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Towards Algorithmic Business: A Paradigm Shift in Digital Business

  • Pragyan NandaEmail author
  • Sritam Patnaik
  • Srikanta Patnaik
Chapter
Part of the Lecture Notes on Data Engineering and Communications Technologies book series (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.

Keywords

Digital business Business algorithmic Process automation Smart algorithms 

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Copyright information

© Springer International Publishing AG, part of Springer Nature 2019

Authors and Affiliations

  • Pragyan Nanda
    • 1
    Email author
  • Sritam Patnaik
    • 2
  • Srikanta Patnaik
    • 1
  1. 1.Faculty of Engineering and Technology, Department of Computer Science and EngineeringSOA UniversityBhubaneswarIndia
  2. 2.School of Computer Engineering, Department of Electrical and Computer EngineeringNational University of SingaporeSingaporeSingapore

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