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Business-making supported via the application of big data to achieve economic sustainability

Author

Listed:
  • Gabriel Koman

    (University of Žilina, Slovakia)

  • Dominika Tumová

    (University of Žilina, Slovakia)

  • Radoslav Jankal

    (University of Žilina, Slovakia)

  • Martin Mičiak

    (University of Žilina, Slovakia)

Abstract

Decision-making of managers in companies is currently significantly influenced by instantly available information. This phenomenon was caused by advances in information and communication technologies (ICT) and the development of a new generation of machines and systems that create an abundance of diverse data. For managers, this data is a source of information that needs to be obtained in an appropriate manner using different technologies. Technologies that enable the acquisition of this information from available data become an essential part of each company and its management processes. Since technology is currently entering the decision-making process in a significant way, this can be seen as the digital transformation of decision-making processes in companies. The ability to capture, process and assess a very large amount of available data represents the implementation of decisions that make the company’s activity more efficient and sustainable (e.g., achieving a competitive advantage, increasing sales or profits, development of new products, etc.). The article presents the results of the conducted research focused on identifying the benefits of implementing Big Data solutions in companies. The main method applied was content analysis of multiple cases followed by the categorization of data extracted. The research hypothesis was stated as follows: There are significant reasons that justify the application of Big Data in managerial decision-making to support the achievement of economic sustainability. The findings from the research (categories) support the importance of the Big Data solutions applied in the managerial decision-making for ensuring the sustainable operation of companies with the current trend of generating and processing a large variety of data.

Suggested Citation

  • Gabriel Koman & Dominika Tumová & Radoslav Jankal & Martin Mičiak, 2022. "Business-making supported via the application of big data to achieve economic sustainability," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 9(4), pages 336-358, June.
    • Handle: RePEc:ssi:jouesi:v:9:y:2022:i:4:p:336-358
    DOI: 10.9770/jesi.2022.9.4(18)
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    References listed on IDEAS

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    1. Shiann Ming Wu & Tsung-chun Chen & Yenchun Jim Wu & Miltiadis Lytras, 2018. "Smart Cities in Taiwan: A Perspective on Big Data Applications," Sustainability, MDPI, vol. 10(1), pages 1-14, January.
    2. Ali Kharrazi & Hua Qin & Yi Zhang, 2016. "Urban Big Data and Sustainable Development Goals: Challenges and Opportunities," Sustainability, MDPI, vol. 8(12), pages 1-6, December.
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    Cited by:

    1. Martin Holubčík & Jakub Soviar & Viliam Lendel, 2022. "Through Synergy in Cooperation towards Sustainable Business Strategy Management," Sustainability, MDPI, vol. 15(1), pages 1-30, December.

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    JEL classification:

    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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