Question

To what extent do you think that predictive analytics and big data are the future of strategic analysis? Justify your answer.

Answer 1

Right now, BIG DATA and analytics appear to be the biggest trend in business administration and their future application only seems to become more relevant, making their adoption a necessity for the conduction of business processes, management and decision making to its best effect.

The future implications of BIG DATA are immense and it will impact the business processes to an even larger extent in the coming future. We have already started seeing the application of predictive analysis, data utilization and the advent of a structure which is based on the AI application of large data analytics. What this means is that the two biggest field in information technology and information management have now come together to allow companies a better understanding of how both these processes of AI-based decision making and automation and BIG DATA analytics can be brought together to create a complex structure which has the power of a computer backed by the intellect of a human-based understanding, utilizing such fields like “deep learning” to its maximum capacity.

There is also an ever-increasing need to optimize the supply chain and value chain processes and understanding the customer's need. The decision-making processes are increasingly becoming more complex as more and more variables are being added to it. Simply saying that the businesses have now developed a need for the capabilities of analytics in about every business process can be considered as being the main reason why the implementation and adoption of BIG DATA capabilities and analytics exist, especially to a large degree in the future.