A Critical Analysis of Business Models of Big Data as a Panacea for Business Growth Forecast
Keywords:
Business Models, Big Data and Business Growth ForecastAbstract
This study analyzed business models of big data as a panacea for business growth forecast. The study noted that big data analytics has changed the game in a number of industries by providing companies with insightful information to improve decision-making, streamline processes, and forecast market trends. In carrying out this research, numerous subheads were taken into consideration, some of which included: concept of business models, concept of big data, concept of business growth and concept of business growth forecast. The study mentioned the effects of business models on business growth to include: market reach/customer acquisition and cost efficiency among others. Furthermore, the study stated the types of business forecasting to include: quantitative forecasting, qualitative forecasting and causal forecasting. In the same vein, the study mentioned the types of panacea models to include: holistic development models and behavioral pricing models to mention a few. Structured data, semi-structured data and unstructured data were mentioned as the types of big data. The effects of big data on business growth forecast as highlighted in the study included: enhanced accuracy, proactive decision-making and customer segmentation. The study also mentioned gathering data, identifying key drivers and modeling revenue projections as the ways to utilize a business model to forecast business growth. Some of the challenges of using big data to forecast business growth as mentioned in the study included: data quality and reliability, data integration challenges and technological infrastructure. The study further stated the mitigations to the challenges of using big data to forecast business growth to include: improving data quality and reliability, streamlining data integration and enhancing technological infrastructure. The study concluded that business models leveraging big data underscores its transformative potential in driving business growth. One of the recommendations made was that organizations should invest in advanced analytics tools and skilled personnel to harness big data effectively.
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