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

One Response to Exploiting Big Data For Creating New Products And Innovation

  1. Nice post Mogjan. Big Data is a promising field and full of opportunity and growth. The earlier you start using these techniques to make decisions, the more likely your business will be successful in the long run. Having a lot of information does not equate to having the right information; it just means that you have humongous amounts of data. The focus, rather, should be on creating repeatable insights collected in real-time. This value is possible by having the right tools to layer the right information over time.
    (www.hexanika.com)

E-Commerce Advances For Savvy Marketers

E-Commerce Advances For Savvy Marketers

Digital Marketing Platforms Advertising and marketing techniques have progressed rapidly in the last decade with both channel focus and the direction of content shifting considerably due primarily to advances in cloud technology. Gartner’s Magic Quadrant for Digital Commerce 2016 singles out a few ecommerce providers who are topping their sector in both ability to execute…

The Lighter Side Of The Cloud – Energy Battle

The Lighter Side Of The Cloud – Energy Battle

By David Fletcher Please feel free to share our comics via social media networks such as Twitter, Facebook, LinkedIn, Instagram, Pinterest. Clear attribution (Twitter example: via@cloudtweaks) to our original comic sources is greatly appreciated.

Recent Articles - Posted by
Cloud Comings and Goings

Cloud Comings and Goings

Cloud Power Amazon Web Services – the giant of cloud computing – is on track to do $10 Billion in revenue this year. Yet, rumors swirl that Apple may take a huge chunk of business away from them and Dropbox has definitely left AWS. Is something wrong at AWS? Wait, Salesforce.com (SFDC) – the granddaddy of…

Digital Transformation: Not Just For Large Enterprises Anymore

Digital Transformation: Not Just For Large Enterprises Anymore

Digital Transformation Digital transformation is the acceleration of business activities, processes, and operational models to fully embrace the changes and opportunities of digital technologies. The concept is not new; we’ve been talking about it in one way or another for decades: paperless office, BYOD, user experience, consumerization of IT – all of these were stepping…

Connecting the Digital Dots with the Internet of Things

Connecting the Digital Dots with the Internet of Things

The IoT Explosion In The Cross-Industry Category Gartner estimates that 6.4 billion Internet of Things (IoT) devices will be in use in 2016, nearly a third more than last year, and with attentive patrons such as Samsung, recently committing to invest $1.2 billion into IoT research in the US over four years, we can happily…

Shadow IT To Remain A Focus For Both Cloud Vendors And CIOs

Shadow IT To Remain A Focus For Both Cloud Vendors And CIOs

Shadow IT To Remain A Focus Shadow IT, a phenomenon defined as building internal IT systems without the official organizational approval has been a growing concern for CIOs over the last few years. In 2015, it climbed to the top of the list of the emerging IT threats, with as much as 83% CIOs reporting…

The Cloud Above Our Home

The Cloud Above Our Home

Our Home – Moving All Things Into The Cloud The promise of a smart home had excited the imagination of the movie makers long ago. If you have seen any TV shows in the nineties or before, the interpretation presented itself to us as a computerized personal assistant or a robot housekeeper. It was smart,…

Cloud Infographic – Monetizing Internet Of Things

Cloud Infographic – Monetizing Internet Of Things

Monetizing Internet Of Things There are many interesting ways in which companies are looking to connect devices to the cloud. From the vehicles to kitchen appliances the internet of things is already a $1.9 trillion dollar market based on research estimates from IDC. Included is a fascinating infographic provided by AriaSystems which shows us some of the exciting…

Big Data and Financial Services – Security Threat or Massive Opportunity?

Big Data and Financial Services – Security Threat or Massive Opportunity?

Big Data and Financial Services Cloud Banking Insights Series focuses on big data in the financial services industry and whether it is a security threat or actually a massive opportunity. How does big data fit into an overall cloud strategy? Most FI’s have a positive mind-set towards cloud IT consumption as it not only enables…

15 Cloud Data Performance Monitoring Companies

15 Cloud Data Performance Monitoring Companies

Cloud Data Performance Monitoring Companies (Updated: Originally Published Feb 9th, 2015) We have decided to put together a small list of some of our favorite cloud performance monitoring services. In this day and age it is extremely important to stay on top of critical issues as they arise. These services will accompany you in monitoring…

Unusual Clandestine Cloud Data Centre Service Locations

Unusual Clandestine Cloud Data Centre Service Locations

Unusual Clandestine Cloud Data Centre Service Locations Everyone knows what the cloud is, but does everybody know where the cloud is? We try to answer that as we look at some of the most unusual data centre locations in the world. Under the Eyes of a Deity Deep beneath the famous Uspenski Cathedral in the…

Explosive Growth Of Data-Driven Marketing

Explosive Growth Of Data-Driven Marketing

Data-Driven Marketing There is an absolute endless amount of data that is being accumulated, dissected, analyzed with the important bits extracted and used for a number of purposes. With the amount of data in the world has already reached into multiple zettabytes annually. A Zettabyte is one million petabytes or one thousand exabytes. With data…