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Role of big data and predictive analytics

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DOI: 10.1504/IJAL.2016.10001272

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 Role of Big Data and Predictive Analytics

Role of Big Data and Predictive Analytics

Shirish Jeble, Sneha Kumari and Yogesh Patil

Abstract :
Big Data has emerged as an important area of interest of study and research among practitioners and
academicians. Exponential growth of data is fueled by the exponential growth of internet and digital
devices. Advancement in technology is making it economically feasible to store and analyze huge
amounts of data. Big Data includes a mix of structured, semi-structured and unstructured real time data
originating from variety of sources. Predictive Analytics provides methodology in tapping intelligence
from large data sets. Many visionary companies such as Google, Amazon etc. have realized the potential
of Big Data and Analytics in gaining competitive advantage. These techniques provide several
opportunities like discovering patterns or better optimization algorithms. Managing and analyzing Big
data also constitutes few challenges - namely size, quality, reliability and completeness of data. This
paper provides an extensive review of literature on Big Data and Predictive Analytics. It gives details of
fundamental concepts in this emerging field. Finally, we have concluded with findings of our study and
outline future research directions in this field.

Keywords : Big Data, Big Data and Analytics, Data Science, Predictive Analytics, Advanced Analytics,
Social Media Analytics
 Role of Big Data and Predictive Analytics

1.0 INTRODUCTION:
In the recent years Big Data Analytics has emerged as an important area of interest among practitioners
and academicians. Exponential growth of digital devices, penetration of internet, tablet computers and
smart phones are spawning large volumes of data round the clock. Contrary to traditional data, Big Data
comes from variety of data sources in different forms. The volume, variety and velocity of this data pose
unique challenges for those managing data centers. Nevertheless, computing, storage and analysis
capabilities have caught up to meet these challenges. Storage of large datasets has become easy and
economical.
Along with traditional business data, firms are realizing value from social media data obtained from sites
such as Twitter or Facebook. These mediums have exhibited potential of gathering business intelligence
required for designing competitive strategies. In this paper, we have narrated different ways in which
firms can derive intelligence which helps business managers make informed decisions. This can translate
into improved ROI for business. This paper provides conceptual underpinnings about Big Data, Predictive
Analytics, applications of Big Data Analytics, challenges and opportunities and further research direction.
This field has a great potential to address future challenges for business and society. It provides certain
unique advantages compared to statistical sampling method.
The present paper is organized as follows. The next section (section 2) provides review of extant
literature. In this section, we review literature on Big Data, sources of data and Predictive Analytics. The
third section provides concepts about Big Data Analytics and further delves into Predictive Analytics.
Fourth section will discuss Opportunities and challenges dealing with Big Data and Predictive Analytics.
Fifth section will present conclusion followed by future research opportunities in this field.

1.1 RESEARCH OBJECTIVES:

Driven by the need to further explore the role of big data and Predictive Analytics, this paper acts to
bridge the knowledge gap by achieving the following objectives:
a) To explore the existing literature on the fundamental concepts of Big Data and Predictive Analytics
b) To clarify the evolution and definitions of Big Data and Predictive Analytics
c) To explore the upcoming opportunities and challenges of Big Data and Predictive Analytics
d) To identify gaps in existing research and identify further research directions on the role of Big Data
and Predictive Analytics

1.2 RESEARCH METHODOLOGY

After defining objectives of our research, we identified keywords such as “Big Data”, “Big Data
Analytics”, “Predictive Analytics”, “Social Media Analytics” and “Twitter Analytics” for searching
research papers in top journals, conference papers and web sources. The research resulted in about 400

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research papers. After initial review of over 400 papers, we have narrowed down to over hundred research
papers in the field of Big Data and Analytics for further study. Besides, we have conducted few short
interviews with practitioners working in this field to get insights from the industry. After completing our
study and analysis, research papers from different journals were classified in Table 3 (Annexure 1). The
research papers were selected from year 1992 to 2016, with majority of them published after year 2013.
In fact, above 50% of the papers have been published in the last 3 years, which is a good indicator of
significance of this topic (indicated by red color in Figure 1 below). These papers were reviewed to
collect, refine and review various aspects of Big Data and Analytics.

Figure 1: Year-wise classification of research papers on Big Data and Predictive Analytics

2.0 LITERATURE REVIEW

In this section, we have discussed process of shortlisting research papers and we present critical review of
extensive literature on Big Data and Analytics. We are presenting our findings from literature review
below.

2.1 CLASSIFCATION SCHEME OF LITERATURE

Annexure 1 gives summary of literature reviewed as stated below:
 Table 3 : Classification of research papers on Big Data and Predictive Analytics
 Table 4 – Summarize various definitions that give conceptual understanding of Big Data.
 Table 5 – Summarize use of Big Data in Operations and other domains

2.2 EVOLUTION OF INFORMATION SYSTEMS LEADING TO BIG DATA

Over last several decades, information systems and internet have been major enablers of globalization.
From initial use of information systems for scientific applications and departmental information systems,
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we have reached an era of “Smart Phones” and “Internet of Things”. Prime purpose of early applications
of information systems was record keeping and efficient processing of business transactions. Since then,
several breakthroughs in computer science and engineering have led to information revolution in last few
decades. Chen et al. (2012) summarize this into 3 distinct phases as narrated in table 1 below.

Phase Description
I – Till year 1999 Database systems to collect, analyze and report structured data in RDBMS
systems
II – 2000- 2010 Wide use of Internet, entry and growth of internet firms Yahoo, Google, Amazon
etc., web based business applications, ecommerce, supply chains
III – 2010- onwards Entry of smart phones, RFID, Sensor technologies, Internet of Things
Table 1: Phases of Data Evolution Chen et al., (2012)

The era of Big data seem to have started around year 2000. Several developments and trends led to the
evolution of big data as depicted in figure 3 below. Big Data and Analytics are the natural outcome of the
above evolution process. This includes advancements in computing hardware, digital storage capabilities,
high speed software solutions, internet and mobile technologies.
When compared with traditional data, Big Data differs not only on the size but also in its form. It gets
added continuously rather than relatively static data in the legacy or ERP systems (Davenport, 2014).

Figure 3: Evolution of Information Systems leading to Big Data (Davenport, 2014)

2.3 BIG DATA:

There are several ways in which Big Data has been defined. Waller and Fawcett (2013) define Big Data
as Datasets that are too large for traditional data processing systems and therefore require new
technologies to handle them. Chen et al., (2012) define Big Data as data sets and analytical techniques in
applications that are so large and complex that they require advanced and unique storage, management,
analysis and visualization technologies. Fan et al., (2014) consider it as an explosion of available
information. Big Data cannot be defined just by volume of data, but it includes high velocity, diverse
variety, exhaustive in scope, and relational in nature (Kitchin, 2014). In short, Big Data refers to datasets
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with terra-bytes and petabytes of data created in a short span of few hours. Traditional database
management technologies are unable to scale up to the demand of storage, analysis or management of
such large volumes of continuous data from a variety of data sources. Figure 4 below gives an overview
of how Big Data is created from variety of sources and how analytics can be performed to enable decision
making.

Figure 4: Overview of Big Data and Analytics

2.4 DIFFERENT DATA TYPES

All the diverse sources generate different forms of data which can be broadly classified as Structured, Un-
structured and Semi-structured data. (Figure 5)

Figure 5: Data types in Big Data

Structured Data: Source of structured data are organizational information systems such as point of sales
data, batch processes, ERP systems, extended enterprise systems such as SCM and CRM systems. This

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data is organized into well-defined table structures in a relational database. Traditional RDBMS systems
use ETL tools and processes to extract, transform and load the data into data warehouse.
Unstructured Data: Unstructured data originates from variety of sources such as social media, text
messages, emails, attachments, videos, images and sound files. In terms of volume and velocity this is
huge and accounts for over 80% of the large datasets. Analysis and mining of this data is more
challenging than structured data.
Semi-structured data: This originates from variety of different sources which is a mix of structured and
unstructured data. Various information systems have been in use for speed, efficiency and accuracy of
information exchange with stakeholders. Firms use emails for communication, RFID technology for faster
processing in logistics (Deng et al., 2010) or sensor devices for tracking objects. Thus there are several
sources of unstructured data - emails, XML documents, server logs, communication log from RFID tags,
GPS devices, etc. There are some tags with IP address, date and time stamp, user information which is
structured. Besides, there are error messages, SQL statements, event logs which are in unstructured text
formats. Hadoop, HDFS (Hadoop Distributed File System) and MapReduce provide technological
framework to process large volumes of unstructured data.

2.5 CHARACTERISTICS OF BIG DATA:

Big Data can be characterized primarily with 3 Vs such as Volume, Velocity and Variety. The HACE
theorem given by Wu et al., (2014) suggests that big data is characterized by its heterogeneity,
complexity, decentralization and autonomous nature. Recently, Veracity and Value are added by Dr.
Fasso Wamba et al., (2015).
Volume: Volume of Big Data is quite large - Terabytes or Petabytes of data gets collected in the span of
few hours in business or social media databases. Amount of data is doubling every 40 months
(Davenport, 2014). Number of mobile devices is increasing at unprecedented rates. John Chambers of
CISCO predicts that there will be over 40 billion wireless devices connected to internet in another 5 years
(Embry, 2015). John Sculley, a well-known business leader and ex-CEO of Apple foresees four
exponential technologies converging at high speeds to create next generation of digital age namely cloud
computing, internet of things, Big Data and mobiles (Embry, 2015). Convergence of these 4 key
technologies will lead to every higher volume of data at exponential rates.
Velocity: The speed of data accumulation is at unprecedented rates in both traditional enterprise systems
as well as in social media. Walmart has estimated 260 million customers visiting every week, generating
revenue of more than 1300 million dollars. These sales transactions lead to huge data trail across their
supply chain. Social media is even faster in terms of data generation.

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Variety: Big Data originates from Variety of different sources: enterprise systems (such as ERP), social
media as well many other digital devices. This list includes text, video, audio, location, date and time
data, emails, sensors, RFID data, web applications, etc. Data is in different structured or unstructured
formats based on the source.
Veracity: Data needs Veracity – that is to understand how much percentage of data is accurate.
Value: Finally, businesses need to learn how we can design models to improve business outcomes and
derive “value” from Big Data. Obtaining value from the large heterogeneous data leads to the success of
any industry (Weber et al., 2014).

2.6 BIG DATA VS TRADITIONAL DATA

Traditionally, business data resides within a well-defined relational database management system. Several
large organizations have implemented ERP systems for achieving operational efficiency and containing
costs over last few decades (Bharathi and Mandal, 2015). These ERP systems or customized application
systems collect large volumes of transactional data round the clock. These support operational and tactical
decisions in short term and medium term. Volume and velocity of data depends on the business volumes.
Information systems have been used as a decision support system for various levels of management.
Based on this need, information systems were used internally and with business partners (customers,
suppliers, dealers, etc.) to run the business efficiently. Scope of data collection was limited within this
network of immediate stakeholders. There have been situations when higher volumes of data were
collected, for example collection of census data by government every 10 years (Kitchin, 2014). However,
frequency of such cases was quite low; there was no pressure to analyze this data in real-time. This large
dataset was moved to data warehouse for further analysis over a course of time. Once internet became
backbone of information and communication, data scenario changed dramatically on several fronts:
A. Arrival of internet accelerated the process of globalization and growth of global firms as
communication anywhere in the world is quick, economical and easy. Business volumes of multi-
national companies have grown many-fold since the advent of internet. Business firms have further
upgraded their information systems to record every detail of business transactions within the
boundaries of the firm and within the supply chain. Even Reverse Logistics (RL) business process is
mapped to information systems due to its importance in improving customer service (returns
processing, fixing defective or damaged goods) or due to strong legislative requirements for
manufacturers to recover and/or disposal of the products in some countries (Tiwari et al., 2015) and
considering its significance from sustainability point of view (Venkatesh et al., 2015). Retailer firms
such as Walmart record millions of customer transactions every hour which result in several petabytes
of data just in few hours.

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B. New forms of data in semi-structured format have emerged: websites, clickstreams, weblogs, XML
files, blogs, emails, etc. Further addition of social media data such as Twitter, Facebook, Instagram,
and LinkedIn have led to exponential growth in data volume, speed and type.
C. When it comes to Big Data, data flow is continuous and it comes from variety of sources. There is no
fixed source or structure to the data. Facebook records billions of posts, likes, millions of photo
uploads every hour (Kitchin, 2014).
D. The volume, variety and velocity of collection of data have far outstripped capacity of manual
analysis. In some cases it has even exceeded the capacity of conventional databases. Analyzing such
huge volumes of data require specialized technological framework such as Hadoop, which is used by
technology leaders such as Microsoft, IBM and Oracle for managing Big Data (Chen et al., 2012).
Table 2 below compares Traditional Data and Big Data:
Parameters Traditional Data Big Data
Structure of data Structures are defined Mix of Structured, semi-structured and
unstructured data
Data Volume Based on business volumes and Very high, in petabytes and even more
extent of digitization
Variety of Data Data source from database systems Besides data from business information
Sources systems, text (emails, documents),
weblogs, sensors, RFID, etc.
Velocity Low to moderate based on volume High velocity
of business
Flow Fixed Continuous round the clock
accumulation of data
Structured Data Structured Data Structured, Semi-structured and
Unstructured data
Sources of data Organizational data, trading Organizational data, RFID, Sensor data,
partners data Google searches, Social media (Linked
in, Facebook, Twitter, Whatsapp, etc.)
Analytics Provide historical view, status Real-time, direct feedback from the
reports consumer, sentiment analysis, opinions
Functions Advises senior executives on Customer facing functions get direct
internal business decisions, market feedback which can be used for
focused on analyzing data for planning market strategies, planning etc.,

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Parameters Traditional Data Big Data

internal business decisions focused on customer, products and
services
Table 2: Comparison of Traditional Data and Big Data (Davenport, 2014)

2.7 RESEARCH GAPS

Pareto chart derived from classification of key literature on Big Data Analytics (BDA) (Figure 2),
indicates both industry and academic scholars have conducted studies to tap the potential of BDA. There
is no dearth of general articles explaining the relevance, significance, challenges and opportunities of
BDA.
Recent studies have investigated ways in which supply chain managers can mine and derive value from
BDA on structured and unstructured mix of data (Zhong et al., 2015; Kitchin, 2014; Chae, 2015; Tan et
al., 2015; Schoenherr and Speier‐Pero, 2015; Hahn and Packowski, 2015; Sahay and Ranjan, 2008; Nair,
2012) or how social media data can provide competitive intelligence or play role in brand promotion
strategy (Kim et al., 2016; He and Xu, 2016; Coursaris et al., 2016; Borra, and Rieder, 2014; Bell, 2012).
Besides, analytics studies have been conducted in the domains of HR (Lawler et al., 2004), World Class
Sustainable Manufacturing (Dubey et al., 2015), Process Analytics (Vera-Baquero et al., 2015), Product
Lifecycle Management (Li et al., 2015) and Cloud Computing (Hashem et al., 2015). However, there is
no study which attempts to understand the role of Big Data and Predictive Analytics and how it is helping
to add value across different sectors. We aim to address this gap through the literature and address the
challenges in this paper. This gap has also helped us to move towards the future directions in this field.

Figure 2: Domain Analysis of Research papers on Big Data Analytics

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3.0 BIG DATA ANALYTICS

Big Data Analytics has its roots in the earlier data analysis methodologies using statistical techniques
such as regression, factor analysis, etc. It includes data mining from high speed data streams and sensor
data to get real time analytics (Chen et al., 2012). It is an interdisciplinary field which uses knowledge of
computer science, data science, statistics and mathematical models. It consists of a systematic process of
capturing and analyzing business data, developing a statistical model either to explain the phenomenon
(Descriptive Analytics), developing a model to predict future outcomes based on variable inputs
(Predictive Analytics) or developing a model to optimize or simulate outcomes based on variations in
inputs (Prescriptive Analytics). It leverages statistical techniques such as regression, factor analysis,
multivariate statistics and knowledge of mathematics for developing equations (Dubey and Gunasekaran,
2015).
Levalle et al., (2010) conducted an exploratory study on big data analytics and the path from insights to
value. They reported that with an improving technology there has been an enormous collection of big data
and researchers are still in the way for finding the better ways to analyze these data so that they can reach
to valuable information. In the present era, researchers and people are not concerned with what happened
or why it happened commonly known as descriptive analytics but the main issue of concern is to find out
the answer of questions like what is happening in present and what is likely to happen in the future
commonly known as Predictive Analytics and what actions should be taken to find out the optimal results
basically known as Prescriptive Analytics. Therefore business analytics can be classified into Descriptive,
Predictive and Prescriptive Analytics as explained in figure 6 below. We elaborate Predictive Analytics
with further details in the next section considering its significance for various stakeholders in the society
and business.

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Figure 6: Framework for Predictive Analytics – adopted from Bose, (2014)

3.1 PREDICTIVE ANALYTICS

Predictive Analytics is defined as the process of discovering meaningful patterns of data using pattern
recognition techniques, statistics, machine learning, artificial intelligence and data mining (Abbott, 2014).
Also, referred as Advanced Analytics, it simply means application of data analytics techniques to answer
questions or solve problems (Bose, 2014). It is a further progression of Business Intelligence (BI) and
data mining combined with statistical techniques. Business Intelligence processes help analysis of internal
and external data to enable business executives to make intelligent decisions. The questions and variables
are developed by experts in the field of study whereas in case of Predictive Analytics, selection of model
and relationship are data driven (Abbott, 2014). It is a systematic analytical process, wherein a computer
algorithm finds out patterns and underlying relationships of dependent and independent variables. It is
designed to find the optimum regression coefficients of relationship to minimize the errors in the model.
The process uses advanced information systems to go through several iterative steps to find out optimum
outcomes to the problem.
Process mining has emerged as a new research avenue for analysis of process based on event logs. It
opens opportunities of conformance and discovering new processes in various fields such as healthcare,
retail or banking (van der Aalst, 2012). The Hadoop framework provides a solution for dealing with these
analytics requirements. Based on source and nature of different data, there are various analytics methods
which support data mining and statistical analysis techniques.

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Text Analytics techniques derives real-time and meaningful information from unstructured data sources
such as documents, emails, web pages and social media. It is being pursued in some of the emerging areas
such as sentiment analysis, opinion mining or for extracting information from text sources. (Chen et al.,
2012). In the recent years, soon after product launch, sentiment analysis with social media data provides
early indicators of consumer feedback about product.
As the data on social media is growing and it contains valuable information for business firms,
govrnments as well as NGOs it is being tapped for deriving value. It requires a different process of data
collection and analysis due to its large volume, continuous flow and variety of data to arrive at
meaningful information. We discuss this in detail in the next sub-section.

3.2 SOCIAL MEDIA ANALYTICS

Social media analytics is an emerging concept which is becoming part of mainstream marketing strategy.
It is based on social media data created on sites such as Twitter, Facebook or WhatsApp. It is concerned
with developing and evaluating informatics tools and frameworks to collect, monitor, analyze, summarize
and visualize social media data (Zeng et al., 2010).
Big Data created on the social media consist of text messages, songs, pictures, videos etc. People share
information through text messages, videos, pictures, songs, etc. They often express their intention to
purchase a product, request for feedback, share their service experience or product reviews on the social
media. This data from social media has valuable information for firms which can analyze and mine this
data. Figure 7 below summarizes a generic process consumers follow for purchasing products. This
process illustrates how consumers research products using search engines and social media. They also
contribute their views, opinions on social media before and after purchasing the product. Technology
enables firms to use this medium to support business strategies and tactical decision making. We
summarize some of the ways in which social media analytics can be helpful for the firms in the next sub-
section.

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Figure 7 - Process of Product Purchase and content generation on social media

3.2.1 Sentiment Analysis:

Some companies collect and analyze consumer sentiments expressed on social media about their products
or services. There are several ways of analysis using natural language processing, sentiment lexicons or
machine learning algorithms in wide variety of industries. Sites such as www.sentiment140.com provide
insights on customer sentiment on products or services. Google Analytics provide various services –
smarter advertising (data driven relevant and effective advertising), deep customer insights (captures
customer behavior across CRM, point of sale, call center), etc.

3.2.2 Competitive Intelligence:

In today’s highly competitive markets, business decision makers seek consumer feedback about their own
products as well as those of their rivals. Kim et al., (2016) suggest use of social media analytics for
gathering competitive intelligence about firm’s product and products offered by competitors in the same
market segment. Their comparative analysis of Twitter data for 2 competing smart phones (Apple iPhone
6 and Samsung Galaxy S5) over a period of time revealed correlation between sentiments expressed on
the social media and difference in market demand for the 2 products. They investigated 3 metrics a) social
media volume, b) purchase intention and c) consumer sentiment for further analysis. This approach can
assist firms to predict market sales performance and estimate the gap between competing products. As a
result decision makers can adjust market strategy rapidly and compensate weakness contrasting with the
rivals as well. There are various possible ways in which the intelligence from social media can be tapped
by firms to develop competitive intelligence by helping organization understand their suppliers,
competitors, environments and overall business trends. Business intelligence obtained from social media
can enable business analysts and decision makers to develop market insights into consumer behavior,
discover new marketing ideas, improve customer satisfaction and finally improve ROI (Kim et al., 2016).

3.2.3 Marketing and Brand Promotion Strategy:

More and more people are getting online due to popularity of smart phones, tablet computers, leading to
generation of higher levels of large datasets and more particularly geo-location data (Bell, 2012). Online
presence of consumers for reading news, searches, ecommerce sites and social media sites provides a
huge window of opportunity for firms to connect with them. Consumers typically research products and
services over internet and social media before arriving at purchasing decisions. The extent of research
depends on price and risk of purchasing that particular product or service. For example, for high price and
high risk purchase such as home or airline ticket consumers tend to put in extensive research, whereas for
commodity items their research may be limited to few searches on web. Firms can understand the nature

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of this activity, analyze the data associated with it and plan their marketing and branding strategy
accordingly. For high price products wherein consumer purchase involvement is higher, firms are better
off providing information about products rather than using entertaining content for advertisements on the
social media (Lally, 2007). For low cost commodity items, firms can use entertaining methods to attract
consumer attention (Coursaris et al., 2016).

3.3APPLICATIONS OF BIG DATA ANALYTICS

In a competitive situation in the current era, firms use business data and external information to support
tactical and strategic decisions. The ability of a firm to make quick and informed decisions differentiates
itself from competitors in highly competitive markets in the current era (Bose, 2008). As described
earlier, predictive analytics and social media analytics provide an opportunity to get first hand market
intelligence. Consumers provide instant feedback about products, services or movies on the social media.
This is a valuable source for firms to gather information about consumer sentiments and opinions. There
are several organizations tapping the value from Big Data for improving customer satisfaction, tracking
customer journeys to analyze customer attrition or purchase decisions, identify supply chain risks, gather
competitive intelligence or for making pricing decisions (Davenport, 2014). There are numerous case
studies of effective use of Big Data Analytics as summarized below:
a) With the help of historical sales data in the hurricane affected regions, Walmart’s CIO could predict
higher level of demand for certain products just ahead of hurricane Frances. MegaTelCo could predict
customer churn and design strategies to minimize them (Provost and Fawcett, 2013).
b) Film studios have seen staggering accuracy in the way tweets from the first showing of new films to
predict success of the films as well as success of its DVDs.
c) When dealing with large volumes of data in millions or billions, Big Data Analytics can help to
discover patterns and problems such as new forms of customer churn, business opportunities such as
new customer segments and sales prospects, understanding customer behavior through clickstreams
(Russom, 2011).
d) Big Data is already being used by businesses for developing market intelligence, by governments for
designing policies, by politicians for designing political campaigns, by medical practitioners for smart
health management. Some of the emerging research areas in this field are Big Data Analytics, Text
Analytics, Network Analytics and Mobile Analytics (Chen et al., 2012).

4.0 OPPORTUNITIES AND CHALLENGES OF BIG DATA ANALYTICS:

Big Data is characterized by massive sample size and high dimensionality (Fan et al., 2014). Analyzing
this kind of data with many dimensions, huge volume and heterogeneity present some opportunities of

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competitive advantage as well as some challenges in dealing with these large and continuous data sets.
We discuss these in detail in this section.

4.1 OPPORTUNITIES:
Huge volume of data used to be a technological problem just few years ago, now it presents an
opportunity (Russom, 2011). Big Data provides many opportunities and competitive advantages. Early
mover Amazon.com started collecting customer information, preferences, purchase history, search history
and books reviews. Based on this data, it provides product recommendations which motivates customer to
buy similar or related product, improving chances of additional purchases from the same customer.
Next generation retailers will be able to track behavior of individual customers and develop models for
prediction or influencers. Walmart makes use of “Social Genome” that tracks connections between
people, products, brands and other related entities. Social Genome is used to make product
recommendation to customers when they are online or in store (Direction S., 2012). Big data provides
several advantages over traditional method of data collection such as drawing samples.

4.1.1 Data Mining:

Data mining is an analytical process of identifying patterns from datasets, which helps in prediction of
future outcomes. This process helps to discover patterns within population and heterogeneities that are not
possible with small-scale data (Fan et al 2014). Data mining is useful in getting fine-tuned information
that is not very obvious. For example, it provides information about most profitable customers, about
those which are most probable candidates for churn or to monitor levels of customer satisfaction and
loyalty. This information helps in designing customer retention or cross-selling strategies (Bose, 2014).

4.1.2 Large Sample size for Analytics:

Big Data provides gigantic statistical samples, which enhance analytical tools results (Russom, 2011). In
sampling method, an outlier from one sample may belong to another subpopulation. This can lead us to an
invalid model and incorrect results due to lack of inclusion of all parameters which explain variation in
the group. Inside Big Data, we are looking at entire dataset that includes all subpopulations. This helps us
to better understand heterogeneity within the dataset and gives us better understanding of the relationships
among dependent and independent variables in a model. Moreover, analytical tools are now capable of
handling large volumes of data at reasonable costs (Russom, 2011). As the data represents entire
population, model based on data gives accurate information, leading to higher level of accuracy in
business decisions. Big data includes both enterprise systems data as well as unstructured data such as
social media which provides real time information on the ground such as consumer feedback, live

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information on weather and traffic which complements very well with information from enterprise
systems.

4.1.3 Advancement of Technology:

Big Data Analytics require searches within large datasets, analyzing the same for information looking for
correlations (Davenport, 2014). The challenges presented by large data sets have motivated development
of new computational infrastructure and data storage methods. Culmination of Data science, Statistics and
Applied Mathematics is resulting in better optimization algorithms that are scalable to process large
datasets with high dimensions (Fan et al., 2014). Technology is ready with the solutions faster than the
pace of data creation with better, cheaper storage capacity and high speed computing capability.

4.1.4 Real time

Big Data whether from structured or unstructured sources, provides real time information to those who
have ability to derive value from that particular source of data. There are numerous examples where real-
time information has been used to solve problems. Natural disasters have potential to disrupt crucial
supply chains links. Especially impact for countries like India impact is higher as the logistics system in
India is fragmented, infrastructure is inadequate and it consists of many small to large players (Rai et al.,
2015; Bag and Anand, 2015). Data collected from geographical locations, weather and developing natural
disasters (storms, floods, earth quakes, etc.) has its direction application in real-time monitoring supply
chain risks proactively - to prevent disruptions and reactively - to investigate past events (Yin et al.,
2016). Government of Singapore uses the geolocation data from mobile phones to manage traffic during
rush hours. This information is used to predict real-time demand for transport services during rush hours
and to divert the taxies to those areas of the city. Citizens get real-time updates about traffic, weather
conditions through social media and revise their travel plans accordingly. Netizens provide real-time
updates about variety of events through social media. Ecommerce companies Amazon, Flipkart make
product recommendations based on earlier purchases and search history, which leads sales of additional
products.

4.2 CHALLENGES WITH BIG DATA ANALYTICS

Due to its huge size and high dimensionality, Big Data pose some unique challenges. Data collected at
such enormous speed overwhelm most of the organizations. The main challenges are related to its size,
quality, noise accumulation, spurious correlation, incidental endogeneity, and measurement errors (Fan et
al., 2014). One of the important facts to be noted is that big data is driven by huge amount of data
produced every day and stored at a cheaper rate than before. For an effective statistical procedure it is

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essential to address the hurdles of big data like noise, heterogeneity, correlation and inefficiency (Fan et
al., 2014).

4.2.1 Size and Quality of Data:

The biggest challenge in handling big data is its size. Traditional databases can be easily managed using
excel or other ETL tools in information systems; whereas big data requires a specialized technology
framework such as Hadoop for data management. As big data gets generated quite fast, transportation and
storage of this huge data requires advanced planning and investment in infrastructure. The second
challenge is related to quality of data which can be defined with completeness, accuracy and timely
availability of data. In a traditional sampling process, a random sample of data is selected from a large
population size to gather detailed information and statistical analysis is conducted on the sample. In case
of big data, large datasets require sophisticated statistical and computational methods for analysis (Fan et
al., 2014). Hazen et al., (2014) acknowledge the quality issues for Big Data in Supply Chain Management
and suggest interdisciplinary research to address data quality problems in the context of SCM and DPB.

4.2.2 High dimensionality

High dimensionality also brings Spurious Correlation which means some of the variables may give
misleading information about its relationship with the model outcome. Any variable which does not
explain the variability in the outcome has a chance of getting included in the model. As big data has a
high dimensions, selecting variables and developing constructs is a challenge due to possibility of
spurious correlation. This leads to another issue of Incidental Endogeneity. It arises due to higher
dimensions leading to inaccurate results from the model. High dimensionality combined with large
sample size creates issues such as heavy computational cost and algorithmic instability (Fan et al., 2014).

4.2.3 Reliability
Another challenge is about Reliability of data. Most of the unstructured data is often unreliable, prone to
outages and losses. The data comes from different sources such as social media, smart phones, emails or
text messages (Boyd et al., 2012). In manufacturing environment, data comes from heterogeneous sources
such as information systems and variety of sensors (Le and Pang, 2013). This makes data mining process
quite intense, requires mining through a large volume of unrelated data to arrive at small piece of relevant
and meaningful information. The process can be compared with finding a needle in a haystack.

4.2.4 Completeness of Data:

Though the dataset is large and having several dimensions, does not necessarily represent the population.
If we take social media which is a source of large unstructured data, it represents only those who are
active on that particular media and express their opinions or participate in the online debate on the topic.

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Some of the sites like Twitter provide access to limited filtered datasets based on certain criteria, which is
again a subset of data. Researchers must be able to account for the biases in their interpretation of data
(Behar and Gordon, 1996).

4.2.5 Implementation of Analytics:

Like any information systems project, implementing Big Data Analytics project within an organization
has its special challenges. Putting the required infrastructure in place, higher initial cost, changes to
business processes (Bose, 2014) and availability of experienced data scientists – these are some of the
challenges in implementation of Analytics within an organization.
Penetration of internet of things, smart phones and cloud computing technologies in the industry and
society will continue to spawn even higher levels of Big Data. To leverage insights from Big Data,
industry and academia will be in need of experienced professionals in Data Science and Predictive
Analytics. This field requires both domain knowledge and broad set of quantitative skills such as
Statistics, Forecasting, Optimization, simulation, probability etc. (Waller and Fawcett, 2013). Training
thousands of data-scientists and then translating those into measurable business outcomes will remain a
challenge for academia and industry (Dyche, 2012).
Dealing with Big Data from variety of sources (organizational legacy system, ERP, social media) and
deriving value from it, requires a clear strategy and implementation. Data Scientists with knowledge,
experience and track record need to be on board. Initial projects must be monitored from top
management. After successful implementation of Big Data strategy for a pilot site, opportunities for the
business context can be identified for rest of the organization (Davenport, 2014).

5.0 CONCLUSION AND FURTHER RESEARCH DIRECTION:

Big Data has arrived around year 2000 and growing exponentially fueled by digitalization of society and
business firms. Several technological revolutions such as internet, cloud computing, smart phones or
internet of things are powering the data generation engines. It is defined by its volume, velocity and
variety as it is created through structured and unstructured sources.
Big Data Analytics is an interdisciplinary field which combines knowledge of data science, statistics,
mathematics and computer science. It can be further classified into 3 sub categories based on purpose of
analysis. Predictive analytics primarily deals with predicting or anticipating future outcomes based on
mining of existing data. Data can be sourced from business or social media. However, what is important
is to analyze it and get understanding of “what can happen”. This ability to predict gives immense power
to plan ahead of competition for business firms. It can give window of opportunity for advance planning
to governments in situations such as hurricanes or spread of epidemics.

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Social Media Analytics is an emerging field which showcases several ways in which firms can derive
value. It has potential opportunities in getting firsthand information about their products from market
through sentiment analysis, by getting competitive intelligence or promoting brand using social media as
a platform. Depending on how effectively firms can tap into this medium, they can have competitive
advantage.
The nature of Big Data presents some unique challenges as well as opportunities. As described above, Big
Data can be collected, stored and analyzed through a systematic process. To derive insights from the
ocean of data requires years of experience and knowledge of the interdisciplinary field of Analytics.
Business firms and governments need to build infrastructure and framework for this purpose. Like any
strategic project, analytics projects must be led from the top for its success and gaining the advantage.
There remain few obstacles in managing large datasets like quality and reliability of data as well as
availability of knowledgeable data science professionals. Data size and completeness of data, lack of
business support, inadequate staffing and skills and problems with database software are few other
barriers in implementing Big Data Analytics strategy. Big data constitutes several other challenges like
data life cycle management, redundancy of data, analytical mechanism, confidentiality of data, energy
management, cooperation and data representation (Chen et al., 2014). However, with strong leadership
and willingness these can be overcome. Further, Big Data and Predictive Analytics provide several
opportunities to study, investigate and research in different fields.

FUTHER RESEARCH DIRECTIONS

In this section, we outline the scope of further research that would contribute to the scientific community
with the use of the Big Data and Predictive Analytics. We cannot afford to ignore BDA and the insightful
knowledge about complex phenomenon it provides (Kitchin, 2014) as it can provide new patterns and
correlations that previously were unknown. Understanding of these correlations provides advantage in
supporting executive decisions for maximizing value for the firm (Dyche, 2012).
There are several opportunities such as potential to search, analyze data from Jet Engines, RFID data from
supply chain partners, sensor data from digital devices, e-commerce transactions, business data or social
media data to understand patterns and correlations in respective fields. Many such opportunities are
available for researchers to analyze the data using computers which cannot be done manually for large set
of data. As noted from figure 2 above, there are several fields where the opportunities exist.
The use of BD and Predictive Analytics can further help to address the identified research gaps. Hence we
argue that future research in different domains should embrace this (BDA) approach with structured,
semi-structured and unstructured data sources from variety of sources.

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ANNEXURE 1
# of
Sr. Journal Research
Papers
1 Web Sources 19
2 Anita Mcgahan 1
3 Strategy and Leadership 1
4 Big Data 1
5 Aslib Journal of Information Management 1
6 Big Data and Society 1
7 Fourth Quarter 1
8 Ecological Economics 1
9 Decision Support Systems 1
10 Communications of The ACM 1
11 Chemical Leasing Goes Global 1
12 Geojournal 1
13 Harvard Business Review 1
14 Industrial Management and Data Systems 1
15 Information, Communication and Society 1
16 Mckinsey Quarterly 1
17 Journal of Parallel and Distributed Computing 1
18 Journal of Industrial Ecology 1
19 Jama 1
20 International Journal of Information Management 1
21 MIT Sloan Management Review 1
22 Mobile Networks and Applications 1
23 National Science Review 1
24 Plosbiol 1
25 New York, NY: Mcgraw-Hill 1
26 Performance Evaluation Review 1
27 Phd Thesis 1
28 Science 1
29 Significance 1

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# of
Sr. Journal Research
Papers
30 Technometric 1
31 The Journal of Economic Perspectives 1
32 IEEE Transactions 6
33 Industrial and Commercial Training 1
34 Information Sciences 1
35 Information Systems 1
36 Journal of Applied Management and Entrepreneurship 1
37 Refereed Sessions 5
38 Aslib Journal of Information Management 1
39 Strategic Direction 2
40 U.S. Patent And Trademark Office 1
41 The Journal of Economic Perspectives 1
42 International Journal of Production Economics 3
43 Journal of Business Logistics 2
44 John Wiley & Sons 2
45 MIS Quarterly 1
46 Online Information Review 3
47 Proceedings 4
The International Journal of Advanced Manufacturing
48 2
Technology
49 Journal of Business Logistics 1
50 Decision Support System 1
51 International Journal of Automation and Logistics 8
Total 96
Table 3 : Classification of Research Papers on Big Data and Predictive Analytics:

Definition Authors Source

The growth in the quantity and diversity of data has led to data (Waller and Journal of
sets larger than manageable by conventional hands on Fawcett, 2013) Business

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Definition Authors Source

management tools. Logistics, 2013

Define Big Data as a cultural, technological, and scholarly Boyd and Craw. Information,
phenomenon that rests on the interplay of: (2012) Communication &
(1) Technology: maximizing computation power and algorithmic Society, 2012
accuracy to gather, analyze, link, and compare large data sets.
(2) Analysis: drawing on large data sets to identify patterns in
order to make economic, social, technical, and legal claims.
(3) Mythology: the widespread belief that large data sets offer a
higher form of intelligence and knowledge that can generate
insights that were previously impossible, with the aura of truth,
objectivity, and accuracy.

Big data is a term that refers to an explosion of available Fan et al., (2014) Natural Science
information Review

Datasets that are too large for traditional data processing systems Provost and Data Science and
to process and therefore require new technologies. Fawcett (2013) Big Data Journal

Define Big data in terms of attributes of data – volume, variety Russom, (2011) TDWI Research
and velocity of data Report

Big Data and Big Data analytics have been used to describe the Chen et al., MIS Quarterly –
data sets and analytical techniques in applications that are so large (2012) December 2012
from terabytes to exabytes and complex (from sensor to social
media data) that they require advanced and unique data storage,
management, analysis and visualization technologies.

Huge in volume, consisting of terabytes or petabytes of data; Kitchin (2014) BIG DATA &
high in velocity, being created in or near real-time; Society
diverse in variety, being structured and unstructured in nature;
exhaustive in scope, striving to capture entire populations or
systems (n=all);

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Definition Authors Source

Big data is a vague term constituting huge mass which has spread Harford(2014) Significance
among entrepreneurs, scientists, government and the media.

Too large to handle with widely available, conventional software McGahan (2013) Rotman
programs such as Excel, and thus requires specialized analytics. Management,
2013

The collection and interpretation of massive data sets, made Davenport (2014) Strategy &
possible by vast computing power that monitors a variety of Leadership
digital streams – such as sensors, marketplace interactions and
social information exchanges – and analyses them using “smart”
algorithms.

Table 4 - Big Data Definitions

Year Reference Applications

2005 Adomavicius, G., & Product recommendation systems, such as association rule mining,
Tuzhilin, A. (2005). database segmentation and clustering, anomaly detection and graph
mining

2008 Pang, B., & Lee, L. Social media analytics of customer opinions, text analytics and
(2008). sentiment analysis

2011 Russom, P. (2011) Real-time analytics are relatively rare today, but will soon be common.

2012 Minelli, M., Getting deeper insights into buying habits and preferences of
Chambers, M., & customers, Fraud Detection by monitoring credit card transactions in
Dhiraj, A. (2012). near real time,

2012 Chen, H., Chiang, R. eCommerce and Market Intelligence – recommender system
H., & Storey, V. C. eGovernance and Politics – government services, political campaigns
(2012). and e-polling
Science and Technology – Hypothesis Testing, knowledge discovery

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Year Reference Applications

Smart Health and well-being – Human and Plant Genomics

Security and public safety – Crime analysis

2012 Boyd, D., & Era of Big Data has begun. Big Data offers potential of new insights
Crawford, K. (2012). into diverse areas such as cancer research, terrorism, and climate
change.
Marketers use it for target advertising, insurance providers use it to
optimize their offerings and Wall Street bankers use it to read the
market.

2013 Mayer-Schönberger, Google provided accurate prediction of Swine Flu (H1N1) to

V., & Cukier, K. geographical locations in 2009 using search queries and mathematical
(2013). models.

2013 Waller, M. A., & Call for papers to promote research on Big Data and Supply Chain
Fawcett, S. E. Management
(2013).

2013 Provost, F., & Data driven decision making – Walmart predicted pre-hurricane need of
Fawcett, T. (2013) certain products in addition to those on usual list

2014 Fan, J., Han, F., & Genomics, Neuroscience, Economics and Finance, predict stock market
Liu, H. (2014). trends, using social network data to predict box-office revenue, leading
economic indicators, economic and social states of society, Target
predicts customer needs by analysis of transaction records

2014 Hazen, B. T., Boone, Propose interdisciplinary research to address data quality problems in
C. A., Ezell, J. D., & the context of SCM (Supply Chain Management) and DPB (Data
Jones-Farmer, L. A. Science, Predictive Analytics and Big data)
(2014)

2014 Kitchin, R. (2014) Explain that Big Data includes entire data domain and provides view of
entire population. Recognizes a tectonic shift that is driven by data
rather than knowledge. Role Big data is playing in humanity and social
sciences. Provides numerous examples of practical applications of Big
Data - Amazon’s recommendation system based on association rule

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Year Reference Applications

observed from data without knowing causal relationship, discovering

relationships between products being purchased together (Dyche, 2012)
etc.

2015 Zhong, R. Y., Huang, Logistics complexity arises due to interaction of logistic network with
G. Q., Lan, S., Dai, external system ( Rai et al., 2015). Big data approach for logistics
Q. Y., Chen, X., & trajectory discovery from RFID- enabled production data. RFID has led
Zhang, T. (2015) to satisfy the urgent requirements of logistics ( Dang et al., 2010).

Table 5 - Big Data and its use in Operations and other domains:

BIBLIOGRAPHY:
 BDA: Big Data Analytics
 BI: Business Intelligence
 DPB: Data science, Predictive analytics and Big data
 GIS: Geographic Information System
 RL: Reverse Logistics
 SCM: Supply Chain Management

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