Big Data Explosion: Insight for New Age Managers

Abstract

There is an evident shift in decision – making processes and we have evolved from the times of making crude estimates and judgments to painstakingly (time consuming) constructed models simulating reality to the data-driven real time decision-making in the form of “Big Data”. We are awash in a flood of data today. In a broad range of application areas, data is being collected at unprecedented scale. Such Big Data analysis now drives nearly every aspect of our modern society, including mobile services, retail, manufacturing, financial services, life sciences, and physical sciences. Thus, it is an area which interests academicians, researchers and practitioners alike. This paper is aimed to present a synoptic analysis on the potential and outreach of the Big Data technologies. Further, it focuses on the trends, opportunities and challenges associated with the same. The central theme of the paper is to provide the new age practitioners insights on the promising aspects of the Big Data technologies which can equip the organization with strategic advantages in operational efficiencies and augmenting their market offerings. Big Data has the potential to revolutionize not just research, but also education. It is widely believed that the use of information technology can reduce the cost of healthcare. Heterogeneity, scale, timeliness, complexity, and privacy problems with Big Data impede progress at all phases of the pipeline that can create value from data.