Big Data in the context of human capital

Abstract

In the modern economy, information, knowledge and new technologies are treated as independent factors of production. The trend towards the development of advanced procedures for processing large volumes of data obliges businesses and organizations to modify business models, while increasing significantly their development capabilities. Thanks to Big Data, the use of technology for analysis results of huge data sets optimizes management processes, customizes products and services to the real needs of the market. Big Data is a new model of building a business, which relies on predicting based on correlations between the respectively aggregated data. It allows to design future actions and make the right decisions, thereby increasing the competitive advantages of the company. Processing and use of large data sets generate specific benefits to entities holding them. Big Data procedures allow to make information more transparent and accessible. They allow to create and store more information about the transactions in the digital form for a better understanding of the effectiveness of actions. They precisely define client niches, optimally matching them to offer products and services. Accelerate the development of the next generation of products and services. They also allow conducting controlled experiments. Big Data is not just a market and competitive advantage, but also bears the potential and real threats as well as limitations. They relate to technical, organizational, financial and social spheres. The latter are associated mainly with the problem of protecting the privacy of individuals, which, in the face of the digital possibilities of interfering in her, is being seriously threatened. Therefore, a major challenge for society is to legally define the rules for the collection, processing and use of data. Advanced technology is not able to automatically convert large sets of data into business advantages. There must be an adequate level of human capital and cultural analysis of data in order to take full advantage of the possibilities posed by solutions and procedures of Big Data. The key to success is to begin with the level of knowledge, skills, abilities, attitudes and motivation held by the employees. These elements constitute human capital, the high level of which is essential for the practical application of Big Data technology. Human capital is a component of the company’s corporate culture. Analysis of different models of culture leads to the conclusion that the optimal culture, from the point of view of the needs and capabilities of Big Data, is the culture of adhocracy. It is characterized by creativity, innovation, flexibility, ability to respond quickly to emerging opportunities, as well as the ability to create solutions and stereotyped vision of the future. In the case of variability, uncertainty and an excess of information is of paramount importance for the development of the company and securing the competitive advantage.