Research at least two articles on the topic of big data and…
Research at least two articles on the topic of big data and its business impacts. Write a brief synthesis and summary of the two articles. How are the topics of the two articles related? What information was relevant and why? Provide the references in your responses.
Answer
Title: Big Data and its Business Impacts: A Synthesis and Summary of Two Articles
Introduction:
The advent of big data has revolutionized the way businesses operate and make decisions. Organizations have recognized the potential of harnessing vast amounts of data to gain insights, make data-driven decisions, and stay ahead of the competition. This paper aims to synthesize and summarize two articles on the topic of big data and its business impacts, analyzing their relevance and exploring their interconnections.
Article 1: “The Business Value of Big Data” by Thomas H. Davenport, appeared in the Harvard Business Review in 2014.
Summary:
Davenport’s article provides an extensive analysis of the business impacts of big data. He argues that big data holds immense potential for businesses to improve decision-making, identify new revenue streams, enhance customer relationships, and gain a competitive advantage. Davenport emphasizes that the value of big data lies not in its inherent size but in the insights derived from its analysis. He delineates various business areas where big data has a significant impact, such as operations, marketing, innovation, and risk management. The article also discusses the challenges associated with big data implementation, including privacy concerns and data governance.
Relevance and Contribution:
Davenport’s article is highly relevant due to its comprehensive examination of the potential business impacts of big data. The author’s analysis emphasizes the importance of transforming raw data into actionable insights to drive organizational success. By exploring various sectors and functions, the article demonstrates the wide-ranging implications of big data on business operations. Moreover, by acknowledging the challenges and concerns associated with big data, Davenport provides a balanced view of the subject matter.
Article 2: “Leveraging Big Data to Drive Business Model Innovation” by Venkat Venkatraman and Vivian JENG, published in MIS Quarterly in 2019.
Summary:
The article by Venkatraman and JENG focuses on the role of big data in business model innovation. The authors argue that big data presents unprecedented opportunities for organizations to reimagine their business models and create new value propositions. They argue that businesses can leverage big data to drive innovation by identifying new customer segments, developing personalized offerings, and enabling network effects. The authors propose a framework for business model innovation based on big data, highlighting the critical capabilities required for successful implementation. They also discuss the challenges organizations might face, including the need for a strategic mindset, infrastructure investments, and talent acquisition.
Relevance and Contribution:
This article’s focus on business model innovation and big data is crucial as it explores a specific aspect of big data’s impact on businesses. By highlighting the potential of big data to drive innovation and create new value propositions, Venkatraman and JENG suggest a proactive approach for organizations to capitalize on emerging opportunities. The article’s framework for business model innovation offers practical insights into the capabilities required for successful implementation. Additionally, the discussion of challenges provides a realistic view of the obstacles organizations may face when leveraging big data for business model innovation.
Interconnections:
Both articles share a common thread in emphasizing the transformative nature of big data in the business context. While Davenport’s article provides a comprehensive overview of the potential business impacts across multiple functions and sectors, Venkatraman and JENG’s article zooms in on the specific angle of business model innovation. Both articles acknowledge the challenges associated with big data implementation, highlighting the need for strategic planning, skilled personnel, and adequate infrastructure. This demonstrates the interconnectedness of different aspects of big data’s impact on businesses, from decision-making to innovation and beyond.
References:
Davenport, T. H. (2014). The business value of big data. Harvard Business Review, 92(5), 20-21.
Venkatraman, V. & JENG, V. (2019). Leveraging big data to drive business model innovation. MIS Quarterly, 43(4), 1353-1369.