Big Data and it's 3Vs

Fact : Every day, we create 2.5 quintillion bytes of data — so much that 90% of the data in the world today has been created in the last two years alone.

In today's information age there is data maintained in all forms, shape and size, if a close look can be taken at this data and some research carried out, the next biggest thing could be in this data. It's all about sorting the data, identifying what you require and reporting the results in a comprehensive yet concise method.

 In order to do this, you need to make sure you target the 3Vs of big data management and use them in it's proper form to work for you :

Make the VELOCITY of data work towards your goal.

e.g. If you are a business introducing a new product in a 3 day tech exhibition, setup a process to capture and analyze every possible feedback, comments, news feed regarding the product during the day in order to maximize the value input in your go to market strategy.

Track large VOLUME of data for better analysis

e.g. If you are into marketing a particular product range you could be collecting terabytes of Tweets of similar ranges in other markets created each day to identify and improve product sentiment analysis for new launches.

Capture a VARIETY of data for better analysis

First collect all types of data relating to your particular industry, market, product, competitors, consumers and in all formats as well, i.e. texts, pics,  audio, video, click streams, log files etc. Once you've gained all this analyse all this data together in various different dimensions.

e.g.  if you are a boutique store in a large mall use video surveillance to capture number of people who cross the store, number of people who glance at the entrance, then  record  how many of them come into the shop and record what item they find on the inside of the shop appealing, analyse your sales to find out how many of those items were sold, if a lot was done, then you are now in position to make a connection and perhaps place more of those items next to the door in order to attract more passer by in the store !!

There is data everywhere and it always has been, its available in all forms, shapes and size, all we need to do is to capture it in a readable form and analyse it, that's basically what ticked off the information age and that's exactly whats going to take it to the next level as well.

Hope this was insightful. Have a nice day