The Nexus Between Big Data and Decision-Making: A Study of Big Data Techniques and Technologies

TLDR: In this paper, the authors highlight the impression and effect on decision-making through big data and discuss applications of big data-influenced decision making, along with state-of-the-art big data techniques and technologies.

Abstract: Big Data (BD) has shifted the paradigm of conventional data analysis with the exploitation of emerging technologies. Analysis using BD contributes to foreseeing and pulling out value from large data, exposing covert information, and expediting the decision-making process. This study highlights the impression and effect on decision-making through BD. The investigation’s rationale is to dig deep insight into the buzzword to enable stakeholders to understand the challenges and opportunities that BD has bought in the current business scenarios. It also discusses applications of BD-influenced decision-making, along with state-of-the-art BD techniques and technologies. The study is a review article based on the research articles, conference proceedings, books, and web articles available on Google Scholar and Google from the period between 2010 and 2020. Due to BD’s extreme importance, the available techniques and technologies should facilitate effective data collection, storage, analysis, and visualization. Every opportunity comes with greater challenges; this paper summarizes the strengths and weaknesses of different tools associated with three broad categories of BD technologies. This enables researchers to quickly glance at the available tools’ pros and cons in one only place. This emerging field is still very young and premature. Various techniques and technologies have been designed to deal with such humungous data, but they still offer minimal efficacy to deal with BD problems completely. This is high time now that technologists, researchers, and governments pay significant attention to this vast and evolving field by investing their time and money in developing efficient tools that maximize value from it. BD also means big opportunities, big challenges, and big systems; therefore, it also requires big attention from researchers to overcome the research gaps that exist in this big field.