Potential of Big Data Analytics for Managing Value Creation

The growing interest in Big Data (BD) and Big Data Analytics (BDA) by the business in recent years requires looking for models to reveal their economic potential and their ability to generate value. The article aims to identify the main factors that affect the implementation of BD and BDA in business organizations and to present and compare the models for creating value from them. The main method of research is the systematic review of the scientific literature on the subject. By applying a structural approach and critical analysis of publications on the topic, the most important factors affecting the generation of value with BDA are summarized, a comparison between models for generating value is made and is provided a model, consisting of the following 7 main steps: Data generation, Data collection, Data processing, Data storage, Data analysis, Data visualization, and Data presentation. As a result of the study, we concluded that organizations which implement BD and BDA in their activities must be familiar with the factors affecting this process, as well as models for generating value with their intrinsic stages and characteristics. Their in-depth analysis is an important step towards the adoption of BD technology and the BDA model, corresponding to the specifics of business activities and the scale of the organization. This matter may be the subject of further research.