3 V’s of Big Data

Big Data. What is It?

Businesses get almost an overflow of big data every day. It’s information gathered through structured and unstructured means. Companies can use the results to make better decisions and plan strategic moves.

3 V’s of Big Data

  1. Volume – Information comes from many sources. Everything including business transactions to social media to machine-to-machine data.
  2. Velocity – Data comes in a super fast speed. So your business has to handle the speed in near-real time to act quickly.
  3. Variety – It comes in various formats. Anything from structured, numeric results to unstructured documents like email, video, or audio files to name a few.

The Potential

Big Data is growing every day worldwide. It offers huge amounts of help to businesses that use it, but even with all the evidence, most companies are still not using it to its full potential. There’s nothing to do with how much data you have, but everything to do with what you want to do with it. Big Data can help with cost and time reductions, new product development, and smart decision-making. Combining big data with analytics can help you with tasks like finding root causes of failures in near-real time, make coupons based on customer’s buying habits, recalculate risk portfolios and sensing out fraudulent behavior before it can affect you and your company.

Who Uses Big Data

Industries carry out Big Data findings when they decide to use them. Banks use it to better understand their customers and lower risk and fraud. Education uses it to find at-risk students, make sure that students are making progress and create better systems evaluating teachers and principals. Retail uses it to market better to customers, better handle transactions, and revive struggling businesses.

Consider This

Make sure to research companies that can handle your data for you. Look for cheap and huge amounts of storage, quick processors and affordable open source, distributed platforms. Look for parallel processing, large grid environments, high connectivity and virtualization. Also look for cloud computing capabilities for resource allocation arrangements.

Do your research. Don’t rush into choosing a company as you want to stay with them for years, not months. Big Data is a huge help for your company. Just make sure that you can get access to it quickly and easily, while having good security options in place to make sure others cannot.

 

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