Big Data Analytics: A Systematic Literature Review on Fields of Application As Well As Costs and Risks in Management Reporting

Big data analytics stands as a cornerstone in the evolution of corporate management and reporting strategies. This systematic literature review delves into its multifaceted applications and evaluates the inherent costs and risks associated with “management reporting.” Drawing parallels with oil, data’s intrinsic value emerges prominently when subjected to refining processes, much like crude oil being transformed into valuable products (Palmer, M. (2006) Data is the New Oil. ANA Marketing Maestros. https://ana.blogs.com/maestros/2006/11/data_is_the_new.html ). As the digital economy pivots to treating data as an invaluable resource (Economist, The world’s most valuable resource is no longer oil, but data. The Economist, 2017. https://www.economist.com/leaders/2017/05/06/the-worlds-most-valuable-resource-is-no-longer-oil-but-data ), a surge in its availability is observed, propelled by technological advancements spanning diverse sectors, most notably social media, and the Internet of Things. However, a looming challenge is the potential discrepancy between data growth and storage capacities (Hariri RH, Fredericks EM, Bowers KM, J Big data 6(44):1–16, 2019. https://doi.org/10.1186/s40537-019-0206-3 ; IDC, Data Creation and Replication Will Grow at a Faster Rate than Installed Storage Capacity, According to the IDC Global DataSphere and StorageSphere Forecasts, 2021. https://www.idc.com/getdoc.jsp?containerId=prUS47560321 ). Amidst these dynamics, the data analytics market is poised for significant growth (Statista, Big data analytics market global revenue 2025. Statista, 2020. https://www.statista.com/statistics/947745/worldwide-total-data-market-revenue/ ), emphasizing the impending dominance of data-driven decision-making in the corporate landscape. Modern, cost-effective data storage systems provide businesses unparalleled potential to use data for competitive advantage. However, cost and risk trade-offs must be carefully assessed. This analysis highlights the growing importance of data management and decision support systems in corporate reporting (Seufert A, Treitz R, von Dacke M, CONTROLLER Mag 07/08:48–53, 2017), explaining how to use large data volumes while minimizing obstacles.