BIG DATA MANAGEMENT: RELATIONAL FRAMEWORK

Peter Géczy

Review of Business and Finance Studies, 2015, vol. 6, issue 3, 21-30

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.

Keywords: Big Data; Data Aspects; Processing Capabilities; Strategy; Actionable Knowledge; Information Technology Management; Management of Information Systems (search for similar items in EconPapers)
JEL-codes: C8 C81 C82 C88 D7 D8 D81 M15 (search for similar items in EconPapers)
Date: 2015
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