CIS8500 Critical Literature Review Report Assignment Sample
Introduction
In this article, we will be exploring about the impact of big data characteristics like volume, velocity and the variety on the innovation performance which is the innovation efficacy as well as the innovation efficiency that impacts the performance of the firm like perspective of the customer, excellence in the operation, and the financial returns. To achieve this objective, we have acquired the information from 239 managers and valued the relationship in the suggested approach. The outcomes depicts that, when the velocity and the variety of the data enhance the innovation performance of the firm in a positive way then the volume of the data will not get impacted. After knowing that the volume of the data doesn’t play a major role in the firm performance, then it is considered as the big data will be better data to proceed further. Then it is found that the velocity of the data plays a major role in the improvising process of the innovation performance in the firm than the other features which the big data possess. This aims to give the review relating to the big data analytics and the performance of the firm. This will find the factors which influence the selection of big data in many parts of companies. It will segregate the diverse types that the big data could address (Hameed, 2018). The ways for the future research will be extracted from the outcomes. It will also provide the analytics in improvising the firm performance. It will also provide the knowledge about the firm performance as well as the big data and the impacts that might be created by using the big data to the firms.
Report Section 1
Critical Review
Introduction
The organizations or the researchers should consider the points of big data in order to incorporate the technologies into the schemes as the big data is growing rapidly in these times. In order to improve the advantage as well as the performance, the company should invest on the big data analytics and decisions making of the big data have made the number of investors growing. For attaining the maximum benefits of the volume, variety and velocity of the big data, the techniques, technologies for the process of storing, visualizing and analyzing the data is needed. But there is only less attention to embrace the technologies. In order to capture the insights for the decision making process, the technique which is cost effective and innovative analysis is required as the big data is a part of maximum velocity, maximum volume and maximum variety of the raw information.
In today’s world, more number of firms is investing in the big data in order to find the innovative techniques to distinguish it from the other competitors. There is a belief that the firms should invest on the big data in order to modify the landscape if not they might lose the competitive shares. Big data is now seen as the point for the innovation, productivity as well as the competition across the firms (Mikalef, 2020). It is possible in bringing the innovation because it has the capability of increasing the fir in between the product features and the preferences of the consumers. And also by this innovation of big data it will surely improvise the performance of the firm. This is the main reason why the firms started investing on the big data. Even the studies shown that the big data is capable of improvising the firm performance by 5.9 %. But this not only gives the better performance but also the impacts created because of the efficiency and the efficacy in the innovation will be discussed.
Hypotheses development
Big data and innovation
Big data is all about the variety, velocity and the volume. In this variety refers to the data that is being analyzed. Velocity refers to the frequency as well as the speed of the data processing and the integration as well. Volume refers to the size of data. In this data velocity and the data variety also the data volume will improvise the performance of the firm.
The structured as well as the unstructured data will be utilized to check the effectiveness of the data in the firm. The types of data like image, text and numbers will improve the findings of customer insights and which will increase the market opportunities. It will help the firms to develop the ideas and satisfy the needs of the customers. Hence, the data variety will also help in improving the firm performance.
Once the firms used the small data set for the decision making process. But now- a- days, the changes in the technologies has made the firms to use the large data set to the process of decision making. For example, Netflix will take large number of data from the consumers to decide whether to add the new sow to it or not in order to improve their performance. Before some days, it was tedious to gather the millions of data, but due to the advancements in technologies it became possible (Côrte-Real, 2017). So the date variety has improved the performance in the firms. So the data volume will improve the performance.
Next is the data velocity, this focus on the data generation. Rather than the trends, it will be possible to make the decisions better if they have the up to the minute data. Because of the path independent and the cause effect relationship, the historical data is limited of the usefulness so it is taken into the account. The real time data will support the firms to grow their ideas and transform their ideas to the products. Hence the data velocity will improve the firm performance.
Methodology
In order to test the hypotheses research, the approach is suggested to gather the data from the top and the middle level managers. As per the approach, response of 239 has been received which is 19 %. The ideas were of measurement model and the structural model. In order to test the measurement model the discriminate validity, the internal consistency and the convergent has been examined. The results from the measurement show that efficacy and the efficiency have created an impact on the innovation performance (Wamba, 2019). The results of the structural model stated that when compared to the data volume and the data variety, data velocity takes part in the enhancement of innovation performance in the firm.
Report Section 2
| Full Article Reference | Short Summary of the article | Short account of how this article is relevant to the paper |
| Cappa, F., Oriani, R., Peruffo, E. and McCarthy, I., 2021. Big Data for Creating and Capturing Value in the Digitalized Environment: Unpacking the Effects of Volume, Variety, and Veracity on Firm Performance. Journal of Product Innovation Management, 38(1), pp.49-67. | Apart from the managerial as well as the academic interest on the big data, there should be the research on how the big data is affecting or creating an impact for the performance in the firm. This is because the lack of knowledge regarding the availability of data and their impact, and the challenges in collecting the data. | Three dimensions of the data that is the variety, volume and the velocity will be taken into the account to check how the firms capture the data from the customers. Depending on the application that is being downloaded in the mobile has created the impact on the performance of the firm. This shows that size of the data alone will not make sure of the value creation in the firm. As the big data variety is examined by the type of data taken per the application, gives the bad effects of data volume which creates a value that will affect the performance in a good ways. So this article will bring the opportunities in the big data by which it will be beneficial for the firms to increase their performance. |
| Ferraris, A., Mazzoleni, A., Devalle, A. and Couturier, J. (2019), “Big data analytics capabilities and knowledge management: impact on firm performance”, Management Decision, Vol. 57 No. 8, pp. 1923-1936. https://doi.org/10.1108/MD-07-2018-0825 | Big data analytics ensures that the data will be categorized and analyzed into the meaningful data for the business and later transformed into the big data and good decision making process so that it will improvise the performance. But the knowledge that is generated from the big data analysis along with the firm knowledge was investigated and provided the approach for structured and the integrated approach. This paper discuss about the knowledge management from this that created an impact on the firm performance.
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By the empirical analysis based upon the equation modeling, the data has been collected from many firms and tested whether the big data analytics have the impact on the performance of the firm in a positive way. This shows that the firm which develop their big data analytics capability than the others, in managerial and technological way, it will improvise the performance of the firm. And the Knowledge management will play an important role in the big data capabilities. This will change the firms in the form of understanding, exploiting huge amounts of data from the resources, processing and some others.
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| Maroufkhani, P., Wagner, R., Wan Ismail, W.K., Baroto, M.B. and Nourani, M., 2019. Big data analytics and firm performance: A systematic review. Information, 10(7), p.226. | This paper will contribute about the papers that focus on the big data analytics utilization. Then the factors that is being used to improve the performance of the firm. This will provide the review of the big data analytics as well as the performance of the firms. This will also give the analysis process that takes place to examine the firm performance based on the suggested approaches. This gives the statistical data as per the research.
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With the digitalization, many firms started utilizing the big data to improve their growth. This will say that the organization should utilize the big data to increase the growth as well as the performance and to face the competition among the market by smart decision making. This will explain how to utilize the technological practice to grow their performance rate. This will clearly display how to gain the competitive market. This paper will give the knowledge about the factors that influence the utilization of big data which will helpful in the performance improvisation. As a whole, the big data will be useful for the firms to make them stay competitive in the market by increasing their shares as well as the growth. It has been used in many fields to maximize their own performance.
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Report Section 3
Literature Gap
Literature gap that identified in this article is that how the companies acquire, utilize and analyze the information to improve the performance of the firm. Also the other factors apart from the data volume, data variety, data velocity why other features like data value, data veracity has not been used? The next gap is about the characteristics of big data effects on the performance might be mediated by the variable. Why these have not been addressed. Why the investigations on the mediating roles of other like decision quality agility have not taken part? The issues can be rectified by the Organizational learning theory which will help in finding the better solutions to the above gaps. This theory includes both the data integration as well as the marketing supports. Exploring the new data is the basis of the organizational theory. If this is true, then it will provide many ways to the organizations to improve their performance. Along with the large volume of data, and many technologies the firms will quickly get the new information and provide many ideas so that the firm will become more competitive in the market. This theory is constant and helps in analyzing the big data (Raguseo, 2018). Innovation is the main thing to be strong in the competitive market. So this involves the intelligence and learning of the organization. To implement the innovation, the firm must analyze the data and also it should be interpreted. Making the rational choices need the investigation of the alternatives and their outcomes. The organization should make sure of the surroundings in the firm to keep the firm decision correct. Big data has the potential to enhance the innovation of the firm like recognition, behavior in the purchase, and consumption. The firms that use the big data have the higher chances of growing their revenue as well as the growth than their competitors in the market. Some researches may tell that the relationship between the firm performance and the big data will bring the growth and some studies will tell that it will not bring the improvement in the performance but only the impacts. On of the factor that fluctuates is the capacity of the organization. To enhance the learning about the alternative firm should integrate the data from the external and internal sources. Collecting large amount of data will help in learning process that also supports in the process of decision making. As per the theory the firm will search and gather the information so that they will learn and adopt according to it. This is by the means of business model as well as the internal process. By this process the organization performance might get increased (Niebel, 2019). So the organizational theory has been utilized to investigate the big data on the firm innovation which is innovation efficiency and innovation efficacy. The performance category that takes place is the financial returns, customer perspectives and other factors which will help in measuring the performance of the firm.
Conclusion
The major aim of this article is to address the gap in the literature review relating to the impacts of the main features of the big data that is its volume, velocity and the variety on the innovation performance that creates an impact for the firm. Organization theory has been utilized to explore how the big data will help in improving the learning capabilities of the firm relating to the new idea which will help in improving the performance of the firm and also in some other factors like customer perspective. The main thing of the study is examining the mediating role of the firm depending on the relationship between the big data and the firm. The outcomes shown that there should be a difference between the characteristics of the big data like volume velocity and the variety instead of making it as whole data. There will be no impact on the data volume, only the data velocity and the variety has the part in the improvisation of the performance in the firm. So this reveals that collecting large amount of data will not create the growth in a firm performance. The data should be integrated in the timely basis (Song, 2019). As per the research big data is not the better data always. The studies show that data velocity plays the major role in improving the performance. So the characteristic of big data reveals that it will different impacts on the outcomes from the firm. Knowing these points will help in allocating the resources and improving their performance.
References
Hameed, W.U., Basheer, M.F., Iqbal, J., Anwar, A. and Ahmad, H.K., 2018. Determinants of Firm’s open innovation performance and the role of R & D department: an empirical evidence from Malaysian SME’s. Journal of Global Entrepreneurship Research, 8(1), pp.1-20.
Mikalef, P., Krogstie, J., Pappas, I.O. and Pavlou, P., 2020. Exploring the relationship between big data analytics capability and competitive performance: The mediating roles of dynamic and operational capabilities. Information & Management, 57(2), p.103169.
Côrte-Real, N., Oliveira, T. and Ruivo, P., 2017. Assessing business value of Big Data Analytics in European firms. Journal of Business Research, 70, pp.379-390.
Mikalef, P., Boura, M., Lekakos, G. and Krogstie, J., 2019. Big data analytics capabilities and innovation: the mediating role of dynamic capabilities and moderating effect of the environment. British Journal of Management, 30(2), pp.272-298.
Wamba, S.F., Gunasekaran, A., Akter, S., Ren, S.J.F., Dubey, R. and Childe, S.J., 2017. Big data analytics and firm performance: Effects of dynamic capabilities. Journal of Business Research, 70, pp.356-365.
Raguseo, E. and Vitari, C., 2018. Investments in big data analytics and firm performance: an empirical investigation of direct and mediating effects. International Journal of Production Research, 56(15), pp.5206-5221.
Frishammar, J., Richtnér, A., Brattström, A., Magnusson, M. and Björk, J., 2019. Opportunities and challenges in the new innovation landscape: Implications for innovation auditing and innovation management. European Management Journal, 37(2), pp.151-164.
Zeng, J., Zhang, W., Matsui, Y. and Zhao, X., 2017. The impact of organizational context on hard and soft quality management and innovation performance. International Journal of Production Economics, 185, pp.240-251.
Dubey, R., Gunasekaran, A., Childe, S.J., Blome, C. and Papadopoulos, T., 2019. Big data and predictive analytics and manufacturing performance: integrating institutional theory, resource‐based view and big data culture. British Journal of Management, 30(2), pp.341-361.
Niebel, T., Rasel, F. and Viete, S., 2019. BIG data–BIG gains? Understanding the link between big data analytics and innovation. Economics of Innovation and New Technology, 28(3), pp.296-316.
Song, M., Fisher, R. and Kwoh, Y., 2019. Technological challenges of green innovation and sustainable resource management with large scale data. Technological Forecasting and Social Change, 144, pp.361-368.
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