Importance of Big Data in an Organization Management Coursework

Importance of Big Data in an Organization.
Name:
Course:
Tutor:
Institution:
Location:
Date:
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 acquired could be used as solution strategies to the issues in the company, an effort in the process that could be much slower and less effective if traditional business intelligence were applied. This document serves to perform an extensive and qualitative analysis on Big Data, its overall importance, how companies utilize the numerous approaches to the concept to enable their managers in the decision making process and also the primary factors for the development of an effective Big Data analytics. Moreover, the paper wishes to use the Coca Cola Company to evaluate how it uses the concept to gain a competitive advantage over other companies.
2.0 Importance of the Big Data Concept.
Big Data analytics has helped organizations manage their data and identify new opportunities which will in turn aid in making smarter and profitable business moves, perform more efficient operations, satisfy their customers and enjoy additional financial gains. Firstly, Big Data analytics helps a company reduce the overall cost of its running. There are main Big Data technologies such as Hadoop and Cloud-based analytics which have helped organizations realize significant cost effective advantages (Mithani 2015). These technologies do this by storing large amounts of a company’s data and advising them on the best ways of carrying out businesses for the best results. Secondly, the concept speeds up the process of decision making. When a company combines Hadoop, in-memory domestic company evaluation and an analysis of other forms of data, it will be able to perform an effective and fast analysis then use the results and solutions to make the best decisions.
Thirdly, with the ability for an organization to accurately identify the needs and gauge the satisfaction of its customers through analytics, the company will confidently deliver what the customers want (Tropina et al., 2014). This will, in turn, give the firm new ideas to develop new products and services.
3.0 Role of Big Data Analytical Approaches in Decision Making.
The case study on Coca Cola Company showed that it keeps increasing business data every day, collected from various sources such as mobile devices, social media pages, official and subordinate websites and other active and passive sources of data. Once received, the company classifies these collated items of data in to smaller pieces of value-added information while identifying the ones that will have the best impact on its business (Mithani 2015).
The first way in which organizations use Big Data analytics to drive critical business decisions and enhance their business performance is using real-time data to improve customer engagement and retention. As stated earlier, customer service is one of the most important areas that the Coca Cola Company and any other organization must deliver its merits in the world today (Blomqvest 2014). These companies have been using real-time data to offer face to face personalized services and operations solutions to its customers. The Coca Cola Company has 107 million likes on its Facebook page, 2.6 million followers on Instagram and 35 million on Twitter (HARRISON, 2017)). The data collected from these and other sources has enabled the company connect to the preferences of these followers and offer them with some of the most effective customized loyalty programs (Rijmenam 2016). The firm utilizes the data to generate actionable insights that aid the brand in enhancing the loyalty of its customers, its profitability, hence always staying among the top even during global company recessions.
Secondly, companies use Big Data analytics to make decisions of enhancing its operational efficiency and recognizing exactly what they should do to maintain it. The organizations achieve this by leveraging data to create automatic processes, optimize selling strategies and enhance the overall efficiency of the business (Briscoe et al., 2017). The Coca Cola Company has ensured this by establishing service lenders all over the world. These service stations serve the purpose of collecting data from the local retailers, supermarkets and customers, then send the information to the ce...