Big Data in Cloud Computing Environment for Market Trends

Introduction

Globalization which was initially viewed with fear and distrust has opened up huge new markets for many business enterprises across the globe. This has been focusing on the need for an innovative approach in conducting business by enterprises. It is apt to recall the observation of Peter Ducker on innovation. “A Business enterprise has to and only two basic functions, marketing and innovation. Marketing and innovation produce results. All the rest are cost”. The dividing factors in the market are niche markets and unique products or services. Innovative approach is needed to achieve the above factors in the present competitive market. Strategic thinking is required for any innovative approach. Strategic thinking decisions are based on the following

• 1.

  An understanding of the current and emerging needs,

• 2.

  An understanding of the organizations current and anticipated future core competences such as special skills or knowledge resources and culture and,

• 3.

  A future view of the industry sector and market place.

Even the most stable industries and the strongest brands can be blown to bits by the emerging concepts in information and communication technologies. Technology is forcing to rethink its business models and organizational designs as it contributes to the rebalancing of power in the market place. It is no longer guaranteed to those organizations that have financial resources and size on their side. Smaller organizations that are fast and flexible can now outmaneuver the traditional large enterprises by employing new technology that enables them to deliver goods and services to their customers at a faster pace and lower cost (Kumar & Kumar, 2013).

Case Illustration

3G Textile Mill is one of leading textile mills in India. This Textile mill has been in the business over five decades. The unique aspect of this mill is that it is managed by a management team consisting of a President, Senior Vice President and Vice President who belong to three different generations. Their approach and decisions are based on their experiences, business insight and education.