Big Data as an Enabler for Decision-Making

In today's world, we rely heavily on technological systems that can gather, handle, store, and index, to produce intelligible information that can be retrieved and consumed at a moment's notice to help solve problems and/or inform decisions at a personal and organizational level. Most notable, is the fact that there is more information than we ever had that can add value in the short term and long term.

Why Big Data?

Many business practitioners and academic experts who specialize in data and information would argue that while “big data” is a buzzword, most would assert that data in and of itself plays a pivotal part in solving problems, bridging gaps, and seeking opportunities as long as the data itself is defined in terms that make sense to the unique situations that need answers. For this reason, it is paramount that data (IT) professionals understand the needs of the business to provide the right information at the right time to maximize the value it brings to the organization.

Challenges and Opportunities

While there are many opportunities offered by the amount of data and information available (internally and externally), there are also many challenges that organizations face in terms of the vast amount of data available and how it can be exploited, categorized, and indexed to bring meaning to the organization. In terms of challenges, companies are also faced with the fact that there is a shortage of the right talent and personnel that could help organizations make the best use of the information they own and the information available outside the organization.

Benefit-Cost Analysis

When organizations seek to invest in information and data techniques, companies need to carefully conduct a benefit-cost analysis to ensure that the investments made are in alignment with the overall business strategic goals and objectives. Companies also need to ensure that the data/information obtained, analyzed, and implemented are meaningful and impactful. To this end, investments that are not linked to the company's objectives result in expensive measures that may or may not answer the needs of the organization.

Big Data as it Relates to Information Gathering and Knowledge Management

It is worth noting that information management and acknowledgment are two distinct functions. While both functions tend to be dependent on each other (information management enables knowledge management), it is important to note that knowledge management is better aligned with the intent of business executives to achieve desired business results.

Strategic Significance?

From a strategic point of view, information is power. Nonetheless, for information to add value and set a company apart from the competition, it needs to be relevant, timely, and meaningful.