Since the technology of big data can be managed, the difficult aspect is looking for somebody that can transform the data into significant performance signals—even pondering about the accurate definition of the value of a big data project?
Based on the software vendors performing the big data projects, the answer is obvious: The more the data than the more the choices. This includes a little bit of machine learning (ML) for good measure to have the knowledge of what to do, and how the revenue will grow.
However, it is not often achievable. As a result, before embarking on a big data project, making use of a checklist might be helpful.
Big Data – A Consequence or A Catalyst
Big Data is most times understood incorrectly when looking at it from a business perspective (also, it’s about using the ‘accurate data’ at an accurate time for valid reasons). Besides, there are arguments considering the utilization of individual data by organizations; it’s evident that Big Data is a logical consequence of this digitalized era.
At a similar time, it’s a catalyst in various aspects of digital business and society. For instance: Big Data is one of the major drivers in information management evolutions, and it also plays a significant role in lots of digital transformation projects and high chances.
IBM’s 4 V’s of Big Data
The significance of Big Data and more fundamentally, the intelligence, analytics, interpretation, combination, and value smart organizations obtained from an ‘accurate data,’ and ‘significance’ perspective will be moving the mediums through which organizations work and strongly influence recruitment and skills goals.
The winners will have the knowledge the value rather than just the technology that needs data analysts but also executives and practitioners in lots of functions that require to gain an analytical, let alone digital, mindset—a significant and significant difficulty, beyond doubt in areas like the marketing and management aspect.
The V’s. of Big Data: Impacting Value
In addition to the traditional three big data, ‘ V’s,’ IBM decided to include another V making it four altogether. Besides, at the end of everything value is what we are looking for. And, certainly, there is also value in data and information. It’s probably not readily apparent as volume and so forth. Others included even more ‘V’s.’ We can think of one too, but it’s better not to go there.
The complete volume of data and information that gets developed in which we usually talk about infrastructure, management of big data, and processing is through a selective approach.
For the Big data concept, the initial major 3V’s include volume, velocity, and variety.
Velocity is the aspect where analysis, action and also quick capture, processing, and complete understanding occurs and where we also carefully observe the speed and mechanisms at which a vast amount of data can be processed for more and more near-time or real-time results, Most times leading to the requirement of a speedy data.
In addition to the data produced in a broad digital context, irrespective of business function, societal area, or systems, there is a significant increase in data developed on more different levels. Variety is mainly about the various types, being structured, unstructured, and all the things in between.
Veracity is a big data concept that has everything to do with correctness which from a decision and intelligence point of view that becomes certitude and the extent in which we can rely upon the data to do what we are required or desire to do.
The value was included to have the understanding that as it’s about the objective, the result, the prioritization and the entire cost and significance developed in Big Data applications, in which the value lies in the eye of the beholder and the stakeholder and never or hardly in the volume dimension.
If there are lots of potential issues, the best method for any big data project is to keep the costs down. Alongside lots of practical experience, the value will be evident within a short time and usually in aspects not initially expected. Having a project with just little costs is also a faster project with even a more significant return on investment.