The global data volume is expected to increase fiftyfold over the next ten years (2012-2022). Reasons for extensive growth of data volume within the era of industry 4.0 are the increased use of sensor technology in production and logistics as well as the extensive distribution and the use of mobile Internet. (ICA 2014, p. 3) But the explosion of data is not new. It continues a trend that started in the 1970s. Changes are the velocity of growth, the diversity of data, and the imperative to make better use of information in business.
To harvest and harness every byte of relevant data and use it to make the best decisions is the hopeful vision of organizations in terms of big data. (McKinsey 2013, p. 15) On the one hand, opportunities of big data can be identified in all industries over the entire value chain. On the other hand, many companies are sceptical of big data because of high investment costs, the lack of skilled staff and know-how, and privacy risks. That causes delays in big data´s implementation in companies. The careful analysis of the application, and the identification of realizable excess values of big data is one of the controller’s tasks. Completely new opportunities and challenges for the controller arise due to the massive growth of data.
Though in future the positions of business analysts and data scientists overlap with the controllers’ skills and fields of activity. (ICA 2014, p. 3) This assignment gives an overview of big data itself and illustrates the potential in controlling and for the controller. Additionally challenges, threats and risks are determined.
Inhaltsverzeichnis (Table of Contents)
- Introduction
- Problem and Objectives
- Procedure of Seminar Paper
- Defining the Terms
- Controlling
- Reporting
- Big Data
- Reporting & Big Data
- Big Data as one Megatrend in the Era of Industry 4.0
- Strategic Potential of Big Data
- Beneficial Categories of Big Data
- Characteristics of Big Data
- Application of Big Data in Industries
- Big Data in Controlling
- Big Data in Controlling
- Potential of Big Data in Controlling
- Implementation to the Controller's Tasks
- Threats, Risks, and Barriers of Big Data
- Preparing the Controller
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This seminar paper aims to provide an overview of big data, its potential within controlling, and the challenges it presents for controllers. It explores the impact of big data in the context of Industry 4.0 and examines the opportunities and threats associated with its implementation.
- Big data as a megatrend in Industry 4.0
- The strategic potential and application of big data in various industries
- The role of big data in controlling and its implications for controllers
- Challenges, risks, and barriers to big data implementation
- Preparing controllers for the age of big data
Zusammenfassung der Kapitel (Chapter Summaries)
1 Introduction: This introductory chapter establishes the context of the paper by highlighting the exponential growth of global data volume and its implications for businesses. It emphasizes the opportunities and challenges presented by big data, particularly for controllers, who face both new possibilities and the need to adapt to the changing landscape of business analysis and data science. The chapter outlines the paper's structure and objectives, providing a roadmap for the subsequent sections.
2 Defining the Terms: This chapter provides clear definitions of key terms crucial to understanding the paper's central theme. It defines "controlling" as a management function encompassing planning, steering, and control within organizations. "Reporting" is defined as the systematic collection and analysis of data to support these processes, while "big data" is explained as the massive volume, velocity, and variety of data exceeding traditional processing capabilities. These definitions lay the foundation for subsequent discussions.
3 Reporting & Big Data: This chapter explores big data as a megatrend within Industry 4.0, discussing its strategic potential and applications across various industries. It highlights the characteristics of big data and its transformative impact on numerous sectors, emphasizing the interconnected nature of technologies like IT, MES, and sensors in the context of industry 4.0. The chapter demonstrates how big data forms the basis for achieving the vision of Industry 4.0, utilizing figures to showcase the growing global data volume.
4 Big Data in Controlling: This chapter delves into the specific application of big data within the field of controlling. It analyzes the potential benefits of big data for controllers, examining how it can improve planning, steering, and control processes. The chapter also considers the implications for controllers' roles and the need for adapting skills and responsibilities. The chapter links the benefits of big data to a controller's existing tasks.
5 Threats, Risks, and Barriers of Big Data: This chapter addresses the potential challenges and risks associated with implementing big data strategies. It highlights issues such as high investment costs, the lack of skilled personnel, and privacy concerns. This section offers crucial insights into the obstacles that organizations might encounter when attempting to integrate big data into their operations, paving the way for practical solutions and risk mitigation strategies.
Schlüsselwörter (Keywords)
Big data, Industry 4.0, controlling, reporting, data analytics, strategic potential, risks, challenges, controllers, data science, business analysis, information technology (IT), manufacturing execution system (MES).
Frequently Asked Questions: Comprehensive Language Preview on Big Data in Controlling
What is the main topic of this seminar paper?
The seminar paper focuses on the application of big data within the field of controlling, exploring its potential benefits, challenges, and implications for controllers in the context of Industry 4.0.
What are the key themes explored in the paper?
Key themes include big data as a megatrend in Industry 4.0, the strategic potential and application of big data across various industries, the role of big data in enhancing controlling processes, the challenges, risks, and barriers to big data implementation, and the necessary preparations for controllers in the age of big data.
What terms are defined in the paper?
The paper defines key terms such as "controlling" (a management function encompassing planning, steering, and control), "reporting" (systematic data collection and analysis), and "big data" (massive volume, velocity, and variety of data exceeding traditional processing capabilities).
How does the paper describe the relationship between big data and Industry 4.0?
The paper positions big data as a crucial megatrend driving Industry 4.0. It highlights the strategic potential of big data in various industries and its transformative impact, emphasizing the interconnectedness of technologies like IT, MES, and sensors in achieving the Industry 4.0 vision.
What are the potential benefits of big data in controlling?
The paper explores how big data can improve planning, steering, and control processes within organizations. It discusses the potential for enhanced decision-making, improved efficiency, and better risk management through data-driven insights.
What are the challenges, risks, and barriers to implementing big data in controlling?
The paper identifies several challenges, including high investment costs, a lack of skilled personnel, data security and privacy concerns, and the need for significant organizational change management.
How does the paper address the preparation of controllers for the age of big data?
The paper emphasizes the need for controllers to adapt their skills and responsibilities to leverage the opportunities presented by big data. This includes developing data analysis skills and understanding the implications of big data for their roles.
What is the structure of the seminar paper?
The paper is structured into several chapters: an introduction, a definition of key terms, an exploration of reporting and big data in Industry 4.0, a focus on big data's application in controlling, a discussion of threats, risks, and barriers, and finally, a section on preparing controllers for the future.
What are the keywords associated with the paper?
Key words include: Big data, Industry 4.0, controlling, reporting, data analytics, strategic potential, risks, challenges, controllers, data science, business analysis, information technology (IT), manufacturing execution system (MES).
What is the overall objective of this seminar paper?
The seminar paper aims to provide a comprehensive overview of big data, its potential within controlling, and the challenges it presents to controllers. It seeks to equip readers with a thorough understanding of the opportunities and threats associated with integrating big data into controlling practices.
- Quote paper
- Matthias Ackermann (Author), 2015, Reporting and Big Data. Big Data as one megatrend of industry 4.0 and the impacts on controlling, Munich, GRIN Verlag, https://www.grin.com/document/294636
