Big data is becoming more accessible and user friendly there is a vast amount of businesses specifically for analysing business data but how do businesses cope with reading this analysed data Big data can be the make or break of a business when analysed correctly Big data is only as useful at the rate of its analysis businesses need to stay ahead of their competitors and the data can be used to predict the next step Keywords Big data Fast data Analytics business intelligence and performance Introduction Data is no longer valued by its size or ranking what matters is how easily people or businesses can access it Tableau 2017 The amount of data we store is ever increasing it is predicted that by 2020 there will be 44 trillion gigabytes with 1 7 megabits of new data created every second of everyday to process this amount of data in the speed that is required data warehousing works through each piece as it comes through allowing it to support real time analytics and complex decision making Zhuo 2016 Large businesses are increasingly demanding more advanced analytics tools to speed up the process of informed business decisions Reddy 2017
Big data is important due to the effect it can make on businesses becoming successful when analysed correctly Data analysis is key to ensuring a steady but stable growth for companies Most businesses collate far too much data to store locally so use online storage systems such as the cloud Makad 2016 Big data is used to discover insights from evidences of high demand for computer efficiency knowledge and discovery predictions and problem solving However is data now becoming too accessible What are the effects on the staff that are allocated the job to ensure that valuable data is not overlooked or accessed by rival companies Outsourcing data analysts could take the control from the company itself if they are not correctly taught how to read the analysed data correctly Data analytics is a positive move for businesses decisions but will also have counter consequences Big data is only as useful at the rate of its analysis or the businesses won t receive the real time suggestions for better outcomes whereas fast data is more beneficial and actionable to a business due to the rapid analysis and results allowing business decisions and outcomes to take place Zhuo 2016
Data analytics can also be applied to employee performance it will allow employers an insight into why employees leave stay allowing them to adapt to ensure they keep the valued staff businesses monitor this staff activity with satisfaction surveys team assessments and exit and stay interviews Once the data has been applied to the staffing it can also be used to aid managers with their staff appraisals showing where staff excel and lack to improve for future this will also be used when promotions are being considered Straz 2015 Big data s power does not erase the need for vision or human insight there are numerous technical challenges when using big data but nothing in comparison with the challenges with managerial challenges The most critical aspect of big data is its impact on decision making When data is scarce a decision is made on the intuition of the highest paid persons opinion and the company executive However even with the way the world is going people are still relying heavily on intuition rather than using the data provided to make an informed decision McAfee 2012
When analytics are used correctly combining maths experimentation and analytics businesses can optimise customer experience using this business can drive more traffic to their website this is prescriptive analytics Agrawal 2017 Conclusion Good business intelligence is all that is required to convert data into ideas that can be actioned upon Honeycutt 2018 Overall businesses are benefiting from data becoming more accessible using different platforms without the size of the data becoming an issue thanks to the fast moving technology updates allowing programmes to compress it into an east to read format Businesses are able to harness the power of data no matter how many disparate data sources they have Data is no longer valued by its rank or size Tableau 2017 Big businesses such as Amazon and Google are already taking full advantage of fast data and data analytics small businesses are researching more and more to allow them to benefit from the benefits of fast data and data analytics Programs are continually being modernised to ensure ease of use
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