1. SMEU
  2. All Volumes and Issues
  3. Volume 6, Number 2, 2024
  4. The Role of Business Analytics in the Era of Big Data: New Opportunities for Managerial Decision-Making

The Role of Business Analytics in the Era of Big Data: New Opportunities for Managerial Decision-Making

SMEU.
2024;
Volume 6, Number 2
: pp. 152 - 165
Authors:
  1. Z.P. Dvulit
  2. L. V. Maznyk
1
Lviv Polytechnic National University, Department of Foreign Trade and Customs
2
National University of Food Technologies

This article delves into the pivotal role that business analytics plays in the era of Big Data, focusing on how it transforms decision-making processes in contemporary organizations. Big Data analytics has become an essential tool for businesses striving to gain a competitive edge in an increasingly data-driven world. The research outlines the main trends in the application of Big Data technologies, such as the integration of artificial intelligence (AI) and machine learning (ML), predictive analytics, and real-time data processing. These technologies enable organizations to process large datasets more efficiently, uncover hidden patterns, and make datainformed decisions with greater precision.

The authors discuss the key benefits of adopting Big Data analytics, particularly in areas like customer behaviour personalization, enhanced risk management, and optimization of business operations. By leveraging predictive analytics, companies can forecast trends, mitigate risks, and tailor products and services to meet customer demands. Additionally, the article highlights the growing importance of real-time analytics, allowing organizations to respond promptly to market changes and operational challenges.

However, the article also emphasizes the challenges businesses face when integrating Big Data analytics into their operations. Issues related to data security, privacy, and ethics are becoming increasingly critical, particularly with the expansion of data collection from various sources. The paper suggests that for organizations to succeed in the Big Data era, they must address these ethical concerns and ensure transparency and responsibility in data usage. Moreover, the role of skilled data scientists and analysts is underscored as a crucial factor in the effective implementation of analytics tools. 

The article concludes by identifying potential directions for future research, particularly in improving data quality and addressing the ethical implications of Big Data usage in sectors like healthcare and finance, where sensitive personal information is often involved. Further investigation into how organizations can better manage the balance between data-driven insights and privacy concerns is recommended. Overall, the research highlights how business analytics, supported by Big Data, offers new opportunities for informed decision-making, operational efficiency, and competitive advantage in the modern business landscape.

Big Data analytics
integration
business analytics
decision-making
Predictive analytics
data ethics
privacy concerns
data security
business operations
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