Big Data in Business
Institution Affiliation
The article “Making Advanced Analytics Work for You” by Barton and Court (2012) discusses how big data can be used in transforming companies as well as the advantages associated with the same. Firms, a good example being Amazon has been seen to eclipse competitors with great new business models that develop from an ability to exploit data. Businesses have, over the years, been growing, and in the1990’s business managers started incorporating big data and analytics concepts. This paper focuses on the journey taken since the introduction of the idea. The most critical issues are highlighted as well as the lessons learned from the pioneers of the principle. The steps for successful incorporation, relevant experiences, and applications are also discussed.
The first critical thing in big data and analysis is the identification of the right data source. There is a wide range of data sources due to technological advancement. Sophisticated software has been developed and continues to be improved, and data that would not be processed a few years back has become easier to obtain and synthesize (Barton & Court, 2012). The biggest challenge to any business manager is always getting a suitable data source. After getting a trustworthy data source, a good manager cannot implement the data into the business without some degree of certainty of the profitability of the incorporation of the system. Advanced analysis models have to be developed to experiment with the outcome of using the technology. Getting the results from the software is not enough, and now the management has to evaluate the capability of the organization to adopt big data technology. The final decision has to be made based on the organization’s resources.
In the early 1990’s a revolution for businesses to shift from using old techniques to incorporating data technology to boost their operations and reach out to more customers (Barton & Court, 2012). Significant challenges accompanied this. A research carried out by Andrew and Brynjofdsson from Massachusetts Institute of Technology indicated that companies that ventured in big data technology had a more significant advantage over those that did not embrace it through increased profit. However, this did not easily come as many challenges accompanied it. There was no certainty of the outcome, and many companies collapsed due to huge losses. These companies paved the way to the success of many organizations in the 21st century.
For significant data technology implementation, a strategy is critical, and every manager must have a well laid out plan to transform the business entity into embracing it. Strategy prevents a manager from making blind decisions without knowing the results of the given technology. The first step is always creatively getting a data source (Barton & Court, 2012). Creativity always makes one outstand his/her competitors. Upon getting a data source, proper IT support should be set up to implement the technology. An idea may be excellent, but poor implementation would fail. Patience is always needed in the application of big data. It’s usually a slow process and cannot be implemented at once but has to be carried out in stages to avoid shutting down the whole organization. This waiting time has, however, changed as the technology advances.
The greatest lessons to all the managers and entrepreneurs are; first, the world is shifting towards big data technology, and for any future survival, it’s the only direction to take. Also, it’s important to note that it’s a slow process not easy at all to achieve, and patience must be exercised (Barton & Court, 2012). Finally, it’s essential to realize that it should never be a trial process, and proper strategy is required. This knowledge applies to all business organizations, and the managers require this knowledge to run their institutions effectively. Investors also need to be aware of where the world is shifting. Finally, governments also need this knowledge to plan for the future of their countries.
Reference
Barton & Court, D. (2012). Making Advanced Analytics Work for You. Harvard Business Review. Retrieved 22 February 2020, from