Big Data, Data Management, and Business Intelligence

Big Data, Data Management, and Business Intelligence

Richard T. Herschel
Copyright: © 2022 |Pages: 12
DOI: 10.4018/978-1-6684-3662-2.ch065
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Abstract

This paper examines big data and the opportunities it presents for improved business intelligence and decision making. Big data comes in multiple forms. It can be structured, semi-structured, or unstructured. The opportunity it presents is that there is so much of it and it is readily available to organizations. Organizations use big data for business intelligence (BI). They can apply analytics in BI activities to assess big data in order to gain new insights and opportunities for decision making. The problem is that oftentimes the data is of poor quality and it contains personal information. This paper explores these issues and examines the importance of effective data management in facilitating sound business intelligence. The Master Data Management methodology is reviewed and the importance of management support in its deployment is emphasized. With the advent of new sources of big data from IoT devices, the need for even more management involvement is stressed to ensure that organizational BI yield sound decisions and that use of data are in compliance with new regulations.
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Background

The amount of data in our world has exploded exponentially such that data, especially unstructured data, is now referred to as “big data”. Where measures of data were once gradually evolving from megabytes to terabytes, the sudden phenomena of big data accelerated these measures to volumes expressed in petabytes (1,024 terabytes) or exabytes (1,024 petabytes). The new influx of data is derived from billions to trillions of records of millions of people—all from different sources (e.g. Web, sales, customer contact center, social media, mobile data and so on). The data is typically loosely structured and often incomplete.

Petrov (2019) states that in 2019, the big data market is expected to grow by 20 percent, with every person generating 1.7 megabytes of data in just a second. By 2020, he claims, there will be approximately 40 trillion gigabytes of data. He notes that 97.2 percent of organizations are investing in big data and artificial intelligence (AI), because automated analytics will become increasingly vital to big data by 2020.

Big Data is the natural result of four major global trends:

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