Use of Big Data and Data Mining to Enhance Productivity in the Business
Business is the power of economics globally and human civilization. In the today’s business has competitive market in worldwide and companies must collaborate and communicate with customers, suppliers and other parties to get important decisions about the business and improve the business. Big data and data mining techniques are also major topics under the development of business process. in a business profit calculation and profit function is very important as it helps to determine the financial benefits from a business by considering the amount of total revenue, expenses, cost of production and taxes. Also, productivity is a major parameter and indicator (determinant of cost efficiency) in here which shows then state of a business, basically it calculated using average output (per period) divide by total costs (incurred, resources) in that period. here resources refer to capital, energy, material, personal etc. So, the productivity can lead the business for several directions like greater profit or lower profit. According to that for increase the productivity in a business must need a proper guidance about the business environment. In that case the main purpose of this review paper is introducing sophisticated method by using big data and data mining techniques to enhance the business productivity in a business. With the help of big data analysis and the data mining methods can improve the performance of business and productivity.
Keywords – Business Productivity, Enhancement, Data Mining, Big Data, Profit, Tools and Techniques