Baesens, B., Bapna, R., Marsden, J. R., Vanthienen, J., & Zhao, J. L. (2016). Transformational issues of big data and analytics in networked business. MIS Quarterly, 40(4), 807-818.
In their study, the authors focus on assessing the impact of big data, obtained through the analysis of available economic information, on the management aspects of businesses and the possibilities of their transformation. The definition of big data is presented, and this phenomenon is at the core of the research. The key findings relate to the benefits of applying this type of information to modern businesses due to the ability to timely coordinate operational processes and adapt decision-making models based on this data. In addition, there is a strong focus on analytical frameworks used to analyze big data, and their robustness is seen as one of the central criteria for enhancing the success of business transformations.
Compared to some other articles involved, this study is not focused on analyzing big data in the context of economic initiatives promoted by governments. At the same time, the article reveals significant factors related to regulatory compliance, integration issues, and the aspects that determine the reliability of utilizing relevant information resources. This information largely determines how effective the implementation of big data is in the business environment.
In the future discussion, this study will be used as a source that provides a detailed definition of big data and its merits. Moreover, appropriate analytical frameworks will be mentioned to highlight the variety of approaches and techniques used for business transformations. The relevance of extensive economic information will be declared as one of the main advantages of analyzing the spectrum of available data for the decision-making process.
Dixit, A., Clouse, C., & Turken, N. (2019). Strategic business location decisions: Importance of economic factors and place image. Rutgers Business Review, 4(1), 73-91.
The key research question of this article is to clarify the influence of available economic data on the aspects of decision-making in businesses, particularly location factors. In addition, the authors compare economic and non-economic criteria and emphasize the importance of individual characteristics of firms as the nuances that determine specific decisions. Based on the findings, economic factors are initial to assess to draw appropriate conclusions regarding business locations, and only after all regulations are met, the non-economic criteria should be analyzed. The role of government data is also considered to be an essential criterion in the context of globalization and constantly changing trends, and as a result, attention to individual obligations, for instance, tax policies, should be high.
As a limitation of this article, one can mention the lack of the assessment of big data as the crucial factor determining businesses’ sustainability and the effectiveness of transformations. At the same time, the authors compare economic and non-economic criteria, which is not the case in other studies involved. This analysis helps uncover the value of individual data to specific aspects of business management, particularly location issues.
Through the in-depth assessment and comparison of economic and non-economic factors, the findings of the study will be used in the future discussion from the perspective of the importance of assessing different criteria that determine the decision-making process in businesses. Arguments about the role of individual economic regulations in different countries will also be used. The value of strategic decisions based on the comparison of various criteria will be mentioned.
Grover, V., Chiang, R. H., Liang, T. P., & Zhang, D. (2018). Creating strategic business value from big data analytics: A research framework. Journal of Management Information Systems, 35(2), 388-423.
The authors aim to find out which business models and patterns are optimal for working with open economic data. The findings of the study reveal what principles of processing information modern firms need and what initiatives governments can use to support the business environment. A number of visual charts and graphs reflect individual decisions designed to enhance value propositions, management approaches, and other factors that influence the sustainability of entrepreneurial activities and the decision-making process. Open government data is seen as one of the main resources for driving relevant transformations. Specific development strategies, including branded advertising, dual licensing, and other activities, are evaluated against this impact.
Of all the studies involved, this article offers the widest synthesis of information implemented in numerous diagrams and tables. Unlike other sources, there is much emphasis on marketing practices through big data engagement. However, the article does not mention government data, which is a limitation. At the same time, the value of big data analytics is comprehensively disclosed, and a number of advantages of implementing this method of working with economic information are presented.
The arguments about the strategic role of big data analytics and the value of such an assessment will be cited as the meaningful findings in the future discussion. In addition, the marketing background of businesses will be presented from the perspective of the impact of open economic information on the sustainability of promotion in target markets. The importance of engaging effective business models from the perspective of meeting relevant decision-making objectives will also be included in the discussion.
Hartmann, P. M., Zaki, M., Feldmann, N., & Neely, A. (2016). Capturing value from big data – A taxonomy of data-driven business models used by start-up firms. International Journal of Operations & Production Management, 36(10), 1382-1406.
In this article, the researchers examine how data-driven models influence start-up companies’ performance and assess how important big data is. One of the central strengths of this study is the wide range of empirical information obtained from qualitative research. According to the findings, powerful big data strategies drive the success of young firms and foster their dynamic growth. The authors also explain the relevance of this information from a start-up perspective and argue for the ease of management through the use of big data. The factors related to government participation are not mentioned as the emphasis is on the practical use of relevant models. A large list of components of different frameworks increases the reliability of the study and makes it valuable for firms of different profiles.
As mentioned, unlike some of the other studies involved, this article does not highlight government involvement in big data streams. However, this research provides the most detailed description of available business models with different data-driven frameworks, which are structured in tables and diagrams. In addition, the authors use mathematical calculations to uncover the implications of individual business approaches and decisions, which is also a strength.
In the future discussion, this article will be mentioned in the context of the role of finding relevant models with appropriate business strategies based on the use of big data and designed to ensure firms’ development. The facts about the value of these models for start-up companies will also be mentioned, and the role of big data will be presented as significant. The arguments about the need to find suitable decision-making principles based on available economic information will be included in the discussion.
Zeleti, F. A., Ojo, A., & Curry, E. (2016). Exploring the economic value of open government data. Government Information Quarterly, 33(3), 535-551.
The key objective is to identify and analyze the optimal business model designed to successfully manage open data and regulate the decision-making process not only in the business environment but also in governments. The study analyzes the role of big data and their adaptation to the development of both start-up firms and large companies in view of an opportunity to build value propositions and develop individual growth strategies. One of the strengths is the reference to government data, which, when made publicly available, is viewed from a valuation perspective within the framework of convenience for individual businesses. Through the use of a convenient and sustainable model, the company can control operating costs, promote innovation, and implement new development forms by utilizing big data intelligently.
Unlike the other studies involved, this article offers the broadest overview of the role of governments in creating the right conditions for the free use of big data. While the study does not include empirical analysis, it uses numerous assessment tools, including comparison tables and flowcharts, to distill the nuances of the processes that shape big data flows and how they are involved in transforming businesses. This evaluation is one of the main strengths of the article.
The arguments about the role of big data in the development of businesses of different formats will be used in the future discussion. In addition, the facts about the diversity of development models will be mentioned from the perspective of the influence of governments on building sustainable strategies for the business field development. The importance of competent big data analysis and its value will also be included because this information is critically needed by many companies for sustainable growth.
Discussion
The dynamics of business processes and operational transformations that many modern firms resort to are largely due to the breadth and availability of information flows that influence decision-making and explain the nature of certain initiatives. Economic data from governments, which describe the current situation in the financial market, is a valuable resource for tailoring business lines to specific circumstances, be they major changes or weak fluctuations. Therefore, various analytical frameworks and projects are often designed to create an environment that helps develop big data into intelligent assets. Moreover, individual economic regulations specific to regional markets shape particular trends. The value of big data for both start-up companies and large firms is assessed as high since such information makes it possible to coordinate business decisions timely and implement those forms of work that meet market conditions. This discussion describes the relevance of economic data from governments to business decisions by analyzing the ideas from credible articles that explore the topic from different perspectives and suggests possible directions for future research based on these findings.
Due to economic data from governments, firms adapt their decision-making strategies based on reliable and relevant information. According to Baesens et al. (2016), the breadth of this information is one of the significant advantages since the ability to take into account various factors that can potentially affect operating results helps minimize errors in the decision-making process. Hughes-Cromwick and Coronado (2019) offer the broadest clarifications on the value of this data and note governments’ targeted work to expand access to important economic information is a crucial activity. Along with Zeleti et al. (2016), Hughes-Cromwick and Coronado (2019) highlight the role of open data for innovative development and meeting the demands of the digital economy. Combining information from governments with customized analytical models involving big data improves decision-making and unlocks business potential (Hughes-Cromwick & Coronado, 2019). Dixit et al. (2019) describe procedures in which firms use different comparative approaches to construct strategic development paths, and such a principle is favorable for business outcomes. Hartmann et al. (2016) also emphasize the value of such combined analysis and note the particular importance of this method to start-up firms that need sustainable and reliable development models. Advancement in target markets is difficult if companies lack valid economic data affecting different aspects of the business, and various analytical frameworks developed to interpret the available information help avoid challenges (Grover et al., 2018; Hartmann et al., 2016; Zeleti et al., 2016). Baesens et al. (2016) emphasize the multiplicity of analytical frameworks available and describe both generally accepted analytical approaches and individual strategies that firms can utilize to interpret economic information competently. Hughes-Cromwick and Coronado (2019) examine the relevance of government data to diverse businesses and highlight the need for transparency and open access to such information. As a result, all the sources involved confirm the value of applying relevant economic information and disclose the benefits of competent analysis.
To broaden the understanding of using government economic data in the business sector, the aforementioned authors suggest possible directions for future research. Baesens et al. (2016) note more attention can be paid to digital firms that often require sustainable analytical framework no less than companies operating in traditional fields. Dixit et al. (2019), who consider location as one of the key criteria for business success, offer to evaluate other indicators, for instance, the sustainability of marketing programs that can be strengthened through open data. Grover et al. (2018) draw attention to decision-making objectives and note the interest of combining familiar planning forms with new valuation formats, for example, based on the interests of specific markets. Hartmann et al. (2016) propose to compare the characteristics of economic information in start-up and large firms to identify the factors influencing the success of work. Hughes-Cromwick and Coronado (2019) argue for the value of examining the specifics of the labor market regarding the impact of individual economic pieces of information. Finally, Zeleti et al. (2016) offer to study the principles of the government-private sector partnership to facilitate the transmission and interpretation of economic data.
References
Baesens, B., Bapna, R., Marsden, J. R., Vanthienen, J., & Zhao, J. L. (2016). Transformational issues of big data and analytics in networked business. MIS Quarterly, 40(4), 807-818.
Dixit, A., Clouse, C., & Turken, N. (2019). Strategic business location decisions: Importance of economic factors and place image. Rutgers Business Review, 4(1), 73-91.
Grover, V., Chiang, R. H., Liang, T. P., & Zhang, D. (2018). Creating strategic business value from big data analytics: A research framework. Journal of Management Information Systems, 35(2), 388-423.
Hartmann, P. M., Zaki, M., Feldmann, N., & Neely, A. (2016). Capturing value from big data – A taxonomy of data-driven business models used by start-up firms.International Journal of Operations & Production Management, 36(10), 1382-1406.
Hughes-Cromwick, E., & Coronado, J. (2019). The value of US government data to US business decisions.Journal of Economic Perspectives, 33(1), 131-46.
Zeleti, F. A., Ojo, A., & Curry, E. (2016). Exploring the economic value of open government data.Government Information Quarterly, 33(3), 535-551.