Big data-driven value creation for organizations

Abstract

The past few years have been characterized by an enormous increase in data coming from different sources in real time and in many diverse forms. The term commonly used for such data is Big Data (BD). Much of this BD has a high business value and, if properly utilized, can become an important organizational asset helping the organization to achieve competitive advantage. However, many organizations make a limited use of BD because they lack necessary tools and/or do not understand the value of this data. The main contribution of this study is to investigate an issue of Big Data and elements shaping creation of BD-based business value. In particular, the outcome of this research is to build and verify a framework to provide business value based on BD. The proposed framework is distinguished by three components: (1) dynamic capabilities of organizations, (2) integrated process of BD resource exploration and exploitation, and (3) identification and measurement of business value creation based on BD.