THE ROLE OF BIG DATA IN BUSINESS STRATEGY: A CRITICAL REVIEW

Abstract

This paper critically examines the role of Big Data in shaping contemporary business strategies, highlighting its transformative impact across various sectors. The study delves into the multifaceted nature of Big Data, exploring its integration into business models, the challenges it presents, and the strategic advantages it offers. The research is grounded in a comprehensive literature review, focusing on peer-reviewed articles, conference papers, and academic book chapters from 2010 onwards, ensuring relevance and currency in the rapidly evolving field of Big Data. The aim of the paper is to provide a nuanced understanding of how Big Data influences business strategies, identifying existing research gaps and setting a clear direction for future scholarly inquiry. The scope encompasses the assessment of Big Data's integration in business strategies, its impact on decision-making processes, ethical implications, and the effectiveness of current technologies and methodologies. Key findings reveal that Big Data significantly enhances decision-making capabilities, customer experience, and competitive advantage. It also highlights the necessity for a strategic blueprint for Big Data integration, addressing cultural, governance, strategic, and technological aspects. The study concludes with recommendations for businesses to adopt a data-driven approach, integrating Big Data analytics into their strategic planning to enhance decision-making, customer engagement, and ethical compliance. In conclusion, the paper underscores the need for businesses to develop comprehensive strategies for Big Data integration, focusing on fostering a data-driven culture and ensuring data security and privacy. This strategic approach will enable businesses to leverage the full potential of Big Data, driving innovation and maintaining a competitive edge in the digital landscape. Keywords: Big Data, Business Strategy, Decision-Making, Data-Driven Culture, Ethical Implications.