MGMT20144 Assessment

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Nov 24, 2024

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MGMT20144 Assessment

Introduction  The storage and processing of information is undergoing transformation in light of the emergence of extensive data repositories.  This presentation examines the challenges faced by contemporary web-based enterprises in effectively handling big data, the Internet of Things, and other innovative technological advancements.  This presentation will moreover provide suggestions and examine inventive approaches for the chosen business, Woolworths.

Big Data, IoT and Emerging technologies  The "big data" refers to a substantial volume of data that possesses characteristics of complexity and diversity.  The term "Internet of Things" (IoT) pertains to a network of interconnected electronic devices that have the capability to exchange information both within a local environment and across the internet.  Technologies that are in their early stages of development and have not yet achieved widespread adoption are sometimes referred to as "emerging."  These advancements may encompass entirely original concepts or alternatively, they may represent enhanced iterations of current methodologies (Liu et al., 2020).

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Challenges face in the management of big data, the IoT and emerging new technologies  Lack of knowledge Professionals  For modern technology and extensive data tools to function properly, specialised data specialists are required. Data scientists, analysts, and engineers are needed to manage and make sense of these enormous data volumes.  Lack of proper understanding of Massive Data  Big Data efforts in enterprises may fail due to a lack of expertise and insight. It is conceivable that employees are not familiar with the origins, storage, or processing of company data (Furstenau et al., 2023).

Continue…..  Privacy concerns- People worry that their personal information may be accessed, used, or disseminated without their knowledge or agreement when they express worries about their privacy (Hossein Motlagh et al., 2020).

Continue…..  Software vulnerabilities: When there are flaws in the software, it leaves the system vulnerable to attack from those who would do harm by taking advantage of the flaws to obtain unauthorised access and steal information or otherwise cause mischief (Rejeb et al., 2020).

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Continue….  Insider threats: Security risks that originate within an organisation rather than from external actors like hackers or cybercriminals are known as "insider threats."  Insider threats can come from a number of sources, including employees who intentionally or unintentionally harm the company, third-party suppliers that misuse their access credentials, and coerced insiders who pose an even higher threat to the security of the business.

Continue….  Big data, the Internet of Things, and other forms of cutting-edge technology are becoming increasingly accessible, posing substantial challenges for the Woolworth Cooperative in its pursuit of consumer satisfaction.  Another problem is the lack of disclosure about how grocery businesses use big data.  Due to the lack of mandated disclosure, many shoppers may be unaware of how their personal information is being utilised by grocery stores.  Care must be taken while storing and retrieving sensitive client information due to the increased risk of data breaches caused by the use of unreliable third-party solutions (Rejeb et al., 2019).

Recommendation  It is recommended that in order to better serve their customers, businesses are increasingly turning to advanced data analysis techniques to create personalised promotions based on customers' individual tastes and buying habits.  Woolworths utilised data analytics to validate a strategic transition and forecast future pricing for essential products (Woolworths, 2023).  The implementation of this strategy led to a significant boost in Woolworth's overall grocery sales, particularly in comparison to its competitors.

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Continue….  The phenomenon of providing customised services is increasingly being embraced by both conventional brick-and-mortar establishments and digital platforms.  Woolworths commissioned a study called "The Future of Fresh," which predicts that by 2034, app-guided shopping expeditions will be the norm, drastically altering the in-store shopping experience as we know it today.  The application has the capability to provide tailored suggestions and exclusive discounts within physical stores, leveraging the user's geographical information and past purchasing history (Nguyen et al., 2021).

Continue….  Woolworths' strategy can only work if its three pillars—structure, distribution, and information presentation are harmoniously intertwined.  Woolworths needs to make the switch to digital. Woolworths has to become a data- driven business by keeping comprehensive records at all stages of operations (Woolworths, 2023).  It is possible that Woolworths will utilise these monies to improve its IT systems.

Continue….  Woolworths might benefit from using AI-enabled technologies to monitor consumer sentiment and behaviour.  As was to be predicted, outdated infrastructure is the primary challenge to widespread implementation of the Internet of Things.  Due to the stringent data quality and security requirements of the Internet of Things, traditional integration platforms and approaches, including batch processing, are impracticable (Woolworths, 2023).

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Conclusion  This presentation concludes that the Australian department store chain Woolworths is among the most successful in the world.  The use of big data analysis is partly responsible for the store's dramatic rise to the top of the retail success ladder.  Businesses can potentially gain an edge in the market, save operating expenses, and boost customer loyalty by implementing emerging technologies such as big data analytics, the internet of things, and others.

References  Furstenau, L. B., Rodrigues, Y. P. R., Sott, M. K., Leivas, P., Dohan, M. S., López-Robles, J. R., ... & Choo, K. K. R. (2023). Internet of things: Conceptual network structure, main challenges and future directions. Digital Communications and Networks , 9 (3), 677-687. https://www.sciencedirect.com/science/article/pii/S2352864822000827  Hossein Motlagh, N., Mohammadrezaei, M., Hunt, J., & Zakeri, B. (2020). Internet of Things (IoT) and the energy sector. Energies , 13 (2), 494. https://www.mdpi.com/1996-1073/13/2/494/pdf  Liu, Y., Peng, M., Shou, G., Chen, Y., & Chen, S. (2020). Toward edge intelligence: Multiaccess edge computing for 5G and Internet of Things. IEEE Internet of Things Journal , 7 (8), 6722-6747. https://www.researchgate.net/profile/Yaqiong-Liu-7/publication/342402668_Toward_Edge_Intelligence_Multiaccess_Edg e_Computing_for_5G_and_Internet_of_Things/links/5feadf2a92851c13fed00376/Toward-Edge-Intelligence-Multiaccess-Edg e-Computing-for-5G-and-Internet-of-Things.pdf  Nguyen, D. C., Ding, M., Pathirana, P. N., Seneviratne, A., Li, J., Niyato, D., ... & Poor, H. V. (2021). 6G Internet of Things: A comprehensive survey. IEEE Internet of Things Journal , 9 (1), 359-383. https://arxiv.org/pdf/2108.04973  Rejeb, A., Keogh, J. G., & Treiblmaier, H. (2019). Leveraging the internet of things and blockchain technology in supply chain management. Future Internet , 11 (7), 161. https://www.mdpi.com/1999-5903/11/7/161/pdf  Rejeb, A., Simske, S., Rejeb, K., Treiblmaier, H., & Zailani, S. (2020). Internet of Things research in supply chain management and logistics: A bibliometric analysis. Internet of Things , 12 (1), 100318. https://www.sciencedirect.com/science/article/pii/S2542660520301499

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