Online Business Issues

Big Data and eBusiness Relevance Nowadays, more people get to know the term Big Data and try to understand its essence and make use of it to benefit in the chosen activities. According to Yin, Jiang, Lin, Luo, and Liu (2014), Big Data makes it possible to open a new era of science and human abilities to discover it through data-driven computing.  Many scientists and researchers offer their ideas on how to develop the Big Data paradigm and why people need pay more attention to this concept.Advertising We will write a custom report sample on Online Business Issues specifically for you for only $16.05 $11/page Learn More For example, Jao (2014), the CEO of one of the retention automation platform for eCommerce, admits that Big Data is beneficial from a variety of perspectives: it helps to improve business, choose the best advertising, decide on the marketing strategies, control customer retention, etc. It is hard to imagine the world of eBusiness, and eCo mmerce in particular, without Big Data. Its impact remains to be huge, and the following examples can prove its urgency.  First of all, the organisation of information can be facilitated. For a long period, different companies have been challenged to collect, save, and keep data from different sources at one place. It was necessary to spend much time analysing each piece of the source chosen. Big Data helps to extract a certain value from data given (Nwokpoku 2015). People, who are involved in eBusiness, win a lot with Big Data concept due to the existing relevance by means of which people can combine data from browsers, social media, and different records and underline those ideas that become more important.  Secondly, Big Data provides business people with an opportunity to make decisions that are more informed and data-driven. The key features of this concept are variability, velocity, variety, and value (Gandomi Haider 2014). They show that each piece of information is a po werful combination of different credible facts that may touch upon different spheres of life and help people make fast and properly-grounded decisions. Such ability is necessary for the world of eBusiness; therefore, this relevance cannot be neglected in the analysis. Thirdly, the personalisation of information becomes possible with Big Data. Though some people may think that such general concept with a variety of sources can hardly promote privacy or similar issues, Big Data is created to help sellers observe the changes of users’/consumers’ behaviour and make the necessary connections to realise what can be done more to achieve more efficient results. Finally, it is wrong to believe that Big Data and eBusiness relevance is only about some positive aspects. All people, who are going to use it, should remember that Big Data is a complex mechanism that can work only for those, who know how to use it, when to stop or change a direction, and how to make the correct soluti ons. Big Data, as well as eCommerce, is a big world of information from different regions. It is so hard to get lost, and people should be ready for any challenge.Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More How to handle Big Data for a company As Chief Information Officer (CIO), I want to underline that it is not an easy task to handle Bib Data for any company. Each manager has to be ready to learn a lot and improve personal knowledge constantly because the majority of technical errors happen because of people, who make mistakes, not because of some technological glitches. I want to underline that Big Data should be treated in two different ways: on the one hand, it is a marketing term that involve people, their needs, interests, and offers; on the other hand, it is a technical term because it depends on technologies and the way they can work.  To benefit from Big Data, it is import ant to pay more attention to a company’s informative lifecycle process. It is not enough to check the quality of information; it is necessary to consider the insights and criticise them on a professional level. The company should have powerful leaders, who can set the goals clearly, choose the most talented managers, who can organise the work with information, and underline the importance of a company as a whole because Big Data is for a team not for one person (McAfee Brynjolfsson 2012). Impact of the Internet on Porter’s 5 Forces Model The sphere of eBusiness undergoes considerable changes because of the Internet and people’s burning desire to use it all the time. Still, the changes are not always positive. The Internet is one of the most unpredictable inventions on the earth, and it is hard to guess if it is a chance or a challenge. As many business models and strategies, Porter’s model undergoes certain changes as soon as the Internet spreads its pow er over people. Though Karagiannopoulos, Georgopoulos, and Nikolopoulos (2005) found out that the Internet did not promote significant changes, and this traditional model can be used for the examination of business and its peculiarities. Porter’s model is a powerful attempt to analyse the world of business with its threats of entrants and substitutes, power of buyers and suppliers, and rivalry that has been developing during a considerable period (Hax 2009). It helps to understand if the company is profitable enough for competitions and investments. The modern world of business depends on how its people can use Porter’s model and choose the most appropriate ways to succeed. At the same time, the modern eBusiness world has been dramatically changed because of the Internet and the opportunities available. Therefore, the impact of the Internet on the Five Competitive Forces remains to be crucial and cannot be controlled by those, who know a little about actual abilities o f the Internet.Advertising We will write a custom report sample on Online Business Issues specifically for you for only $16.05 $11/page Learn More All business students are provided with knowledge about the Internet’s direct impact on business. Though students spend much time learning and analysing the current opportunities and technological progress, they cannot understand how exactly this issue defines the quality of all work done. Not all business people are ready to compare the possibilities of the past with the possibilities of the future to make the correct decision today. Porter’s model is about the analysis, and if the Internet changes the compositions of the analysis, it will change the essence of the analysis itself. It is wrong to believe that no dramatic changes can happen to the model. It is inappropriate to believe that the change of one aspect can lead to the change of another aspect. It may happen that the Internet can infl uence the bargaining power of buyers or substitutes and has nothing to offer to change the threats of entry. Therefore, the analysis of each dimension is necessary. How the Internet Changes the Game The Internet has enough powers to impact business games modern people are so eager to play day by day and promote economic benefits (Bernard Souza 2009). Even if people do not want to agree with the fact that they are the players that can win or lose one day, all business people want to use their thinking abilities and chances to achieve more (Werbach Hunter 2012). Each dimension of Porter’s model changes because of the power of the Internet to business. The bargaining power of customers and buyers may be considerably increased due to a variety of information available through the Internet. The threat of new entrants and substitute products may be also changed, still, it is hard to predict what kind of changes can be. On the one hand, it is easier to enter a new market with the Internet because there is no necessity to open a real store or business centre or something else (Morais, Pires, Moreira 2012). It is enough to create a captivating site and make people learn about their possibilities for the services offered. On the other hand, people can get access to many e-business companies that can offer the same services at more reasonable prices. Therefore, the level of substitutes and abilities of business players can be dramatic for each other. The peculiar feature of the Internet is its ability to create unexpected outcomes and influence the whole system in the most unpredictable way. And if Porter’s model has been always about something that is expected and can be explained, it cannot stay this way because of the Internet opportunities for people, who develop e-business.Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The rivalry achieves a new stage because of the Internet as well. People have to think how to spread their services and offers globally. It is not enough to achieve some local benefits. It is more important to inform as many people as possible to underline the urgency and success of the chosen business. Reference List Bernard, RRS Souza, MP 2009, ‘Dominance in online business games competitions’, Developments in Business Simulation and Experiential Learning, 36, pp. 287-294. Gandomi, A Haider, M 2014, ‘Beyond the hype: big data concepts, methods, and analytics’, International Journal of Information Management, vol. 35, pp. 134-144. Hax, AC 2009, The Delta model: reinventing your business strategy, Springer Science Business Media, Cambridge, MA. Jao, J 2014, ‘Why big data is a must in ecommerce’, The Big Data Landscape. Web. Karagiannopoulos, G.D., Georgopoulos, N. and Nikolopoulos, K 2005, ‘Fathoming Porter’s five forces model i n the internet era’, Info, vol. 7, no. 6, pp. 66 – 76. McAfee, A Brynjolfsson, E 2012, ‘Big Data: the management revolution’, Harvard Business Review. Web. Morais, EP, Pires, JA, Moreira, R 2012, ‘E-business maturity: constraints associated with their evolution’, Journal of Organizational Computing and Electronic Commerce, vol. 22, no. 3, pp. 280-300. Nwokpoku, J 2015, ‘Big data: driving e-business through open access’, Vanguard. Web. Werbach, K Hunter, D 2012, For the win: how game thinking can revolutionize your business, Wharton Digital Press, Philadelphia, PA. Yin, H, Jiang, Y, Luo, Y, Liu, Y 2014, ‘Big data: transforming the design philosophy of future internet’, IEEE Network Magazine, vol. 28, no. 4, pp. 14-19. This report on Online Business Issues was written and submitted by user Leilani Pennington to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.