An investigation on how big data has transformed local businesses

Abstract

The breakthrough experienced in business and technology initiated by Big Data (BD) is absolutely ground breaking. Since its first introduction, the hype around this technology continues to remain persistent in successful worldwide businesses. However, the studies available on hand with regards to the implementation of BD in local businesses (LB) is extremely limited. Hence the purpose of this investigation was constructed to answer the following matter. Do Maltese businesses (MB) experience the same effects, benefits, advancements and developments when it comes to the adaptation of BD on a local scale when correlated to international businesses (IB)? Upon much research and consideration, a qualitative plan was utilised as it was decided upon to be the most suitable approach. After reaching out to local Maltese businesses (LMB) for interviews, the ten organisations chosen consist of different industry backgrounds, dimensions and magnitudes to ensure neutralism and unbiasedness. With reference to the findings of the investigation, patterns visible within the interviews suggest that BD does not incline towards any particular industry sector more than others. In majority, the interviewees claimed that Big Data Analytics (BDA): amplified sales percentages, improved business insight, increased customer growth and retention, boosted user targeting/marketing, strengthened customer service, contributed to cost efficiency and it also assisted in risk mitigation. In conclusion, the investigation indicates that even though the data collected by LMB is slightly restricted when compared to the vast data sets gathered by international corporations, these localised businesses still manage to reap the same benefits more or less. Having said that, the capabilities of BD in Malta should not be underestimated because of the country’s size given the positive results. This research also promotes BD to motivate traditional businesses who are intimidated by these data powered tools. It further highlights the importance of data education and adequate awareness which is vital before deployment. In a nutshell, the future of BD in Malta is definitely full of value, hence MB should be stimulated to invest in more data driven strategies.