Journal of Hotel and Business Management
Open Access
ISSN: 2169-0286
+44 1478 350008
ISSN: 2169-0286
+44 1478 350008
Roberto Moro-Visconti
Traditional business planning follows a managerial top-down approach where forecasts are conceived within the firm and occasionally compared with market returns. The increasing availability of timely big data, sometimes fueled by the Internet of Things (IoT), allows receiving continuous feedbacks that can be conveniently used to refresh assumptions and forecasts, using a complementary bottom-up approach. Forecasting accuracy can be substantially improved by incorporating timely empirical evidence, with consequent mitigation of both information asymmetries and the risk of facing unexpected events. Network theory may constitute a further interpretation tool, considering the interaction of nodes represented by IoT and big data, mastering digital platforms, and physical stakeholders. Artificial intelligence, database interoperability, and data-validating blockchains are consistent with the networking interpretation of the interaction of physical and virtual nodes. Flexible real options represent a natural by-product of big data consideration in forecasting, representing an added value that improves Discounted Cash Flow metrics. The comprehensive interaction of big data within networked ecosystems eventually brings to Augmented Business Planning.
Published Date: 2021-06-30; Received Date: 2021-01-07