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

TLDR

Big data is an emerging field attracting attention in industrial systems engineering and cybernetics, promising valuable knowledge for organizations, yet its research remains in infancy with unclear focus and fragmented studies. This paper examines the challenges and opportunities of applying big data analytics to business operations and risk management, and identifies key areas for future research. The study reviews technological developments, reliability and security advances, and operational risk management practices in industrial‑based business systems.

Abstract

“Big data” is an emerging topic and has attracted the attention of many researchers and practitioners in industrial systems engineering and cybernetics. Big data analytics would definitely lead to valuable knowledge for many organizations. Business operations and risk management can be a beneficiary as there are many data collection channels in the related industrial systems (e.g., wireless sensor networks, Internet-based systems, etc.). Big data research, however, is still in its infancy. Its focus is rather unclear and related studies are not well amalgamated. This paper aims to present the challenges and opportunities of big data analytics in this unique application domain. Technological development and advances for industrial-based business systems, reliability and security of industrial systems, and their operational risk management are examined. Important areas for future research are also discussed and revealed.