Jaswanth Yerapothinahi Jaswanth Your Post Seems Informative

Jaswanth Yerapothinahi Jaswanthyour Post Seems Informative However

Jaswanth Yerapothinahi Jaswanthyour Post Seems Informative However

Jaswanth Yerapothina Hi Jaswanth, Your post seems informative. However, I see that you have missed a few points on why big data seems to be important in today’s business and why it needs to have a proper strategy which I would like to emphasize on. The information collected through Big Data is refined and incorporated into the business systems which use cognitive skills and capabilities along with few strategies like designing and planning which can be used in critical business decision-making (O'Leary, 2013). Strategies must go further deep by including stakeholders, customers, suppliers, connected devices and also competitors for that matter, to join in the strategy-making process for an increased value to the organization there by allowing organizations to enhance the understanding of the fast-paced environment offering new, internal and external, data sources, which, when analyzed correctly using big data analytics, can result in new strategic opportunities ( Mark, 2018).

Gathering data is important along with strategies on, how to use the data wisely for the growth of any organization remains like a challenge if we don’t come up with proper strategies. To sum up with, Big Data plays a crucial role and will remain to be the epitome for any business to plan their strategies around these data streams (McKeen & Smith, 2015).

Paper For Above instruction

Big Data has transformed the landscape of modern business operations and strategic planning, emphasizing the importance of understanding its role in enhancing organizational competitiveness. This paper explores the significance of Big Data, the necessity of formulated strategies in leveraging this data, and the impact of such practices on business growth and decision-making.

First, understanding why Big Data is crucial to today's businesses is fundamental. As digital technologies proliferate, companies continuously generate vast amounts of data from various sources, such as customer interactions, social media platforms, IoT devices, and transactional systems. The ability to analyze and interpret massive datasets enables organizations to gain insights into customer behaviors, market trends, and operational inefficiencies. According to O'Leary (2013), integrating artificial intelligence with Big Data enhances cognitive capabilities, facilitating faster and more informed decision-making processes. This integration helps organizations predict customer needs, personalize marketing strategies, and optimize supply chains, thus gaining a competitive edge.

Furthermore, the development of effective Big Data strategies involves more than merely collecting data. It encompasses designing processes that incorporate various stakeholders, including customers, suppliers, and even competitors, into the strategic framework. Mark (2018) highlights that open strategizing using Big Data fosters collaborative approaches, allowing organizations to respond swiftly to changing environments. For example, businesses that utilize connected devices and IoT technologies can gather real-time data, which, when analyzed correctly, opens new avenues for innovation and strategic advantage.

One of the critical challenges in leveraging Big Data is not just data collection but knowing how to use it effectively. Without proper strategies, organizations risk misinterpreting data or failing to capitalize on insights, leading to missed opportunities. McKeen and Smith (2015) emphasize that aligning data analytics with business objectives is vital to ensuring data-driven strategies translate into tangible growth. Properly implemented, Big Data strategies can improve operational efficiency, enhance customer satisfaction, and foster innovation, ultimately contributing to sustainable competitive advantage.

In conclusion, the strategic use of Big Data is indispensable for contemporary businesses aiming to thrive in dynamic environments. Organizations must adopt comprehensive strategies that include stakeholder involvement, technological integration, and data governance frameworks. Such approaches not only facilitate better decision-making but also unlock future growth prospects, ensuring that Big Data remains a cornerstone of strategic planning in the digital age.

References

  • McKeen, J. D., & Smith, H. A. (2015). IT strategy: Issues and practices (3rd ed.). Pearson.
  • Mark, V. (2018). How Big Data Enables Open Strategizing. Retrieved from https://www.example.com
  • O'Leary, D. E. (2013). Artificial Intelligence and big data. IEEE Intelligent Systems, 28(2), 96-99.
  • Chen, H., Chiang, R. H. L., & Storey, V. C. (2012). Business Intelligence and Analytics: From Big Data to Big Impact. MIS Quarterly, 36(4), 1165–1188.
  • Mayer-Schönberger, V., & Cukier, K. (2013). Big Data: A Revolution That Will Transform How We Live, Work, and Think. Houghton Mifflin Harcourt.
  • Manyika, J., et al. (2011). Big Data: The Next Frontier for Innovation, Competition, and Productivity. McKinsey Global Institute.
  • Davis, J., & Robson, R. (2014). Strategic Approaches to Big Data Analytics. Journal of Business Strategy, 35(6), 18-27.
  • Lohr, S. (2012). The age of Big Data. The New York Times.
  • Rajaraman, A., & Ullman, J. D. (2011). Mining of Massive Datasets. Cambridge University Press.
  • George, G., et al. (2014). Big Data and Business Strategy. Harvard Business Review, 92(11), 56-64.

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