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Big Data's Value to a Frim (Article Response)

  • 1.  Big Data's Value to a Frim (Article Response)

    Posted 03-29-2021 13:40
    I came across an article in the Journal of Product Innovation Management regarding big data and its value to a firm.

    https://onlinelibrary-wiley-com.huaryu.kl.oakland.edu/share/HP28SKQJQ554BKZKRKSQ?target=10.1111/jpim.12545

    I find big data and data science interesting and the author's efforts to prove the value to a firm is timely. It seems as if the term "big data" is sexy and a topic businesses are budgeting for or, at a minimum, wondering if they should. I agree that big data and the associated processes is something that should be valued like any other project in a firm. Especially if a 3 terabyte database can cost $1MM per month, my goodness!! No wonder big data is considered a competitive advantage. The companies that can spend that kind of capital are a subset in themselves. The framework of valuing volume, variety, and veracity is helpful in trying to understand if undertaking a big data project is worthwhile for a firm.

    In some ways, learning that volume has a negative effect is surprising but does make sense. If we collect and store all the data but do nothing with it, what was point? The authors suggest variety and veracity have a positive effect. They chose not to include velocity as suggested by other articles and I can appreciate why. What I wonder about in regards to velocity is velocity of the analyst. Cassie Kozyrkov has suggested, https://towardsdatascience.com/what-makes-a-data-analyst-excellent-17ee4651c6db, the speed of the analyst and thereby the analytics is critical. I have felt this in my own work, speed of delivery. It feels like this is limited by my own capacity and speed of learning. If I am limited to excel, then analysis happens at a certain speed. If I can program in R or Python, I can increase said speed. Further, what about creativity? I would argue insights are created by equal parts science and art. What if the analyst is only good at the science? Do we even consider artists analysts? Would you want an artist, with limited science, performing the analysis? On top of all this, how do we teach both? Is there time enough to teach both? I don't know.



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    Nathan Weeden
    Student
    Oakland University
    Rochester
    5742619929
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  • 2.  RE: Big Data's Value to a Frim (Article Response)

    Posted 04-06-2021 09:33
    Hi Nathan,
    Thanks for sharing.

    I agree that Big Data is a huge topic in business. In fact, companies are spending a huge amount of money moving to this approach. I read a book about the Competing in the Connected World, and it talks a lot about the Big Data and the Internet of Thing (IoT). I think this is an important move that has to be done as soon as possible by each firm in order to survive in the market. The whole world is moving digital and connected.

    Thanks again for sharing.

    Ahmed Alobaidan

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    Ahmed Alobaidan
    Student
    Oakland University
    Auburn Hills
    3138001172
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  • 3.  RE: Big Data's Value to a Frim (Article Response)

    Posted 04-15-2021 20:10
    Hi Nathan,

    Thank you for sharing this piece on "big data". I am glad that the author touched on the negative side of this topic (besides the cost). The article brings up points that I have always wondered about. The first being that only a small fraction of companies are actually efficient with data analytics. Many firms are wasting their time by spending fortunes on data that they can not proficiently analyze. For the companies that do sustain functionable analysis from their "big data" project, the article points out that only one-third of business leaders trust the data to make decisions. Now this could be an educational matter as some business leaders may need more information to trust the data. These leaders may just need to more experience with this type of analysis or maybe they do not fully understand where the data is coming from.

    You bring up some interesting questions. I do agree with your point about speed of delivery. If you are able to do program a process quicker, you not only have quickened that process but now have more time to work on other things. The creativity/innovation subject is a completely different matter. Although "big data'" may improve some processes that lead to more creativity/innovation; however, does it actually lead to something in commonly known creative fields? Does "big data" produce new songs? New ways to advertise? Or even new products?

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    Zachary Zombo
    Oakland University
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