How big data analytics helps improve business performance

Abstract

Technology is accelerating exponentially, more powerful technological tools are being made available and volumes of sophisticated Big Data are being produced at full throttle. This is shaping functions, influencing operations and driving business strategy of countless organisations through the access of real time data that can provide insightful behavioural trends Significant progression in analytical techniques is transforming data into corresponding visions, and insights for companies which may improve operational decisions and improve business performance. Organisations are leveraging Big Data to gain market power, provide personalized products and services to customers in order to lead a competitive advantage. Big Data goes beyond data collection alone. It is an approach that businesses adopt when wanting to operate as a data-driven organization. The main objective of this research was to obtain a profound understanding on how Big Data analytics, its benefits, challenges and limitations can impact business performance for companies operating in the iGaming sector. Furthermore, it allowed the identification of the areas that reap the most business intelligence from Big Data for companies. Qualitative research was conducted through a number of face to face interviews in order to understand how companies in the iGaming sector use Big Data analytical platforms to enhance business performance, display their results internally, as well as to gain an insight into how iGaming companies see the future of Big Data and Business Intelligence developing locally. The results showed that iGaming companies tend to prioritize the velocity of data streaming in from all aspects in order to produce real time results, which would improve the overall efficiency of business performance. Structured and unstructured data are collected simultaneously in order for Big Data Analytical tools to produce various outcomes of a higher quality. Further analysis of the results showed that a key driver to conduct such analytics was to become a data-driven organisation. The gradual decrease in costs for data storage has incentivised companies to invest and conduct Big Data Analytics. This has also been brought about by its availability, ease of use and provision of an optimal level of customer personalization and experience. In addition, the research identified an array of challenges encountered by companies in their implementation of Big Data Analytics in their day-to-day operations. The main challenges encountered was the lack of qualified human resources and the need to implement proper data visualisation tools in order to enhance internal communication of crucial data findings. Therefore, recommendations, among others include the introduction of Big Data intensive courses in order to support personnel by providing professional training to facilitate accurate and effective data results.