Big data monetization: qualitative technical and economic analysis of drivers of growth and costs

Abstract

Using examples from the banking industry, the article demonstrates that introduction of the big data technologies has become one of the main IT-trends in the development of domestic, as well as world economies. The author highlights that high efficiency of this innovative technology is taken for granted, since in open sources she found none of the studies dedicated to evaluation of investment into such innovation. She claims that one of the key requirements for big data technology implementation in various subject domains is the potential to monetize it. The author puts forward a qualitative approach for result maximization, which is based on a more robust objective setting for big data processing and subsequently forming datasets necessary to achieve the goals of big data tasks at hand. Difficulties of setting big data processing tasks are defined. The author examines distinctive features of big data which determine the size of costs associated with big data technology implementation. She concludes that further analysis of investment into big data technology and development of special techniques for such studies should be prioritized. The pilot studies, therefore, are iterative in nature.