Role of Big Data Analytics in Business Transformation

Summary

In recent years, big data, business analytics, and a “smart” environment are the latest tools attracting great attention in influencing organizational decision making. These tools are helping the organizations in delivering meaningful data, and get answers based on value that will give them a competitive edge by improving their performance. Big data analytics (BDA) not only perform pattern analysis but also allows the prediction of future events automatically. With the support of artificial intelligence, it can transform organizations and generates new business opportunities. BDA also helps in generating value for the sustainable development and prosperity of societies. It comprises of cutting edge analytical tools, equipment, programming, and platforms to perform analysis and management of big data. It offers incredible help for settling on choices and taking activities dependent on smidgens of proof. Notwithstanding, there is a constrained comprehension of how companies need to transform to grasp this technological development, and the business move they involve which can incite organizations and cultural change.

This chapter contains an in‐depth literature review focusing on the need for business transformation and the role of BDA. Five case studies were discussed, compared, and analyzed for successful BDA implementation. The chapter addresses the potential challenges for adopting BDA in businesses. It will provide a road‐map for the businesses to leverage BDA for business value.