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Towards Algorithmic Business: A Paradigm Shift in Digital Business

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Digital Business

Part of the book series: Lecture Notes on Data Engineering and Communications Technologies ((LNDECT,volume 21))

Abstract

The emergence of cloud computing, IoT, and increasing number of smart phones laid the foundation for digital business. In the current scenario of digital transformation, digitization of enterprises has become a survival strategy for organizations to cope with the fast changing and uncertain business environment. Even if digital transformation is essential for the growth of traditional business in today’s transitional phase and enables countless opportunities, but still the major challenges commonly faced here are what is need to be done and how it should be done to address business related issues. Moreover, since these days volume of data is increasing exponentially, but raw data has no value until analyzed or utilized. Algorithmic business is one of the solutions to afore mentioned said challenges. It involves the use of smart algorithms in providing important business insights, defining company processes handling customer services, analyzing business data and making important decisions. This chapter presents a brief overview about algorithmic business, discusses various aspects, deployment strategies, challenges, opportunities such as algorithmic market place etc. Speed and scale are some of the primary advantages of deploying algorithmic business in enterprises.

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Author information

Authors and Affiliations

  1. Faculty of Engineering and Technology, Department of Computer Science and Engineering, SOA University, Bhubaneswar, 751030, Odisha, India

    Pragyan Nanda & Srikanta Patnaik

  2. School of Computer Engineering, Department of Electrical and Computer Engineering, National University of Singapore, Singapore, 117583, Singapore

    Sritam Patnaik

Authors
  1. Pragyan Nanda
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  2. Sritam Patnaik
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  3. Srikanta Patnaik
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Corresponding author

Correspondence to Pragyan Nanda .

Editor information

Editors and Affiliations

  1. Department of Computer Science and Engineering, Faculty of Engineering and Technology, SOA University, Bhubaneswar, Odisha, India

    Srikanta Patnaik

  2. School of Science and Technology, Middlesex University, London, United Kingdom

    Xin-She Yang

  3. Business Systems and Analytics Department, La Salle University, Philadelphia, Pennsylvania, USA

    Madjid Tavana

  4. University Politehnica of Bucharest, Bucharest, Romania

    Florin Popentiu-Vlădicescu

  5. Shenyang Jianzhu University, Shenyang, China

    Feng Qiao

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Nanda, P., Patnaik, S., Patnaik, S. (2019). Towards Algorithmic Business: A Paradigm Shift in Digital Business. In: Patnaik, S., Yang, XS., Tavana, M., Popentiu-Vlădicescu, F., Qiao, F. (eds) Digital Business. Lecture Notes on Data Engineering and Communications Technologies, vol 21. Springer, Cham. https://doi.org/10.1007/978-3-319-93940-7_1

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