The importance of big data in digital age

In today’s increasingly digitalised world, vast information is easily accessible by more and more people. This is known as big data. Watch the video in which Tom Dyer and Owen Lee draw out the importance of big data.

Big data refers to the large volumes of data generated and accessible online. The sources of big data include online daily transactions or social media posts. Big data is one of the most significant technological disruptions to business in recent years.

Companies can use big data and business analytics to gain a competitive advantage in the market, challenging existing business modes (Pappa, et al., 2018). There is a need to better understand how big data and business analytics drive decision-making in businesses and how organisations can give purpose to the data that will lead to a performance increase.

Watch the following video in which Tom Dyer and Owen Lee discuss how the process of decision-making has been reshaped and challenged in the digital world, how the marketer’s approach to identifying opportunities has changed, and how decision-making around strategic target market identification is evolving.

Your task

How can big data impact the organisation’s decision-making process?

References

_{Pappas, I. O., Mikalef, P., Giannakos, M. N., Krogstie, J., & Lekakos, G. (2018). Big data and business analytics ecosystems: Paving the way towards digital transformation and sustainable societies. Information Systems and E-Business Management, 16(3), 479-491. DOI: 10.1007/s10257-018-0377-z Locate link (available to fee-paying students)}