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Recent Development in Big Data Analytics for Business Operations and Risk Management.

Tsan-Ming Choi, Hing Kai Chan, Xiaohang Yue

    IEEE Transactions on Cybernetics
    |January 15, 2016
    PubMed
    Summary

    Big data analytics offers valuable insights for industrial systems engineering and cybernetics. This paper explores the challenges and opportunities in applying big data to business operations and risk management.

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    Area of Science:

    • Industrial Systems Engineering
    • Cybernetics
    • Data Science

    Background:

    • Big data analytics is an emerging field with significant potential for organizations.
    • Industrial systems generate vast amounts of data from various sources like sensor networks and internet-based systems.
    • Current big data research lacks focus and integration, indicating its early stage of development.

    Purpose of the Study:

    • To present the challenges and opportunities of big data analytics within industrial systems engineering and cybernetics.
    • To examine technological advancements relevant to industrial business systems.
    • To analyze the reliability, security, and operational risk management of industrial systems in the context of big data.

    Main Methods:

    • Literature review and synthesis of existing research on big data in industrial contexts.
    • Analysis of technological developments impacting industrial systems.
    • Examination of risk management strategies for industrial operations utilizing big data.

    Main Results:

    • Identified key challenges in big data adoption, including unclear focus and fragmented research.
    • Highlighted opportunities for enhanced business operations and risk management through big data analytics.
    • Discussed the importance of technological advancements, reliability, and security in industrial big data applications.

    Conclusions:

    • Big data analytics presents both significant challenges and opportunities for industrial systems.
    • Further research is needed to consolidate the field and address specific industrial applications.
    • The integration of big data is crucial for improving reliability, security, and operational risk management in industrial settings.