Big Data Analytics for Business Management: Driving Innovation and Competitive Advantage
DOI:
https://doi.org/10.18034/abr.v14i1.728Keywords:
Big Data, Competitive Advantage, Data-Driven Decision Making, Predictive Analytics, Business Intelligence, Data Mining, Strategic ManagementAbstract
The study aims to investigate how Big Data Analytics may revolutionize modern business management by fostering innovation and providing a competitive edge. The study looks at the adoption rates, strategic implementation, and effects of Big Data Analytics on organizational performance indicators like revenue growth, customer acquisition, retention, and market share. It thoroughly evaluates the literature and case studies and analyzes future trends. The results highlight how businesses use BI tools, data visualization strategies, and advanced analytics capabilities to boost operational effectiveness and spur revenue growth. These developments highlight the growing use and strategic significance of big data analytics. However, to guarantee the appropriate and fair implementation of Big Data Analytics in company management practices, issues like data privacy and security concerns call for solid data governance frameworks and governmental interventions. The report offers insightful information and policy recommendations for businesses looking to use data-driven tactics to confidently and nimbly negotiate the challenges of the modern digital economy.
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Copyright (c) 2024 Narayana Reddy Bommu Sridharlakshmi; Raghunath Kashyap Karanam; Narasimha Rao Boinapalli; Abhishekar Reddy Allam; Marcus Rodriguez
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