Big data and their role in the digital economy formation

Abstract

Peculiarities of the digital economy formation under the influence of new technologies development and increasing digitalization of business processes in economic systems, resulting in the intensive dissemination of Big Data are investigated in this paper. It is determined that the current stage of the global economy transformation largely depends on the effectiveness of specific tools of software and hardware analysis of various data and requires high efficiency of statistical and econometric methods of investigating the economic processes occurring in economic systems. Hence, the importance of the investigation of the system of Big Data, as those that are constantly received and processed online and create significant impact on various business processes, promoting and accelerating their integration into the digital economy is increasing. It is determined in practice, that Big Data refer to the unlimited set of large amounts of data, are characterized by high refresh rate, and also include very specific personalized and detailed information about the user, making it possible to form models of consumer behavior with high reliability and develop new effective business models, the implementation of which is likely to result in the planned activities success. Thus, Big Data can significantly increase the efficiency and profitability of traditional business, provided it is included in the new system of digital economy. It is defined that at the current stage of economic systems transformation, Big Data are essentially a specific product of the economy digitalization, the use of new computer technologies and consumer behavior in the technologically advanced market, characterized as a digital economy. It is investigated that Big Data should be considered at present as a new digital element of economic analysis, which provides ample opportunities for innovative methods of problem solutions in business processes. At the same time, the use of Big Data largely depends on the combination of various factors, the impact of which is marked by different rates of data flow. Therefore, the practice of application the methods of economic analysis using Big Data under modern conditions is very important while conducting research on economic systems at the macro and micro levels.