BIG DATA

The “Big Data” Era - How Can Business Cope?

Abstract

This literature review paper is based on The “Big Data” era - how can business cope?. Speaking of Big Data is not just talking about big data. It's also to talk on new types and sources of data that can be used to gain a new perspective and offer business advantages. For years, IT has managed transactional data stored in relational databases. The term 'big data' refers simply to the management and analysis of large amounts of data. The term 'big data' refers simply to the management and analysis of large amounts of data. Big Data is a new frontier for innovation, competition and productivity. The paper is divided into various sub headings such as Introduction, Implications and Significance of Managing Big Data, Solutions for Big Data Management, Big Data Management & Customer Experiences, Relationship between Business Intelligence and Big Data, and Conclusion.

The “Big Data” Era - How Can Business Cope?

Introduction

Big data is the new paradigm of doing business, not a set of open source technology for storing media content. This new context formed under the influence of large amounts of digital data with which to interact businesses to make business decisions today. Big data is a challenge and an opportunity. This concept is a new approach for timely business decisions based on all available information available in any amount and formats, from external and internal sources. Moreover, the concept of big data reflects a proactive approach to business based on predictive analysis. It has nothing to do with the approach to the storage of large amounts of data (Darryl, 2012).

The banking sector, along with Telecom is one of the main potential users of big data technology. A visual representation of the analysis of big data is critical to their interpretation. It's no secret that human perception is limited, and scientists continue to conduct research in the field of improvement of modern methods of data presentation in the form of images, diagrams or animations. Big Data phenomenon raises major investments giving rise to the development of a variety of applications or tools adapted.

Big Data technology platforms offer companies significant opportunities to integrate large volumes of data from both unstructured and semi-structured allowing them to manage all the data. Some of these data are currently beyond the reach of the IT infrastructure of the company.

It is also important to put Big Data in the context of the priorities of any company. Social media sites such as Facebook and LinkedIn simply would not exist without the existence of Big Data. Their business models require a personalized experience on the web for each user, which can only be delivered effectively by capturing and using all available information about the traffic they receive. The concept of Big Data does not appear to be new. Banks for example have implemented since the days of the Main Frame (Carolyn, 2012).

Implications and Significance of Managing Big Data

The term Big Data came about 5 years ago ...