Achieving competitive advantage through Big Data. Strategic implications

Big data is, without doubt, a hot topic nowadays, moreover because the development of new technology makes it possible to analyze all available ever-growing data which easily amasses terabytes of information. However, big data poses both a big opportunity and a big challenge at the same time, as the power
does not truly rely on processing it anymore, but rather on how it can be transformed into meaningful knowledge that can be used to make intelligent decisions. The big data age requires a big data mindset. Hence, the implications of big data are, not to say the least, revolutionary and in this article, we discuss the meaning of big data and argue over its strategic implications for the firm. We believe that in order for big data to become an asset and serve business effectively, trying to define the dimensions of big data is of utmost importance. In consequence, the present article presents a perspective which combines the conventional and more technical dimensions of big data with the more challenging dimensions of context, connectedness and complexity. It is argued that by understanding this expanded perspective, decision makers can much better appreciate the value added which big data has to offer and how it can become a competitive advantage for the firm.