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The report would also identify the manner in which the emerging technologies like Big Data are assisting the improvements in the HR functions in the businesses. The report would identify the different HR requirements of the businesses, a detailed understanding on Big Data and its uses in the modern day organizations. The report would also identify the correlation between the development of digital technologies and Big data with that of the traditional and modern management and leadership practices in business organizations.
Big Data is actually a large volume of information which is both structured and unstructured and is used by the businesses in order to identify trends and patterns while forecasting the future. It has been observed that large volumes of complex, structured or unstructured data are stored in the clouds which are accessed by the businesses through the application of IoT (Internet of Things) and different other technologies with the purpose of gathering insights on the areas of change that the industries are running into. Gardiner et al. (2018) stated that the utilization of the Big Data analytics supports the business leaders in making efficient decisions based on the shifting market trends, competition and the altering behavior of the customers. Moreover, Liu (2020) opined that Big Data supports the businesses in gathering information and knowledge on the changing expectations of the employees while improving their capability on HR operations. The identification of the market trends assists the business leaders in undertaking efficient forecasting which is supportive towards the healthy decision making capabilities.
The digital era has brought about significant changes in the business undertaking processes. Information acts as a valuable asset to businesses which support the same in developing different areas of change and modification for coping with the shifts in the business environment and sustaining the intensely competitive global markets. Therefore, Big Data analytics acts as an important technology that has empowered the knowledge capabilities of the businesses while improving the decision making competencies (Sousa et al. 2019). Big Data being a huge load of complex data, requiring analysis, assists the businesses in developing insights on the patterns of change in the market environments, contributing towards the continuous growth and development of the businesses.
Big Data and Development
Businesses operate continuously through the dedicated support and development of the HR practices while addressing the strategic common goals. It has been observed that most of the businesses are mostly focused towards recruiting skilled and experienced personnel with the purpose of ensuring the development and growth of the business practices. The emergence of different technologies has contributed extensively towards the continuous development of the HR practices in the business organizations while ensuring the continuous development of the businesses in the international markets. Nocker and Sena (2019) opined that the development of the different HR operations in the businesses are specifically based on the changing requirements of the companies. The identification of the business needs and the utilization of different technological devices and platforms have supported the businesses in improving their HR capabilities.
The emergence of Big Data analytics, for an instance has supported businesses in gaining significant insights on the experience and talents present in the different regions. The utilization of Big Data has resolved the concerns of businesses in developing their knowledge on the different available resources while correlating with the needs in order to empower recruitments. Meyers et al. (2019) stated that the HR processes in businesses are specifically attracting talents, acquisition of talents and retention of talents in order to address the continuity and relevance based requirements of the businesses. Therefore, in this connection, it has been observed that the utilization of the Big Data analytics by businesses has assisted ventures in improving their capabilities through optimized performance and growth prospects.
Description of technology used in Big Data
The most popular Big Data technologies that are trending in the year 2020 are AI (Artificial Intelligence), data lake, Predictive analytics, In- memory Data base, Prescriptive analytics and the like (Liu 2020). The wider application of technologies through the utilization of Big Data has supported the businesses in data mining, identifying and predicting trends. It has been observed that Big Data technologies are used with the purpose of data mining, data storage, data sharing, and data visualization, which has supported the continuous innovation and growth of the businesses in relation to technologies and product or service developments.
The utilization of AI has been supportive towards designing and developing smart machines whereas predictive analytics and prescriptive analytics played an essential role towards improving the strategic interventions of the businesses while surviving in the highly competitive market environments (Meyers et al. 2019). The application of Big Data technologies in the organizations are specifically divided into two categories, operational and analytical. The operational Big Data technologies improves the capability of the businesses in increasing the efficiency of the business operations while addressing to the strategic goals. On the other hand, it has been observed that the analytical big data technologies has been supportive towards ensuring the efficient analytical capabilities of the businesses in identifying market trends and developing interventions for ensuring the continuous growth and development.
Platforms and software
The Big Data analytics utilizes a variety of software and platforms with the purpose of maintaining the efficiency of its operations. It has been observed that the technology operates through Cloudera, Pivotal Big Data Suite, Microsoft Azure HD Insight, SAP HANA, Vertica, Aster Discovery Platform, Oracle Big Data SQL and the like (Kache and Seuring 2017). The utilization of different technological platforms and software systems has significantly contributed towards the efficient functioning of the systems while addressing different strategic issues and concerns that are being faced by businesses relating to data mining and visualization.
Type of business using Big Data and how it has helped them
Businesses have been integrating their resources with the Big Data with the purpose of increasing their capability of Data mainlining, market analytics and forecasting different future measures (Investopedia 2021). The sharing aspect related to information, which is offered by Big Data, has significantly contributed towards ensuring the efficiency of growth and performance while addressing the strategic and sustainable needs. All types of business can operate through Big Data but businesses with an international exposure or the enterprises that are mostly driven towards improving their market position through technological innovations are most likely to utilize the aspects of Big Data. It has been observed that the efficient utilization of Big Data analytics improves the analytical and predictive capability of the businesses.
The continuous emergence of different technologies and digital media platforms has greatly influenced modifications in the operational aspects of the businesses. It has been observed that the nature of change in the organizational operations is critically reliant on the efficient functioning of the different systems while addressing the strategic needs and growth requirements. It has been observed that the emergence of new technologies has significantly influenced developments in the HR capability of the businesses (Nocker and Sena 2019). Moreover, it has been observed that the implementation of the Big Data analytics in the businesses has significantly supported in improving the operational aspects like HR, market interpretation or accounting. It has been observed that the increased utilization of Big Data analytics has significantly supported the businesses in gaining a competitive edge over the existing market players. Therefore, it might be stated that most businesses which are conducting complex technological experiments and are focused towards improving their innovativeness utilize Big Data with the purpose of ensuring their growth.
The relation between the emergence of digital technologies and the new or old business and management theories, practices and behaviors
The emergence of the digital technologies has eased the governance and management of the organizations through the induction of information in order to influence knowledge. Kache and Seuring (2017) stated that the emergence of the digital technologies and platforms has supported the business leaders in gathering information. Information is regarded as an integral part of management theory and practices. According to Mantelero (2018), a successful leader takes the initiative of analyzing the different points of information and developing coherent processes as per the continuous changing market conditions.
Most of the management theories and practices, traditionally and in modern times, has made use of different areas of information in order to improve their planning skills. Singh and El-Kassar (2019)observed in a research study that the development of different business practices are specifically based on the identification of the market trends and patterns which influences the decision making capabilities. The leaders and managers of businesses take the initiative of accessing different information based on the market dynamics, the competitors and the shifting needs of the customers in order to frame their decisions.
The decisions that are taken by the leaders empower a business in gaining a sustainable edge over the existing business players. Traditionally, the leaders encountered significant concerns in developing cognition on the market analytics and most of their decisions were based on their market based knowledge and assumptions which resulted to risks. However, the emergence of digital technologies like IoT and Big Data has solved the concerns that were faced by the business leaders in accessing valuable information to support their decisions. Rialti et al. (2019)stated that the identification of the specific patterns and trends are integral towards improving capability of the leaders in framing decisions while forecasting the future course of actions. In this connection, the wider availability of information through the web and Big Data or other technological tools has supported the business owners in developing capabilities related to the development and growth of businesses (Cukier 2014). The wider availability of information or data has significantly contributed towards the continuous growth and development of the businesses.
The behavior of the leaders has considerable changed through the emergence of the new digital technologies. Traditionally, the leaders made use of their common market based knowledge while assuming the outcome of their decisions. The aspect of assumption in the decision making process brought in significant risks. However, the emergence of the new digital technologies relating to Big Data and market analytics has significantly empowered the capability of the leaders in making rational and logical decisions while analyzing the benefits. Liu (2020) stated that the emergence and wider utilization of the Big Data analytics has supported the business leaders in making logical forecasts which contributed towards the sustenance and relevance of the businesses among the competing forces.
The systems theory advocates the correlation between the systems or processes in an organization with the external environment (Nocker and Sena 2019). It has been observed that the emergence of the digital technologies, providing better scope of accessing market information, assisted the business leaders in developing insights on the changing business environments. The processes and systems are designed by the business leaders on the basis of the changing business environments. Therefore, efficient understanding of the business environments, through the application of digital technologies like Big Data, has significantly influenced the improvement of the organizational systems.
Efficiently designed systems in an organization empower the competence of businesses in developing performance. On the other hand, it has been observed that the contingency theory of leadership and management emphasizes on the changes in the leadership traits based on the market or business situations (Rialti et al. 2019). In this connection, the emergence and development of the digital technologies empowered the knowledge of the leaders. Increased knowledge on the changing market contexts improves the capability of a leader or a manager in improving the quality of the strategic interventions and decisions, aiming towards increasing the performance of the business.
The typical sets of behavior, attributes and approaches that are positioned by the leaders and the managers are specifically reliant on their market based knowledge. The emergence and continuous development of the digital technologies, specifically the Big Data Analytics, has contributed towards influencing the performance of the leaders relating to management and governance in businesses.
Therefore, as per the topic area of the research, Big Data is implemented by the business leaders with the purpose of improving knowledge and understanding on the current and emerging trends relating to industry remuneration standards, employee expectations, training needs and the like. The knowledge is being imparted to the leaders through the continuous development of a wider body of information, which is widely available. The difference between the traditional and modern days of managing businesses is reliant on the availability of information. Big Data analytics and IoT has contributed extensively towards improving the knowledge and skills of the leaders while influencing their decisions which led businesses towards sustenance and growth.
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