THE IMPORTANCE OF BIG DATA IN INDUSTRY AND ECONOMY

Keywords: information flows, business transformation, industry, digitalization of the economy, data flows, electronic document management

Abstract

The article is devoted to topical issues of processing and implementation of technology for working with large data sets at Ukrainian enterprises. Due to the digitalization of all production processes and reducing the number of intermediaries between producers and consumers increases the flow of requests and information in the enterprise. Companies are faced with the question of how to identify innovations with high revenue potential to gain a deep understanding of the motives and desires of customers. The number of automated processes in enterprises is growing every year. The activity, which is based on the processing and use of big data, gives accurate, clear ideas about the business processes in the enterprise and their results. In addition, to present information about the current state of the enterprise, the use of business intelligence can predict future results. By analyzing past and current data, reliable systems track trends and illustrate how those trends will continue over time. Innovation forms the key areas for enterprise growth in the 21st century. With the spread of e-commerce, the work of processing large data sets is becoming a major asset in the economy, contributing to the emergence of new industries, processes and products to create significant competitive advantages. Thus, efficient data processing helps to create efficiency in various operations, from optimizing production and service chains to efficient use of labor and customer relations. Regardless of the size of the enterprise, the most important advantage for success is knowledge of customer needs and behavior.Such information, along with reliable forecasts, allows entrepreneurs to develop effective business strategies instead of spending time and money on trial and error. The ability to process large amounts of information using automated software products also greatly simplifies enterprise management, including aspects such as maintenance, inventory, delivery, workload and others. Used properly, it can help entrepreneurs develop business development strategies. If companies do not innovate in their activities and fail to meet the needs of consumers in a timely and complete manner, they risk being pushed out of the market.

References

Shen Yin, Okyay Kaynak. Big Data for Modern Industry: Challenges and Trends. Proceedings of the IEEE. Available at: https://ieeexplore.ieee.org/document/7067026/authors#authors (accessed 28 July 2021).

Linly Ku. The Impact of Big Data in Business. Available at: https://www.plugandplaytechcenter.com/resources/impact-big-data-business/ (accessed 28 July 2021).

Mehul Rajput . The Role of Big Data in Business Development. Dataversity Digital LLC. Available at: https://www.dataversity.net/the-role-of-big-data-in-business-development/# (accessed 28 July 2021).

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Published
2021-06-29
How to Cite
Maksymova, J. (2021). THE IMPORTANCE OF BIG DATA IN INDUSTRY AND ECONOMY. Economy and Society, (28). https://doi.org/10.32782/2524-0072/2021-28-38
Section
ECONOMICS