The term Big Data, is used to describe a collective of adjectives which accurately capture what big data is.
1. Volume - Quite simply the amount of data being captured. Most organistions have over 100 terabytes of data. What value is that delivering currently?
2. Velocity - The speed at which the data must be captured, stored and analysed.
3. Variety - This refers to the various sources and structures in which data is received.
4. Veracity - refers to the reliability, variances and biases which may exist in data sets and speaks directly to the accuracy and relevance of the data captured.
Basically, the easiest way to identify big data analytics is to think about Google ads. You Google something about a wedding, once, and all the advertising you encounter suddenly has a wedding flavour. This is Google, capturing your search data, analysing it and establishing that you have an interest in weddings, so they target all wedding adverts to you. Deploying big data tools in your business will provide insights, trends and opportunities to improve, thus increasing productivity and profitability.
To achieve this, there are a couple of things that you have to consider:
- Is your data stored in a centralised location or will data mining be required to cleanse the data
- Do you know what visibility will provide most value to your business
- Have you identified the manual data processes or the double handling of data points?
Big data is a maths based solution which allows you to make data-driven decision in real-time. It is the next level of project and business management. Most of the large technology businesses and management consultancy firms are describing big data as the next frontier in competitiveness, productivity and profitability.
So it is an exciting time to start thinking about your organisations' big data strategy and seeing what value you can extract. We are here to facilitate this for our clients.