Big Data: An Innovative way to Gain Competitive Advantage Through Converting Data into Knowledge

Abstract

“Big Data” has emerged as the new wave in the global market place. Big Data refers to the datasets whose storage capacity is beyond the ability of traditional database software tools for capturing, storing, managing, and analyzing the unstructured data. Big Data has become revolutionary technologies that help in enhancing organization’s bottom line through converting data into knowledge. Early movers across the sector has started using Big Data for analyzing consume behavior, predicting future business, enhancing customer loyalty, and gaining competitive advantage among their peers. Thus, this paper aims to present concept of Big Data, illustrate competitive advantage derived from using Big Data with the help of cases, and outlining barriers that are faced during implementation of Big Data. Big Data is still in its evolutionary phase, so this paper will help scholar, academicians, entrepreneurs and others to gain insight about the concept.

Keywords: Big Data, Concept, Opportunities, Cases, Barriers.