Big Data and Strategy Management: Trends, Platforms, Success Factors and Applications

Abstract

Big data and strategy management are trends that are positively impacting the business world. Past researches show that data generated in the modern world is huge and growing exponentially. These include structured and unstructured data that flood organizations daily. Unstructured data constitute the majority of the world’s digital data and these include text files, web, and social media posts, emails, images, audio, movies, etc. The unstructured data cannot be managed in the traditional relational database management system (RDBMS). Therefore, data proliferation requires a rethinking of techniques for capturing, storing, and processing the data. This is the role big data has come to play. This paper, therefore, is aimed at increasing the attention of organizations and researchers to various applications and benefits of big data technology. The paper reviews and discusses, the recent trends, opportunities and pitfalls of big data and how it has enabled organizations to create successful business strategies and remain competitive, based on available literature. Furthermore, the review presents the various applications of big data and business analytics, data sources generated in these applications and their key characteristics. Finally, the review not only outlines the challenges for successful implementation of big data projects but also highlights the current open research directions of big data analytics that require further consideration. The reviewed areas of big data suggest that good management and manipulation of the large data sets using the techniques and tools of big data can deliver actionable insights that create business values.