Big data is one of modern tools that have impacted the world industry a lot of. It also plays an important role in determining the ways in which businesses and organizations formulate their strategies and policies. However, very limited academic researches has been conducted into forecasting based on big data due to the difficulties in capturing, collecting, handling, and modeling of unstructured data, which is normally characterized by it’s confidential. We define big data in the context of ecosystem for future forecasting in business decision-making. It can be difficult for a single organization to possess all of the necessary capabilities to derive strategic business value from their findings. That’s why different organizations will build, and operate their own analytics ecosystems or tap into existing ones. An analytics ecosystem comprising a symbiosis of data, applications, platforms, talent, partnerships, and third-party service providers lets organizations be more agile and adapt to changing demands. Organizations participating in analytics ecosystems can examine, learn from, and influence not only their own business processes, but those of their partners. Architectures of popular platforms for forecasting based on big data are presented in this issue.
A concentric framework for leveraging big data for business value
