Competing Through Big Data: Challenges, Mechanisms and Future Frontiers

Global big data market is projected to grow to about $103 billion by 2027, signalling an extensive development across industries. Why is it interesting to discuss the business implications of making sense of big data for process innovation and competitive advantage? Big data analytics (BDA) has gained momentum, as a new generation of technologies and architectures designed to economically extract value from very large volumes of a wide variety of data by enabling high-velocity capture, discovery, and/or analysis. This article uncovers a theory-driven framework to guide practitioners. First, it addresses “why” BDA matters to contemporary organisations. Second, it explores challenges in developing data analytics capabilities for innovation and competitiveness. Third, it offers a feasible pathway to exploit BDA initiatives. Finally, the article concludes with a conversation on the future of big data-driven firm value creation by suggesting multiple calls for action. Overall, it is articulated that the road to competitive advantage from big data is complex, which requires multiple strategic capability developments to attain real business value.