The Importance of Implementing Big Data Analytics Concepts in Companies

The Importance of Implementing Big Data Analytics Concepts in Companies

Savo Stupar (School of Economics and Business, University of Sarajevo, Bosnia and Herzegovina), Mirha Bičo Ćar (School of Economics and Business, University of Sarajevo, Bosnia and Herzegovina) and Elvir Šahić (School of Economics and Business, University of Sarajevo, Bosnia and Herzegovina)
DOI: 10.4018/978-1-7998-2725-2.ch003

Abstract

The unimaginable speed of the development of information and communication technologies has led to the fact that in the time period from 2009 to 2012, human society generated and saved more information than in the entire history until then. As estimated in 2013, approximately 1,200 exabytes were generated around the world, and this vast amount of information is doubled every three years. This would mean that estimated amount of generated data for 2019 is approximately 4800 exabytes, that is, three times more than the total amount information generated throughout the history. Since such a large amount of information cannot be stored or processed (and especially not in real or reasonable time) using the common methods of storing and processing data, a new paradigm of storage, processing and management of large quantities, variety and data processing speed has emerged under the name big data concept.
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Introduction

In order for the company management to successfully manage the company, it is necessary to make the right (quality) decisions at all times. In order to make good decisions, it is necessary to manage the data in a good way, and a priority condition for this to be possible is that the data must be accurate, complete, timely, consistent, accessible, relevant and concise. Good data management and analysis have always been the greatest strengths and the biggest challenges for all companies. Unfortunately, the process of collecting, storing, managing and analyzing this data is becoming more demanding, but at the same time, easier and more useful for companies, thanks to the incredibly fast development of information and communication technologies.

Companies have long struggled to find the simplest approach to collect information about their customers, products and services. When the company had only a small number of customers, and when they were all buying the same or similar products in the same or similar way, things were quite simple. But over time, the number of companies doing the same business was increasing, the markets in which they participate were expanding, so things about data management become more complicated. To survive or gain a competitive advantage, these companies have expanded their product range by adding more product lines and introducing a variety of product delivery methods.

Key Terms in this Chapter

Business Intelligence (BI): Is a set of methodologies and concepts for gathering, analyzing and distributing information with the help of various software tools.

Twitter: Is an online social network designed for posting and reading short messages and news (tweets) with a maximum of 280 characters.

NoSQL: Is a database whose abbreviation is Not Only SQL. Its basic feature is that it is not a relational database, since there are no classical relationships between tables in this concept of the Database. One of the reasons why NoSQL databases were introduced is because relational databases take up a lot of memory resources. Also, the data structure in NoSQL databases is more flexible than in relational databases.

Tumblr: Is a microblogging platform and social website, which allows the user to publish their private multimedia content. Users have the ability to follow other blogs and protect their own.

Instagram: Is an application for processing and sharing photos via mobile phones. The application is available at no cost, and through it is possible to post photos on many social networks. It is used for both private and business purposes.

Open Source: Software is open code software that refers to software whose source code is available under an “open source” license to all users who may change, modify, and improve its content. This means that with “open source” programs come entire source code written in some programming language, so the program itself can be modified. This is not the case with paid software.

SQL (Structured Query Language): Is the most commonly used programming language designed to manage data in relational database management systems. It allows data entry and editing (queries, updating, deleting, creation and modification schemes, as well as access control data).

Skype: Is a well-known VoIP (Voice on Internet Protocol) and instant messaging program, i.e. fast internet communication program and platform. Skype enables communication with the Internet, phone and video calls as well as text messages. Skype also lets you share information (files), contacts, send money to your account, but also edit windows layout, pictures, sounds and more.

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