Final Project Milestone2: Technology Solutions and Recommendations “small brick-and-mortar business”
To take the current outline and write an essay. The current grade from the outline is an 82%. Included is the feedback from the Instructor from the outline.
ANSWER
Contents
Big Data and Knowledge Management 6
Business Intelligence and Analytics Solutions 6
Big Data and Knowledge Management 7
Business Intelligence and Analytics Solutions 7
Overall Benefit of Big Data and Knowledge Management 7
Basic Security Considerations 8
Big Data and Knowledge Management Security Features 8
Considerations to be Taken In case of Third-Party Vendors 8
Tables 11
Figures 12
Introduction
Small businesses normally face stiff competition and various challenges, especially when they venture into an already established business line. For instance, getting into a market to offer discounted goods and services to customers might be challenging, requiring the business owner to adopt certain technologies that will enhance the business’s key objective. One of the technologies is the Big Data and Knowledge management; a variety of data in large volumes streaming in increasing volumes at a very high pace; knowledge management, on the other hand, is the art of transforming information and intellectual assets into value to benefit a business. The other technology that can be adopted is Business Analytics and Intelligence, which can be described as collecting, storing and analyzing data from the business operations enabling real- time information.
Business Requirements
Objectives
This project’s main objective is to discuss the highlighted two technologies, showing how big and established businesses in the same line have used them to gain customers and increase the sale volume. Finally, this project will recommend a suitable technology for the Small Brick and Mortar Business to enhance its new venture.
Project Description
This project is precisely indented to solving the problem at hand, providing quality and pocket-friendly designer clothes and accessories at discounted prices. This business should be able to minimize unnecessary financial expenses, thereby investing in the recommended technology. The completion of this project should enable the business owner to implement the business based on the project by adopting advice on the recommended new technology to compete with the already established companies and investors in the same field.
Technology Requirements
The first key technological requirement is to investigate the suitable technology that will solve the business’ problem; the owner should share with employees and stakeholders showing them how it will solve various problems and identify unexpected challenges. The business should assemble an implementation team to champion the new technology, ensuring the allocation of appropriate resources and the management of conflicting details. The third requirement is implementing the technology using a pilot program, by connecting it to the old ones and iron various processes for completing tasks; training of employees on the technology will enhance the success of the new technology. Lastly, the business should launch the technology by fine-tuning it to fit the business requirements and evaluate its performance.
Competitors and Technology
One of the competitor companies is Zappos, an online retailer that sells clothing, shoes, handbags, and various accessories to their customers internationally by using the highlighted technologies. Macy’s is the second company that deals with cosmetics, apparel, home furnishing, accessories, and various consumer goods via their online platforms and retails shops.
Big Data and Knowledge Management
Macy’s uses this technology to collect customer data ranging from visit frequency to style preference, using it to personalize the customer experience and taste. The company can offer various incentives at sale points accompanied by loyalty rewards; analyzing multiple points can offer a smarter customer experience. For instance, Macy’s can send targeted direct mails to its customers hence boosting the conversions (Loebbecke & Picot, 2015).
Business Intelligence and Analytics Solutions
Zappos Company has used this technology to capture the “word of mouth” marketing, using hashtags in Twitter to improve and display certain products they are selling; this has enabled the company to bring their products to the customers’ screens. For instance, the company can collect both the customer’s and the employee’s comments and data (Alhidari, 2017).
Technology Benefit
Macy’s store has benefited significantly from Big Data and Knowledge Management technology. The store can now analyze tens of millions of terabytes of information daily, ranging from store sales to social media, boosting sales by 10%. Small brick and mortar business will be able to extensively benefit from this technology by simply having the customer data, taste, and preferences at their disposal hence able to customize the customers’ designer clothes and accessories.
Technology Solutions
Big Data and Knowledge Management
This technology surprisingly meets all the technical requirements of this business. First, it has been well investigated, enhancing solutions to the company’s problems. The technology does not require any employee to operate it; hence the business will save on salary expenses. Its performance is exemplary excellent, having been tested and approved by various market-leading companies in the same business line.
Business Intelligence and Analytics Solutions
This technology will provide real-time data and information on business operations; it has been well investigated and requires several employees to be trained in its operations. Fine-tuning to suit the business objective might be tedious due to the many steps, expertise and experience for its operations, increasing expenses.
Recommendations
Big Data and Knowledge Management is the best suitable technology solution to the small brick and mortar business. The technology will help the business save on unnecessary expenses by limiting the number of employees for its operations. It will also provide and filter all the information based on customer taste, preference hence hastening business operations. The technology provides all the required information at the owner’s disposal, enhancing the provision of high quality and discounted accessories and designer clothes.
Overall Benefit of Big Data and Knowledge Management
The technology makes it possible for the business to gain more complete answers by integrating, managing and analyzing data to suit its final usage, thereby boosting confidence in the data. The business will be able to take different approaches to tackle various problems. The technology will also put the business in a better position for future development since it will systematically monitor the growing customer demand in taste and preference by storing the data for specific customers (Akter & Wamba, 2016).
Basic Security Considerations
The major security consideration in regards to this technology is the information sharing and permission of operations. The business owner must choose who has access to the technology and control the number of employees with permissions to operate the tool; otherwise, data loss and misinterpretation might significantly affect the business.
Big Data and Knowledge Management Security Features
This technology has many security features; for instance, application security to enable data protection. Isolation of servers and devices with critical information is the second feature that minimizes data loss. Introducing real-time security information and event management is the third feature, thereby enhancing prompt attention and action on the data. Finally, this technology requires reactive and proactive protection; this will enable the owner to monitor the use and operations of the tool even in her absence.
Considerations to be Taken In case of Third-Party Vendors
The business should highlight and take note of the tool’s key performance parameters before involving a third party vendor. It should also be able to develop a backup plan if the third vendor causes problems that might interfere with the operations of the tool.
Internal Safeguards
The business owner should form a well-trained team to champion the technology operations and set a conducive working environment free from frequent disruptions and interference. The owner should also have a backup server if any failure arises from tool mismanagement to avoid data loss.
References
Akter & Wamba. (2016). Big data analytics in E-commerce: a system review and agenda for future research. Electronics Markets, 26 (2), 173-194.
Alhidari. (2017). Proactive Communication Mode (PMC) of Zappos: The Success of Consumer Engagement. Journal Of Economics, Management and Trade, 1-9.
Loebbecke & Picot. (2015). Reflections on societal and business model transformation arising from digitization and big data analytics: A research agenda. The Journal of Strategic Information Systems, 24 (3), 149-157.
Tables
Table 1: Weighted Decision Matrix Used
| Criteria | Weighting | Big Data and Knowledge Management | Business Intelligence and Analytics | ||
| Score | Total (%) | Score | Total (%) | ||
| Ease of operation | 3 | 3 | 9 | 2 | 6 |
| Efficiency | 4 | 3 | 12 | 3 | 12 |
| Accuracy | 4 | 4 | 16 | 4 | 16 |
| Benefits | 3 | 3 | 9 | 2 | 6 |
| Speed | 3 | 2 | 6 | 2 | 6 |
| Rating | 4 | 3 | 12 | 3 | 12 |
| Performance | 4 | 4 | 16 | 3 | 12 |
| Recommendations | 3 | 2 | 6 | 2 | 6 |
| Total | 86 | 76 | |||
Figures
Figure 1: Graphical weighting of the Decision Matrix
