Big Data analysis in Finance Management

Author Name : Karuru Deepesh Reddy, Kunchanpally Dinesh Reddy, Polimeru Raghava Prasad, Sahiti Vemuri, Mohit, Mohammed Shakeer Moka

ABSTRACT

Recently, improved technology has been very beneficial to most businesses and organizations. This is due to the work made easy in extracting useful information from large databases where they are stored, processed and even analyzed. This has been easy for most organizations since they don’t have to get to the hustle of analyzing a large amount of data before making decisions. The development of big data technology has been the greatest solution for handling large database to most organizations. This technology has enabled storing, processing and analyzing of information. In this case, the organization can be able to extract useful information that can help in quick decision making and to scrutinize outputs and business approaches. This has been due to increased access to information from sources with a large database such as social media site which has made business organizations to adopt the big data trend. Additionally, the big data trend can also be helpful in other aspects of business such as commercial marketing, intermediation and innovative transformation in business research. This research paper aims at discussing the concept of big data and its implication on businesses. It explains what big data is all about and its characteristics. It also explains the concept of big data analytics that uses different analytical approaches to huge sets of data. Big data analytics are also very beneficial to businesses as it is cost effective, simple to use, and time-saving. It also has enhanced accuracy, enhanced decision making, competitive advantage, and original products and services. Finally, the challenges of big data are also discussed in the research paper.