Harnessing Big Data for Business Innovation and Effective Business Decision Making

Innovation and other decision-making processes in businesses are very critical to their growth and survival in an environment of ever-increasing competition and technological advancement. Large corporations have the resources to invest in an expensive Big Data and Analytics infrastructure or platform, however, using business intelligence technologies is a challenging effort for start-ups owing to hefty license costs, the need to create an integrated data warehouse, and a lack of Business Intelligence capabilities. This paper offers an in-depth look at how businesses can take advantage of big data when making business decisions or embarking on any form of innovation be it process, product, service or strategy. A comprehensive evaluation of literature discerns that an intricate rationalisation of key implications, use and benefits are widely evaluated. In addition, for the instigation of comprehensive unstructured data analysis, the paper shows how, instead of having to invest in a sophisticated and expensive infrastructure, Microsoft Power BI allows start-ups to reap the advantages of large-scale big data tools and allows new businesses to obtain access to data analytics to see a direct effect on their bottom line by detecting trends and patterns, as well as new possibilities, success rates, and user preferences.