associated with artificial intelligence, human cognition, perception, and mainstream computing. According to Wolff (2014), the theory considers as human brain system, where input of data observed and necessary output achieved. The new information also accepted by the SP system or the SP theory and the old information get compressed and stored.
4.4.2 Big data and inductive theory of development
The big data and the inductive theory of development include several theories related to developmental theory in context to big data.
Continuum of Induction:
The main focus lies in the grounded theory method also known as GTM. Big data consists of various identical and nonidentical abundant data or information. According to Kitchin (2014), the accumulation of heap of data needs proper analysing and arranging the data in a systematic way. The grounded theory method utilises existing theory and helps to explain the empirical contexts regarding big data.
Continuum of generalisation:
The continuum of generalisation in context to big data associated with the concept and understanding of the formal and substantive theory. The big data associated with the accumulation of data and analysing the accumulated data in a sequential manner. The concept regarding the induction helps in the differentiation between the formal theory and substantive theory and that helps in the understanding of the theory related to generalisation.
Lexicon and level of theory:
The theory related to level and lexicon associated with the ground theory method. The level and lexicon theory comprise of theoretical codes and these theoretical codes applied to create or generate concepts regarding mid-level structures. According to McAbee et al. (2017, p.277), the particular theory associated with the rational reconstruction theory, regarding the big data. The level and lexicon theory associate with the understanding of social scientific understanding and analysis, in context to big data. The ground theory method emphasises on three vital sections such as study design, theories and sense creating artifacts.
Figure 3: Big data and inductive theory of development
(Source: Created by author)
4.4.3 Big data and causal inference
The big data and the causal inference often consider as the transformative unit or the transformative power in context to the big data. The scientific method related to the understanding of big data can easily replace by utilising the concept of causal inference and big data. According to Müller et al. (2016, p.289), the specific theory that is the causal inference and big data say that the introduction of statistical algorithms assists in the understanding of big data and the utilisation of the concept in various business operations. Statistics and data assist any organisation to create opportunities regarding improvement in terms of business operations. The application of big data and causal inference in the system of various organisations related to health, genomic science, and economics, assisted those organisations with fruitful outcomes.
The understanding of various theories related to the big data includes the use of statistics in the gaining process of knowledge or information, regarding the big data. According to Müller et al. (2016, p.289), the specific utilisation of the tool associated with the big data always provide growth for a particular organisation. The computer scientists and the political scientists must understand and analyse that causal inference and big data not considered as substitutes. The utilisation of big data by several organisations always assist that organisation, to maintain a proper data structure regarding any kind of business operations. The observation of data and analysing of data holds the key for the implementation of big data within the functioning of business operations for a particular business organisation.
4.5 Impact of big data on organisation performances
Impact of big data on the performance curve of various organisations indicates the utilisation of the particular tool big data and analysing the performances of various organisations. The several positive impacts of big data on the business operations of various business organisations are:
Knowing the customers:
The demand or the necessity of the customers always remains top priority for a particular organisation. In order to make a business plan or a business objective successful, an organisation must accumulate data regarding the choices of the customers and provide the customers with according to their needs or demands. Amazon always practices the utilisation of big data into their system and business operations, where the particular organisation gained successfully in terms of revenue. Amazon achieved 27% increase in sales with a $ 13.18 billion earnings in their third quarter in context to business calendar. The algorithm utilises by Amazon allows every customer with a unique and different webpage (arxiv.org, 2017).
Innovating and improving products:
The impact of big data on the performances of an organisation includes the improvement of products and innovating the products in the real time. The application of big data by the various organisation help in the improvement of business operations for the specific company. Amazon witness a rise in revenue in the sales from $ 9.6 billion to $ 13.18 billion in the business calendar year of 2016- 2017 (datafloq.com, 2017).
Analyse percentage of risk within organisation:
Utilisation of big data reduces the risk in terms of loss in revenue for an organisation. The tools involved comprises of regression analysis, pattern recognition, text analysis and sentiment analysis.
Improving service for the customers:
Application of big data always enhances the improvement in context to services provided towards the customers. Amazon leads in this particular division, where the analysis of the customer feedback and experiences noted down tactfully by the organisation. Ford utilise big data tool for monitoring and analysing around four million cars across the US.
Organising and saving money:
Big data always assist a specific organisation with organised structure regarding business operations and associates itself with huge savings in terms of capital. According to Müller et al. (2016, p.289), the utilisation of big data also saves valuable time for the organisation and helps to provide services to consumers in real time.
Figure 4: Impact of big data on organisation performances
(Source: created by author)
The above section portrays the various applications of big data and the theories and models involved with the big data. The impact of big data by various organisations always provides the best outcomes for the organisation.
The assignment related to the big data and the application of big data by organisation helps to highlight several positive dimensions. The utilisation of this particular analytical tool always renders the increase in growth for an organisation with respect to rising in revenue and positive business operations. The study also concludes the necessary theories and models and the understanding of the theories related to the big data. The understanding and the usefulness of the big data along with the SP theory helps in the workflow for a specific organisation. The assignment also concludes the application of big data and the components of big data in various projects, which relates to the fulfilling of the business goals or business objectives.
project management assignment help, business management assignment help, business management assignment, management assignment help services, strategic management assignment help, management accounting assignment, management homework help, marketing management assignment help, human resource assignment help, human resource management assignment help, managerial accounting assignment help, management accounting assignment help, financial management assignment help, it management assignment help, project management homework help, hospitality management assignment help, hr management assignment help, operations management homework help, brand management assignment help, database management homework help