Big Data Analytics to Attain Competitive Advantage for Retail Businesses - Management Assignment Help

Assignment Task

Title of Study:
“Importance of Big Data Analytics to Attain Competitive Advantage for Retail Businesses in the UK”
Background of Research:
As per Aktas and Meng (2017), advancements in information techniques and cost reductions in
data collection have allowed corporate data production and recording a fundamental part of life.
Indeed, well-adopted information systems, BI (business intelligence) and big data analytics have
become vital to contest and prosper and they deliver a competitive edge to any company in any
sector or industry. Companies in every service sector and others are attempting to find imaginative
methods to draw visions from the ever-rising level of structures and unstructured data accessible
about their client’s behaviour.
In the modern era, the digitization of corporate procedures, model and products have transformed
the nature of performing business activities (Kohtamäki et al. 2020). Nevertheless, companies are
struggling with the existence of a big amount of data within their business models. It is noteworthy
that retail businesses can utilize big data analytics to attain novel visions regarding client’s
behaviour and to refine decisions. Furthermore, all over the world, retailers of all sizes and
configurations are currently utilizing analytics techniques to superiorly comprehend client
behaviour and uncover perceptions that can assist them to drive sales and enhance gratification. It
can further be said that big data analytical systems which harvest valued visions from massive
supplies of raw data have become a treasurable asset for the retail sector (Miah et al. 2017).
However, several retail businesses in the UK have been slow in integrating such practices into
their company’s decision-making outline. Due to this reason, they are struggling to attain more
client satisfaction and increasing sales. This study will be conducted to demonstrate how this
technology is being employed by retailers in the UK to bring competitiveness to the market and
what challenges they are facing in adopting big data analytics. This study is further led to
demonstrate the importance of big data analytics for retail businesses to compete in the market
(Wilcox et al. 2019).

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