Big Data and Global Markets: Using External Data Resources to Influence Decision Making

Abstract

Abstract

The availability of “Big Data” has given rise to the examination of the use of data in support of organizational decision making. Managers are leveraging the power of analytics to support operations to gain a strategic competitive advantage. Since Big Data is recently being explored, there is little research on what data resources organizations should utilize external to their organizational environment. This paper analyzes different literature, identifies and compiles a list of external sources of data for organizations to utilize. From this analysis, a conceptual framework was developed to understand the data processes involved to give organizations fundamental groundwork to consider external data. The framework - provides decision makers with important external factors they will need to consider in their decision making in order to gain a competitive advantage to compete in a global market.

Keywords

• big data
• external data
• decision-making
• competitive advantage

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