Importance of Big Data in an Organization Management Coursework

Importance of Big Data in an Organization.
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Contents TOC \o "1-3" \h \z \u Executive Summary PAGEREF _Toc14116869 \h 31.0.Big Data Concept: Coca Cola Case Study PAGEREF _Toc14116870 \h 42.0 Importance of the Big Data Concept. PAGEREF _Toc14116871 \h 43.0 Role of Big Data Analytical Approaches in Decision Making. PAGEREF _Toc14116872 \h 54.0 Key Success Factors for an Effective Big Data Analytics. PAGEREF _Toc14116873 \h 65.0 Big Data as Competitive Advantage Tool. PAGEREF _Toc14116874 \h 76.0 Conclusion. PAGEREF _Toc14116875 \h 8References PAGEREF _Toc14116876 \h 10
Executive Summary
This document examines how the concept of Big Data is driving the adoption of broader and more sophisticated accumulative and quantitative analysis techniques across media entities by both large and small sized firms. The paper wishes to discuss the significance of the concept and how key analytical approaches related to Big Data supports managers in their decision making process. Since evaluation of Big Data analytics involves examining large amounts of data by a company, the following study is important as it reveal that the information acquired from the examination aids to uncover the hidden patterns and correlations as well as give fundamental insights that the management of the company can use to make proper business decisions (Börner, 2015).
This uses Coca Cola Company as a case study in the analysis of Big Data and the results show that the concept is an important tool for competitive advantage because when a company unfolds more of its data, hidden information and patterns, the management will be able to identify and acquire its potential sources of revenue, increase their production and productivity and also obtain more customers (Boyd & Crawford, 2012). Big Data Analytics enhances all the areas of the operation of a business in the manner that a company can now analyze its distribution, sales and marketing, supply chain, procurement and optimize its decision making process in the context of elevating itself.
The findings of the study and the real-life case study of the Coca Cola Company will be applied in the management function as they will evidentially aid in creating and effective Big Data analytics process through the study of the factors that facilitate a critical research of the process (Henningsen et al., 2017). The paper also recommends that for a company to gain a competitive advantage over its counters, it is predominant for them to ensure that they have supreme analysis of their Big Data.
1 Big Data Concept: Coca Cola Case Study
Big Data is a popular buzzword. The term has been present in the business world for quite a while now. It comes in a variety of shapes and sizes and has multiple applications such as in the ultimate detection of fraud, social media, smart power grids, the call center and other forms of analysis. In the past, there were minimal and less efficient ways of carrying out the process of Big Data analytics but with the advancement of today’s technology, it is possible for companies to analyze their large amounts of data and obtain answers from it, easily and immediately (Liu, Cao & Wang 2014). The information acq...