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Toward a Conceptualization of Big Data Value Chain: From Business Problems to Value Creation
Abstract
The generation of digital devices such as web 2.0, smartphones, social media and sensors has led to a growing rate of data creation. The volume of data available today for organizations is big. Data are produced extensively every day in many forms and from many different sources. Accordingly, firms in several industries are increasingly interested in how to leverage on these “big data” to draw valuable insights from the various kinds of data and to create business value. The aim of this chapter is to provide an integrated view of big data management. A conceptualization of big data value chain is proposed as a research model to help firms understand how to cope with challenges, risks and benefits of big data. The suggested big data value chain recognizes the interdependence between processes, from business problem identification and data capture to generation of valuable insights and decision making. This framework could provide some guidance to business executives and IT practitioners who are going to conduct big data projects in the near future.
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