Forecasting consumer behavior with innovative value proposition for organizations using big data analytics

Abstract

The term `Big Data' is used to represent collection of such a huge amount of data that it becomes impossible to manage and process data using conventional database management tools. Big Data is defined by three important parameters `Volume' - Size of Data, `Velocity' - Speed of increase of data and `Variety' - Type of Data. Big data analytics is the process of analyzing this ever growing Big Data. The goal of every organization is to maximize its value for its stake holders. The paper aims to demonstrate that Big data analytics can be used as a catalyst for generating and increasing value for organizations by improving various business parameters. Furthermore, by utilizing case studies the paper also aims to establish that big data analytics supports creation, enhancement and improvement of various business services to significantly improve customer experience as well as value creation for organizations.