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
- Potential of Big Data in Controlling
- Implementation to the Controller's Tasks
- Threats, Risks, and Barriers of Big Data
- Preparing the Controller
- Conclusion and Outlook
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This seminar paper aims to provide a comprehensive overview of big data and its potential applications in controlling, specifically within the context of Industry 4.0. The paper aims to analyze the opportunities, challenges, threats, and risks associated with big data implementation in controlling functions.- The impact of big data as a megatrend in the era of Industry 4.0
- The potential of big data for controlling functions
- The characteristics and applications of big data in various industries
- The threats, risks, and barriers associated with big data implementation
- Preparing controllers for the challenges and opportunities presented by big data
Zusammenfassung der Kapitel (Chapter Summaries)
- Introduction: This chapter outlines the problem statement and objectives of the seminar paper, focusing on the increasing volume of data in the era of Industry 4.0 and the potential impact of big data on controlling functions. It highlights the need to analyze opportunities and challenges associated with big data.
- Defining the Terms: This chapter defines key terms related to the seminar paper, including controlling, reporting, and big data. It provides a brief overview of each concept and its relevance to the discussion of big data in controlling.
- Reporting & Big Data: This chapter examines big data as a megatrend in Industry 4.0, exploring its strategic potential, beneficial categories, characteristics, and applications in various industries. It highlights the growing volume of data and its potential for data-driven decision-making.
- Big Data in Controlling: This chapter explores the potential of big data in controlling functions, analyzing its application to specific tasks and processes. It discusses the potential benefits and challenges of implementing big data in controlling.
- Threats, Risks, and Barriers of Big Data: This chapter examines the threats, risks, and barriers associated with big data implementation, highlighting potential issues such as investment costs, lack of skilled personnel, and privacy concerns.
Schlüsselwörter (Keywords)
The seminar paper explores the intersection of big data, controlling, and Industry 4.0. Key concepts discussed include data volume, velocity, and variety, strategic potential of big data, data-driven decision-making, controlling processes, threats, risks, and barriers to implementation. The paper analyzes the opportunities and challenges associated with incorporating big data into controlling functions to optimize business processes and enhance decision-making within the context of Industry 4.0.- 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
