Governance of big data:
Governance of big data is an important in the organization due to the challenges associated with voluminous data. The executives are faced with very huge chunks of data relating to the sales and revenues. The large amounts of data relating to the revenues of the organizations are managed through information systems. The big data is managed through the knowledge work systems of the organizations. All the data of the organization is input into the knowledge work management systems of the organization. These knowledge information stems helps in the organization and analysis of such data so as to facilitate efficient decision making in the organization. The large amounts of data are broken down into meaningful forms. The system also helps in analyzing the data such that the executives of the organization can make decisions relating to the critical issues and concerns of the organization. The systems also helps in eliminating the irrelevant data and giving emphasis and focus on the relevant facts (Mohanty, 2013:18). The knowledge management systems are of the essence in ensuring that executives and the overall management of the organization can make decisions without incurring high costs and expenses by concentrating on the relevant aspects of the data of the organization.
Privacy and big data:
Privacy and big data is an issue of concern in the organization. Big data is prone to attacks and manipulation both by the employees and the external parties. The big data of the organization may be misappropriated or manipulated leading to poor decision-making as well as losses in the organization. The data relating to the payroll may be manipulated by inclusion of the ghost workers in the payroll system of the organization. Manipulation of data may lead to very huge losses to the organization if the data is not monitored and protected in a proper manner. The organization may put the necessary measures in place in order to ensure that privacy of the large data of the organization is secured and safe. The use of passwords and encryption of data will help the organization to prevent the manipulation of the systems and data of the organization by external or unauthorized parties. The installation of both physical and logical security measures is an important aspect in ensuring privacy and security of the information systems of small, medium enterprises. The experts should also be trained in order to ensure that the information systems of such enterprises are monitored regularly and closely so as to ensure privacy and safety of big data of the organizations (Fearon, 2013:28). The security softwares should also be installed in the systems of such enterprises in order to ensure safety and security of data.
Social network and big data:
The social network may expose the big data of the small and medium enterprises to risks of viruses and worms. The viruses and worms may destroy or manipulate the data of the organizations leading terrible problems in using such data. The data may become meaningless and useless due to the distortion by the viruses and worms in the social network. Hackers may also use the social network to access the big data of the company leading to loss of the confidential information of the organizations. The competitors may also access the strategies of the company hindering the progress of the organization due to such leakage of such business secrets. The social network is vulnerable to malicious parties that may manipulate the data of the company leading to a bad public image of the concerned organization on the internet or the whole social network. The malicious parties may post the confidential information of the organization on the social media sites leading to loss of customers and business partners due to leakage of very confidential information of the organizations. The corporate values of the organization concerned may be deteriorated due to such leakage of information on the social networks. The internet may also lead to the aspects of impersonation that may also deteriorate the goodwill of the organization concerned.
Managing big data:
The management of big data is an important aspect of concern in order to facilitate smooth and efficient operations of such organizations. Management information systems are of the essence in ensuring proper and effective management of such data .The data is stored in databases that further analyze such data into blocks and small meaningful chunks. The small groups of data are useful in making specific decisions pertaining to various aspects and departments of the organization. The data may be analyzed such that the critical issues like revenues, supplies and promotional activities can be addressed fully by the organization. The information systems help in breaking the data such that accurate and simple reports are generated that the executives can use to make realistic decisions relating to the various departments and critical issues of the organizations. The big data can also be managed such that each department or level of the organization is assigned specific tasks and activities based on the data of the organization concerned. The managers of the organization in each department or level of the organization concerned, handles the data in order to make meaningful results at each level of the organization. The breaking down of data helps in facilitating faster decision making in the organization.
How insurance companies can obtain big data:
The insurance companies obtain big data through the records of the insured parties and the high number of premiums registered with such companies. The high number of parties insured and covered by the insurance companies leads to massive data on the systems of such insurance companies. The different classes and types of risks covered by the insurance companies lead to very large amounts of data kept by the insurance companies (Kieso, 2012:16). The records of the premiums paid by the insurance company also adds up to large volumes of data handled by the insurance companies. The data of the claims by the insured parties also contributes greatly to the large amounts of data kept by the insurance companies.
Does insurance companies have big data? :
The insurance companies have large volumes of data relating to the premiums paid and the claims lodged by the insured parties. The data relating to risks covered and the investigations carried out to prove the existence of such claims leads to very large volumes of data handled by the insurance companies.
How can insurance companies use big data? :
The insurance companies may use such big data in various ways in order to facilitate their operations. The insurance companies use the big data to analyze the aspects relating to the levels of risks in order to determine the amounts of premiums to be paid by their clients. The data also help the insurance companies to determine amounts of claims to be paid so as to avoid cases of losses by the company. The insurance companies also use big data in order to simulate and predict the chances and probabilities of the risks that are likely to occur. Big data helps such companies to forecast uncertainties in the futures as well as formulating appropriate strategies to handle such risks.
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