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Liverpool John Moores University
5050BUSBM
Dr

Big Data: Hype or a Gold mine?
Word Count: 1255

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Contents
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BIG DATA: HYPE OR GOLD MINE?
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1

BIG DATA: HYPE OR GOLD MINE?

This essay will focus on the adoption of big data in companies, the essay will analyse
the advantages, disadvantages and any technological, legal, ethical or managerial
issues it may face
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Big data is a life changing technology which has unlimited potential
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Today, most organisations understand that if they
capture all the data that comes into their businesses, they can apply analytics to get
significant value from it (SAS, 2019)
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In 2017, big data adoption
reached 53% (Forbes, 2017)
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Big companies use big data for longterm, strategic operational and business decision making or for reporting, trends
analysis, predictive/prescriptive modelling and scenario analysis (Wish Works, 2018)
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The use
of big data us common amongst companies to outperform their peers
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Big data can be used to understand business
processes and assemble incoming data, for example, retailers can optimize their stock
based on predictive models generated from web search trends, social media data and
weather forecasts (New gen apps, 2017), as information will be coming from numerous
data streams it is often unorganised
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Big data helps to identify new
opportunities, it is able to analyse new sources of data as well as sources from the
past so that they can make predictions about the future; this can help a business make
better decisions present and future (Stack Tunnel, N/D)
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Big data analytics software can be used to explore large collections of
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data to develop predictive and prescriptive models
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Not only is the reduction in cost, but a
reduction in time
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Big data have been giving a positive impact towards the managerial aspect of the
business such as helping with decision making (Bhadani & Jothimani, 2016)
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Some companies restrict access to their data entirely; others sell it for a
fee, and others offer small data sets to university-based researchers (Boyd &
Crawford, 2012) and this creates unevenness in the system of those with money, and
those without
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Manovich (2011) writes three classes in the field of big data: ‘those who
create data, those who have the means to collect it, and those who have the expertise
to analyse it
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An advantage of big data analytics is that it helps to understand
and target customers, having the ability of finding customer needs and satisfaction
through analytics gives businesses the power to create new growth opportunities and
provide the products and services that customers with what they want (SAS, 2019)
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The new benefits of big data analytics bring are speed and efficiency - the ability to
work faster gives organisations a competitive edge they didn’t have before
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It can be a challenge
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to know which data is important and what do to with it
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A lot of big data is unstructured and sometimes results can be
misleading, tools used to gather big data sets are imprecise
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Possible failure can be a result of data being implemented
incorrectly, if a business isn’t used to handling data at such a rapid rate, it could lead
to incorrect analysis which will cause large problems for the organisation (Hadoop
Admin, 2019)
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Privacy is also an ethical issue, just because big data is
accessible does not mean it is ethical
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Often, data is collected by the business without the person
or user knowing or without consenting (Boyd & Crawford, 2012)
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In order to act ethically, it’s important that
researchers reflect on the importance of accountability (Boyd & Crawford, 2012)
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In 2018, the EU’s General Data Protection Regulation was to be implemented
with the goal to ‘give citizens back control of their personal data’; this regulation applies
to any company that holds data about any EU citizen (Forbes, 2017)
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Big data analytics can be substantial to a business, but they must first outweigh and
take into account the pros and cons (Hadoop admin, 2019)
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The business intelligence market is expected to grow at the

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CAGR of 11
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As big
data is still a relatively new technology it is still expected to evolve
...
, Jothimani, D
...
K
...
) Effective Big Data Managerial and Opportunities for
Implementation
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IGI Global
Bhoomireddy, V
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What do companies use Big Data for
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whishworks
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Last
accessed 18th March 2019
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1080/1369118X
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67887
Columbus, L
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53% Of Companies Are Adopting Big Data Analytics
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forbes
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Last accessed 18th March 2019
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UK
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Data protection
...
gov
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Last accessed 17th March 2019
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(2017)
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Available:
https://www
...
com/doc/legal-issues-in-big-data-0001
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Hadoop Admin
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Pros and Cons of Big Data
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hadoopadmin
...
in/pros-and-cons-of-bigdata/
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Harvey, C
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Big Data Pros and Cons
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com
...
datamation
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html
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Ismail, N
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What are the real opportunities for big data in the digital
world?
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information-age
...
Last
accessed 18th March 2019
...
(2019)
...
Available: https://www
...
com/reports/businessintelligence-market-2299
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Marr, B
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3 Massive Big Data Problems Everyone Should Know About
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forbes
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Last accessed 18th March 2019
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(2017)
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Available: https://www
...
com/blog/importance-benefitscompetitive-advantage-big-data
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SAS
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Big Data Analytics - What it is and why it matters
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sas
...
html
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Shannon, S
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The pros and cons of implementing big data in your
business
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churchillfrank
...
Last accessed 18th March 2019
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(Unknown)
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Available: https://www
...
com/advantages-disadvantages-bigdata
...
Last accessed 17th March 2019

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