Academic journal article Review of Business & Finance Studies

Big Data Management: Relational Framework

Academic journal article Review of Business & Finance Studies

Big Data Management: Relational Framework

Article excerpt

ABSTRACT

Volumes of available digital data have been significantly expanding over the past decade. Alongside the volume, diversity and complexity of digital data have also been growing. Contemporary devices and systems are capable of generating data vastly exceeding capabilities of organizations and conventional information technologies to process it. Big, diverse and complex data presents novel challenges for organizations-but also opportunities. Big data enables tackling longstanding complex problems that would otherwise be out of reach. It also opens new scientific and commercial possibilities that could not exist without availability of data. Organizations utilizing large volumes of diverse data, however, face unique challenges. The challenges range from technological and processing issues to business and management matters. Organizations need to adopt appropriate management strategy in order to satisfactorily deal with the issues arising from utilization of big data. This necessitates understanding of relationships between the aspects of data and their managerial consequences. We examine the essential characteristics of big data and explore pertinent managerial implications.

JEL: C8, C81, C82, C88, D7, D8, D81, M15

KEYWORDS: Big Data, Data Aspects, Processing Capabilities, Strategy, Actionable Knowledge, Information Technology Management, Management of Information Systems

INTRODUCTION

Organizations rely on a broad range of information and communication technologies. Large number of organizations would be unable to function without the computer and information technologies (Turban and Volonino, 2011). Information technologies play a prominent role in many knowledgeintensive organizations. They are often designated as the core assets (Alvesson, 2004). Knowledge workers largely depend on information systems and services deployed in organizations (Davenport, 2005). Essential business processes are implemented within internal information systems. Formerly pen-andpaper business processes have been transferred into electronic business processes. This transformation facilitates enhanced working efficiency and productivity. It also permits task automation and improves accessibility of information and resources (Wikoff, 2008).

Individual organizations pursued their own paths when adopting information technologies. There are, however, noticeable adoption patterns. Initially, organizations had separate strategies for building information technology infrastructures and capabilities. Dedicated information technology departments have been relatively absent. Shortage of trained professionals and insufficient experience with information technologies have been prevailing. There has been also notable lack of best practices. This has led to uncoordinated long-term strategy and planning (Butler and Murphy, 2007). Separate departments in organizations have been implementing their specific information infrastructures and systems (Papastathopoulou et al., 2007).

Strategic coordination, planning and deployment of information technologies have become desirable (Georgantzas and Katsamakas, 2010; Boar, 2000). Smooth transition to novel management of information technologies has been favored. Radical reengineering of deployed systems would be costly and could hinder operations in organizations. Hence, solutions that could effectively utilize existing technologies have been preferred. A viable solution, in a form of organizational portal, has been presented to address these issues (Collins, 2000).

The portals provide a single-point access to distributed systems and services in organizations (Oertel et al., 2010; Sullivan, 2004). They do not represent a radically new technology, but rather a beneficial merger of readily available technologies. Enabling technologies have been the standardized communication protocols, web specifications, and service-oriented architecture and design (Rosen et al., 2008). Portals feature webbased front-ends and database plus legacy technologies at back-ends. …

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