Transforming data into tangible strategy
Transforming data and making sense of Big Data is the main purpose of this project.
The purpose of this project is to formulate a model, which will enable companies to transform the massive amount of information that is to be gained from various Big Data sources, into a tangible strategy. The output of this project will focus on generating solutions to companies from the hospitality sector, on how to apply knowledge from Big Data sources into their business model.
There are various approaches to creating a model that deals with the usage of information from Big Data. One might argue that since Big Data is primarily a technical topic. One ought to pursue a framework that puts focus on a technical model that centers on how to “crunch” the data more efficiently. Or how to make algorithms that more accurately help to calculate outcomes. Our focus will be on developing a strategic model that companies can use when working with Big Data as a business model.
The focus area of this review is the hospitality sector. We are also aiming at putting a broader view on the concept of Big Data. This will yield a holistic understanding of current research within the area. Hopefully it will help us in our further research. The model it is intended to develop will also be useful for a wide range of companies outside the hospitality sector.
As with all research projects, we have for a long time been curious about a specific topic (in this case Big Data). Especially how to use Big Data in different sizes of companies. Therefore we aplied for and recieved funding to do a Literature Review in the fall of 2019. We then delved into the research that has been done in this area. The focus was not on the technical side of Big Data. But then and today, it is about how to strategically use and understand Big Data. In connection with our Literature Review, I was in Shanghai myself in October 2019. I visited Chinese companies using Big Data in their business model. I learned how they operationalize Big Data in their daily business operations.
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