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Effect of Big Data and Data Mining on Global Business
Data play an essential role in the present stage of the development of society and human activities. Therefore, the more global a business is, the more seriously it should treat extensive data management. In particular, this aspect affects the process of making informed and thoughtful decisions. Consequently, this scientific paper aims to study the impact of big data and data mining on global business. Moreover, the more widespread these aspects are, the more their effect on companies is determined.
Henceforth, first of all, it is necessary to consider how big data affects global business. The research underlines that successful organizations achieve business blessings by analyzing knowledge (Jaiswal, 2018, p. 2278). Thus, this statement underlines the importance of the ability of organizations to work with a large amount of information. Moreover, one of the advantages that a company can get is improved customer service. In addition, this contributes to increasing customer satisfaction and significantly improving the customer experience. This happens by collecting valuable information about the preferences and interests of the target audience.
Other benefits of big data are improving target marketing, cost reduction, and improved business efficiency. This is facilitated by such indicators as the ability to acquire, analyze and store large amounts of data in specialized repositories. This will allow analytical procedures to be carried out by the managers to study trends in the formation and development of the market to adapt to external factors. This will also allow the business to maintain its competitive position and have the most significant profit than its rivals.
Furthermore, another key concept of this study is data mining. Data mining implies the process of discovering specific knowledge about something among the total amount of information. This innovative technology is effective in attracting a more significant number of customers while retaining those people who have not been able to do it for a long time. Therefore, data mining is a procedure for forming an understanding of market trends. This factor can help in the decision-making process as it makes it easier by bringing the tendencies into the country.
The second, but no less critical, tool of intellectual analysis is the fact that it can contribute to the development of the process of making important decisions. This is because knowledge of trends and the history of a particular market makes it possible to answer business questions, the solution of which takes more than a limited resources. Hence, intellectual analysis, in addition to determining popular movements and preferences in the market, can help develop thoughtful marketing campaigns. In addition, the use of this aspect will play a significant role in the formation of staff loyalty.
Further, a global business must implement operations and policies in its operations to successfully use big data. Another effect that the phenomenon under study can have on companies is the provision of high technological growth (McAfee & Brynjolfsson, 2012). Therefore, the analysis and examination of a large amount of information require the introduction of advanced measures since human resources will not be enough to perform these actions. Other positive effects are increased productivity, which affects the preservation of competitiveness and economic development. The use of Data mining has the prospect of forming even more successful technologies to optimize and facilitate the study of information.
References
Jaiswal, M. (2018). Big Data concept and imposts in business. Manishaben Jaiswal Big Data Concept and mposts in Business International Journal of Advanced and Innovative Research (IJAIR) ISSN, 7(4), 2278-7844.
McAfee, A., & Brynjolfsson, E. (2012). Big data: The management revolution. Harvard Business Review.
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