Firstly, from a business impact and innovation perspective, this presentation will highlight the current development of data driven business models and innovation, and discuss the challenges on creating business value from Big Data and IoT. Secondly, the presentation will share the speaker’s research experiences and reflections on the current research gaps and emerging research opportunities for advancing e-business application research from both theoretical and practical perspectives.

Big Data is not self-explanatory and need to be utilised. The challenge is not only about gathering data, but also analysing and utilising it appropriately

Business Analytics (BA) or Big Data Analytics is the key to effectively utilise Big Data and turn it into big value. Companies are increasing their investment in Business Analytics and unsure about its impact on their business performance.

Internet of Things (IoT) - the network of physical objects that contain embedded technology to communicate and sense or interact with their internal states or the external environment (Gartner.com).

Enabling technologies:

• Tagging Things : Real-time item traceability and addressability by RFIDs.
• Feeling Things : Sensors act as primary devices to collect data from the environment.
• Shrinking Things : Miniaturization and Nanotechnology has provoked the ability of smaller things to interact and connect within the “things” or “smart devices.”
• Thinking Things : Embedded intelligence in devices through sensors has formed the network connection to the Internet. It can make the “things” realizing the intelligent control.
• Business Analytics (BA): The commonly used definition is “the extensive use of data, statistical and quantitative analysis, explanatory and predictive models, and fact-based management to drive decisions and actions” (Davenport and Harris 2007, p. 7). Data Driven Culture - “a pattern of behaviors and practices by a group of people who share a belief that having, understanding and using certain kinds of data and information plays a critical role in the success of their organization” (Kiron, Ferguson, & Prentice, 2013, p.18)

E-Business/E-commerce in the Era of Big Data

Big Data is a game-changer for e-commerce retailers, for example, it can be used for:

• Understanding shoppers’ behaviour
• Optimizing customer shopping experience
• Price optimization, dynamic pricing and special offers, personalised e-stores, products and offers
• Supply chain management
• Predicting trends and forecasting demand

According to McKinsey , the effective use of Big Data benefits 180 transform economies and ushers in a new wave of productive growth. Capitalizing on valuable knowledge beyond Big Data is the basic competitive strategy of current enterprises. New competitors must be able to attract employees who possess critical skills in handling Big Data. By harnessing Big Data, businesses gain many advantages, including increased operational efficiency, informed strategic direction, improved customer service, new products, and new customers and markets.

Professor Yanqing Duan