Role of Big Data and Business Analytics In Emerging Markets

Question: Describe about the Big Data and Business Analytics in Emerging Markets. Answer: Introduction Storage of big data is a major problem faced by companies and facilities for the same are revolutionising the way intelligence is being stored and analysed. The digital economy that is hyper connected with the help of Internet of Things (IOT) is creating a change in the economy where data becomes a commodity. Though big data storage and analytics brings in several benefits for business it often requires companies to cross organisational lines. Qualifying data through analysis is a very complex process in comparison to traditional methods. Those performing data analysis must be skilled in the domain and techniques used for analysis and data solution(DeAngelis, 2014). This is still and evolving area and separation between analysts, those preparing data and decision makers are disappearing. Big data and business analysis sector is estimated to grow by 30 percent in next five years. Combination of easy access to quality data and quality tools to analyse it will help to achieve better lif e quality and increased operational efficiency. It will also help in the establishing a standard for evidence-based policy making. Big data analytics is now commonly used in developed markets by small public sector entities to multinationals like Tesco(DeAngelis, 2014). However, big data analytics is not so common in most emerging countries owing to lack of data. It is not possible to apply big data analysis methods when there is lack of data. This paper aims to explain various aspects of big data and business analytics in emerging markets. The biggest threat: lack of data Big data analytics can be performed only with a huge collection of data and hence it is not possible to apply this method in several developing economies where necessary data is not available. For example, in a developing country like Southern Sudan it would not have been possible to conduct data analysis to forecast immunization needs of vaccines for they do not have enough data. In Ukraine, data limitations lead to stock-outs occasionally. Both public and private sector entities will have to make evidence-based decisions(Lee, Savio, Carpenter, 2014). However, it is quite common to conduct inconclusive analyses using insufficient data in such cases. Big data and developing countries In developing countries data is being generated, collected and analysed and smartphones plays a crucial role in this. Rapid growth of data collection in developed countries triggers the growth of data analysis. In developing world data is collected in a different manner from the rest of the world and mobile phones are replacing desktops and laptops. The United Nations launched Global Pulse initiative as an innovation lab to create awareness on the opportunities possessed by big data. The initiative aims to bring various stakeholders like data providers, big data scientists, practitioners of development sector and government together to a common platform to catalyse adoption of tools and technologies for big data analysis. This will help policy makers to understand emerging vulnerabilities and human well-being in real-time so as to protect populations from shocks(Rijmenam, 2013). The power of big data analysis is that such analysis is able to look back and forward and provide valuable insights(Drenik, 2014). If an organisation wants to develop a strategy it will need data. However, it is also important to apply logic and experience while taking any decision. Hence, big data analysis alone cannot take crucial decisions. It is just a starting point which serves as a building block in decision making of a knowledge-based organisation. Countries can make use of big data analysis while taking decisions for it helps the, to look to the past and future and change decisions according to circumstances. Countries relying on big data analysis will have resilience and insight(Drenik, 2014). Developing countries are now the focus point of organisations interested in poverty reduction. Industries interested in development and consumer packaged foods are also focusing on developing markets. Any organisations targeting middle class population find developing countries as the best available market. It is the middle class who are always looking forward for opportunities to improve their life. With advanced technologies they are now exposed to a consumer driven market(Bremmer, 2012). However, this middle class is not having same tastes, product preferences or lifestyles. It is at this stage that big data analysis comes to the help of companies that are targeting emerging markets. According to a survey conducted by KPMG in 2013 there are a lot of organisations interested to expand into emerging markets. The KPMG survey indicates that 69 percent companies in the world consider geographic expansion as the best means to gain more customers and majority of them were focusing to exp and to developing countries(KPMG, 2013). Influence on lives of people Smartphone technology and big data are used by various schemes to help people with low income to access health care, launch micro business and to reduce energy consumption. However, the effect of such efforts mainly depends on the data collected. It is important to make sure that the data is correct and does not have any unexpected consequences. It is important for the stakeholders to have a clear picture on the implications of big data. One of the major issues in data collection is privacy concerns. Details of gender, caste, customs etc are highly sensitive matters in some societies and hence collection of such data will be very difficult. While some societies consider insights into such matters as innocuous others might feel it highly intolerable. Such data might be explosive in the world of content development. It is not easy to use big data to solve bigger issues in developing or under developed economies. For example, details of an epidemic disease can be used to prevent it from spreading, but when it comes to social practices like child marriage, big data might not be of any use.There is a doubt among some persons that big data analysis might lead to more divided worlds. They doubt about the even distribution of such data and uneven distribution can lead to a different effect. The issue is whether big data analysis will help to create a more equal society or a more unequal society. It was with the help of mobile data that scientists spotted hotspots of malaria infection in Kenya. They were able to identify exact places where disease transmission was taking place and was able to guide the government and eradicate the disease. Studies are being conducted on the usage of big data for analysing weather and preposition supplies to help victims of natural calamity. For example, it was with the help of data analysis that Procter Gamble identified the needs of people in areas suffering from water scarcity and designed their grooming products specifically for those customers. They were able to make their shaving product the number one in India within three monthsof launch. Conclusion Big data analytics have become one of the most important methods to help largest population sector comprising of four billion people across the world. It is the most emerging technology in developing markets affecting business interactions, government agencies, nonprofit organizations and end users. With big data analysis role of technology is increasing in the world. Even private sector is valuing the importance of big data analysis and is using the same to drive business outcomes. Big data analysis uses data in a systematic manner to make real time decisions on business as well as for social development. If used efficiently big data can contribute for social development to a large extent. References Benady, D. (2014, December 11). Can big data improve the lives of people in the developing world? Retrieved May 22, 2016, from https://www.theguardian.com/: https://www.theguardian.com/sustainable-business/2014/dec/11/can-big-data-improve-the-lives-of-people-in-the-developing-world Bremmer, I. (2012, April 27). The Future Belongs to the Flexible. 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