Abstract
In the last two decades, big data has come to prominence in all spheres, from politics to business. Big data is seen as a resource to enhance business operations and also as a tool to help employees work more efficiently and streamline the collection and distribution of information technology (IT). Hence, the prevailing trend is that virtually everyone, ranging from big web companies to traditional enterprisers to physical science researchers to social scientists, is either already experiencing or anticipating unprecedented growth in the amount of data available in their world, as well as new opportunities and great untapped value. The understanding of the role of big data in this interconnected world is still in its nascent stage. What has been studied and highlighted appears massive, but what is yet to be realised is the latent potential of big data from an organisational perspective. Hence, adopting a systematic literature review with content analysis, the core aim of this chapter is to deliberate on the strategic outlook for big data management.
TopIntroduction
The volume, velocity, variety, veracity, variability, visualisation, and value of data generated and shared by various actors in the (digital) economy has increased immeasurably, paving the way to an era of Big Data (BD) (Sivarajah et al., 2017; Wedel & Kannan, 2016). Raw data as such is futile. Only when purposefully processed, aggregated, and organized into a user-friendly format can they become information that can provide meaning given a specific context (O’Brien & Marakas, 2005). Insights that drive actions (e.g., challenge established norms and push in new directions as would be the case when introducing new touchpoints in the customer journey) are typically more valuable than ones that simply answers questions Against this backdrop, BDM are approaches, methods, and tools (Villarroel Ordenes & Zhang, 2019) that can help organisations develop customer insights from (big) data and information, with the purpose of supporting managerial decision-making. To support managerial decision-making, BDM might encompass four different levels of analysis: descriptive, inquisitive (or diagnostic), predictive, and prescriptive (Sivarajah et al., 2017; Wedel & Kannan, 2016). Academic literature and popular press suggest that considerable value and competitive advantage can be attained by making effective decisions based on BDA (Davenport & Harris, 2017). BDM have the potential to transform business functions like supply chain and operations management, accounting and finance, sales, and marketing and even entire industries like healthcare, finance, and legal services).
Big Data (BD) has come of age and this is an era of it. Computer scientists, physicists, economists, mathematicians, political scientists, sociologists, and many others are clamoring for access to the massive quantities of information produced by and about people, things, and their interactions. Diverse groups argue about the potential benefits and costs of analyzing information from Twitter, Google, Verizon, 23andMe, Facebook, Wikipedia, and every space where large groups of people leave digital traces and deposit data. Especially since 2015, BD has come to prominence within business operations as a tool to help employees work more efficiently and streamline the collection and distribution of information technology (IT). There is a trend that, virtually everyone, ranging from big Web companies to traditional enterprisers to physical science researchers to social scientists, is either already experiencing or anticipating unprecedented growth in the amount of data available in their world, as well as new opportunities and great untapped value (Chen, Chen, Du, Li, Lu, Zhao, & Zhou, 2013). Yet there are many significant questions unanswered: Will Big data Management (BDM) aid in making organizations sustainable or bring in equitable distribution wealth or solve problems of health, reduce diseases or poverty, access to education and digital divide? Will BDM help make people’s access to information more efficient and effective? If so then, how will this shape better life for mankind in terms of access, equity and justice? Will it transform how we study human communication and culture? Will organizations do better only in terms of profitability and also ensure sustainability and making the world better place to live?
Further when it comes to utility of big data by organizations there is no doubt it is a resource but will organizations have a strategic outlook and adopt long term approach when using this resource still remains a question. Even if organizations want to use this resource in a more effective and efficient manner, there are challenges (Almeida & Calistru, 2013). But with a strategic oulook and futuristic approach, recognizing that BDM is essential for long term growth and optimal benefits is crticial. Hence adopting a systematic literature review, with content analysis the core aim of this chapter is to deliberate on strategic outlook for BDM. The chapter also proposes a framework for strategic management of BDM.
Key Terms in this Chapter
Challenges: Something that by its nature or character serves as a call to make special effort, a demand to explain, justify, or difficulty in a undertaking that is stimulating to one engaged in it.
Information technology (IT): The umbrella term that encompasses the entire field of computer-based information processing: computer equipment, applications, and services, telecommunication links and networks, digital databases, and the integrated technical specifications that enable these systems to function interactively. IT is study or use of systems (especially computers and telecommunications) for storing, retrieving, and sending information.
Decision-Making: A rational and logical process of choosing the best alternative or course of action among the available options.
Imperative: Absolutely necessary; urgent; compelling; a rule; principle; or instinct that compels a certain behavior.
Borderless World: A borderless world is a global economy in the age of the internet that is thought to have removed all the previous barriers to international trade.
Database: A set of data structured to support the storage, retrieval, and analysis of information, often custom-designed for specific business applications. Databases are central to information processing since they allow new and more efficient ways of assembling records and organizing work for better decision-making.
Barriers: Anything serving to obstruct, or preventing, access, or progress. Anything or something that limits a quality or achievement or the act of limiting or the condition of being limited or cause delay. Barriers come in many forms and from many sources. They can be temporary or permanent. When evaluating a barrier, it is necessary that one looks at all the activities that precede the delay as well as the activities that follow the delay.
Knowledge Development: The development of knowledge includes not only processes of external knowledge procurement (i.e. through cooperative efforts, consultants, new contacts, etc.) or the creation of specific knowledge resources like research and development departments. The formation of personal and technical knowledge networks is also part of the development of knowledge.
Network: A set of communication paths (or channels) and the points (or nodes) they connect, including switches to determine which channel will be used when more than one is available. Computer networks, like telephone networks, can be thought of as telecommunications highways over which information travels.
Models: An exact representation of something in greatly reduced size for better understanding and adoption if found suitable.
Technology: The branch of knowledge that deals with the creation and use of technical means and their interrelation with life, society, and the environment, drawing upon such subjects as industrial arts, engineering, applied science, and pure science; method for convening resources into goods and services.
Impact: To have effect on, effect of coming into contact with a thing or person; the force exerted by a new idea, concept, technology, or ideology, the impression made by an idea, cultural movement, social group, it is to drive or press (an object) firmly into (another object, thing, etc.) so as to have an impact or strong effect (on).
Strategies: Method chosen and plans made to bring about a desired future, achievement of a goals or solutions to a problem. Strategies are a result of choices made. It is that set of managerial decisions and actions that determine the long term performance of a business enterprise.