Exploiting Big Data For Creating New Products And Innovation

Exploiting Big Data For Creating New Products And Innovation

Exploiting Big Data For Creating New Products And Innovation

Infographic-Big-Data

With the development of technology resources, organizations will increasingly depend on exploiting data for creating new products, services, innovation as well as changes in business processes. Big data is currently one of the most talked about issues in business and organizations. Big data is a collection of unstructured and multi-structured data that come from traditional and digital sources inside and outside companies representing sources for ongoing discovery and analysis.

Unstructured data refers to information that is not organized such as metadata, Twitter tweets, and other social media posts.

Multi-structured data refers to different types of organised data and data which can be generated from interactions between people and machines, for example, web applications, social networks and web log. Three significant characteristics of big data; high-volume, velocity, and variety; are important in obtaining, extracting, manipulating and interpreting it within an organization.

Many scholars believe that analysing, interpreting, and managing big data will help companies to understand their business environments, to respond to changes, and to create new products and services in order to keep their business fresh and new. Increasingly, long term commercial success is based on an ability to manage change and using data effectively. Many commentators stress the importance of leadership in the big data era. Leaders’ vision, their ability to communicate that vision, their creative thinking, their ability to spot a great opportunity, and the way that they support and deal with employees, customers, stockholders, and other stakeholders can surpass or mobilize change process. Moreover, effective leaders are able to bring together a group of competent professionals and data scientists to work with large quantities of data and information. Data scientists not only should possess statistical, analytical and creative IT skills but also they should be familiar with operations, processes and products within organizations. However, people with these competencies are difficult to find and in great demand.

Technologies such as the Hadoop framework, cloud computing and data visualization tools help skilled professionals to cope with the technical challenges. In fact, the increased volumes of data require major improvements in database technologies. Nowadays, open source platforms such as Hadoop have been designed to load, store and query massive data sets on a large, flexible grid servers, as well as perform advanced analytics. Analysing big data will not be valuable if professionals cannot understand and interpret the results of the analysis. Hence, organizations need great decision makers to examine all the assumptions made and retract the analysis to increase productivity and innovation at all organizational levels. Many scholars believe that automated administrative decision making can save time and improve efficiency. However, there is possibility of some error in computer systems that can lead to errors in interpretation of results. Hence, users should try to examine and verify the results produced by the computer.

By Mojgan Afshari

About Mojgan Afshari

Mojgan Afshari is a senior lecturer in the Department of Educational Management, Planning and Policy at the University of Malaya. She earned a Bachelor of Science in Industrial Applied Chemistry from Tehran, Iran. Then, she completed her Master’s degree in Educational Administration. After living in Malaysia for a few years, she pursued her PhD in Educational Administration with a focus on ICT use in education from the University Putra Malaysia.She currently teaches courses in managing change and creativity and statistics in education at the graduate level. Her research areas include teaching and learning with ICT, school technology leadership, Educational leadership, and creativity. She is a member of several professional associations and editor of the Journal of Education. She has written or co-authored articles in the following journals: Journal of Technology, Pedagogy and Education, The Turkish Online Journal of Educational Technology, International Journal of Education and Information Technologies, International Journal of Instruction, International Journal of Learning, European Journal of Social Sciences, Asia Pacific Journal of Cancer Prevention, Life Science Journal, Australian Journal of Basic and Applied Sciences, Scientific Research and Essays.

View All Articles

Sorry, comments are closed for this post.

Three Factors For Choosing Your Long-term Cloud Strategy

Three Factors For Choosing Your Long-term Cloud Strategy

Choosing Your Long-term Cloud Strategy A few weeks ago I visited the global headquarters of a large multi-national company to discuss cloud strategy with the CIO. I arrived 30 minutes early and took a tour of the area where the marketing team showcased their award winning brands. I was impressed by the digital marketing strategy…

Why Security Practitioners Need To Apply The 80-20 Rules To Data Security

Why Security Practitioners Need To Apply The 80-20 Rules To Data Security

The 80-20 Rule For Security Practitioners  Everyday we learn about yet another egregious data security breach, exposure of customer data or misuse of data. It begs the question why in this 21st century, as a security industry we cannot seem to secure our most valuable data assets when technology has surpassed our expectations in other regards.…

Choosing IaaS or a Cloud-Enabled Managed Hosting Provider?

Choosing IaaS or a Cloud-Enabled Managed Hosting Provider?

There is a Difference – So Stop Comparing We are all familiar with the old saying “That’s like comparing apples to oranges” and though we learned this lesson during our early years we somehow seem to discount this idiom when discussing the Cloud. Specifically, IT buyers often feel justified when comparing the cost of a…

Using Cloud Technology In The Education Industry

Using Cloud Technology In The Education Industry

Education Tech and the Cloud Arguably one of society’s most important functions, teaching can still seem antiquated at times. Many schools still function similarly to how they did five or 10 years ago, which is surprising considering the amount of technical innovation we’ve seen in the past decade. Education is an industry ripe for innovation…

Are Cloud Solutions Secure Enough Out-of-the-box?

Are Cloud Solutions Secure Enough Out-of-the-box?

Out-of-the-box Cloud Solutions Although people may argue that data is not safe in the Cloud because using cloud infrastructure requires trusting another party to look after mission critical data, cloud services actually are more secure than legacy systems. In fact, a recent study on the state of cloud security in the enterprise market revealed that…

Your Biggest Data Security Threat Could Be….

Your Biggest Data Security Threat Could Be….

Paying Attention To Data Security Your biggest data security threat could be sitting next to you… Data security is a big concern for businesses. The repercussions of a data security breach ranges from embarrassment, to costly lawsuits and clean-up jobs – particularly when confidential client information is involved. But although more and more businesses are…

Three Tips To Simplify Governance, Risk and Compliance

Three Tips To Simplify Governance, Risk and Compliance

Governance, Risk and Compliance Businesses are under pressure to deliver against a backdrop of evolving regulations and security threats. In the face of such challenges they strive to perform better, be leaner, cut costs and be more efficient. Effective governance, risk and compliance (GRC) can help preserve the business’ corporate integrity and protect the brand,…

Disaster Recovery – A Thing Of The Past!

Disaster Recovery – A Thing Of The Past!

Disaster Recovery  Ok, ok – I understand most of you are saying disaster recovery (DR) is still a critical aspect of running any type of operations. After all – we need to secure our future operations in case of disaster. Sure – that is still the case but things are changing – fast. There are…

How Formal Verification Can Thwart Change-Induced Network Outages and Breaches

How Formal Verification Can Thwart Change-Induced Network Outages and Breaches

How Formal Verification Can Thwart  Breaches Formal verification is not a new concept. In a nutshell, the process uses sophisticated math to prove or disprove whether a system achieves its desired functional specifications. It is employed by organizations that build products that absolutely cannot fail. One of the reasons NASA rovers are still roaming Mars…