Topic > Is Big Data a strategic tool? - 1378

IntroductionBig data can be defined as the voluminous amount of unstructured and semi-structured data created by a company. (1) And companies usually collect more data than they know what to do with, which aims to provide the ability to take advantage of the competition. (4) The data covered every area of ​​the global economy (6). Therefore the use of Big Data not only emphasizes the collection and storage of a large amount of data, but also turns this data into a competitive objective to gain a competitive advantage. Big data can create value for business success in terms of innovation and differentiation, to improve the performance and productivity of organizations, and to increase the ability to make better decisions. On the other hand, Big Data can pose challenges such as the importance of privacy and security and the organization's talent in finding the full value of Big Data. According to research conducted by MGI and McKinsey's Business Technology Office, Big Data will become a key basis of competition, underpinning new waves of productivity growth, innovation and consumer surplus. (3) So that big data provides companies with more opportunities to discover data correlations that previously would have remained hidden. Dominic and David (2012) stated that bigger and better data gives companies more panoramic and more granular views of their business environment. Big Data allows companies to create new products and services, improve existing ones, and invent entirely new business models. (8) Furthermore, the use of big data can be a key factor for companies to gain a competitive advantage over their competitors. (13) Therefore, the use of Big Data has already become an important method to stimulate competition by differentiating products and services… middle of paper… This is based on detailed transactions and sufficient data collected by the company. Furthermore, many companies are already using big data to improve their ability to make better choices for their business. Sufficient data not only helps the manager to easily analyze business conditions, but also provides confidence to the manager to make better decisions. On the contrary, much research shows that Big Data can be seen as a challenge for businesses. The first is data security and privacy. Most data is sensitive and has a significant impact on business performance, such as customer personal data, company financial records, etc. The second concerns the talent and ability of organizations and managers to maximize the full value of data. And don't just focus on the quantity of data. How to use data to create value can be the Achilles' heel for some companies.