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Jun 03 2014

Value, the most important “V” of Big Data

Today, commercial organizations and Government agencies are facing a multitude of complex issues when it comes to managing and analyzing data.

According to IBM, 90% of the data in the world today was created in the last 2 years. It’s been cited by multiple sources that of that 90%, about 80%-90% is unstructured data with about 2.5 quintillion bytes (2.3 trillion gigabytes) of data is created each day. The variety and velocity of data can also seem overwhelming. From 340M+ tweets per day and 2M searches per minute at Google, to 10TB of data produced by a jet for 30 minutes of flight time. Massive amounts of rapidly moving data is everywhere. Organizations and agencies are facing extremely complex problems and they need applications or platforms that can keep up. The ability to quickly identify, connect, enrich, search, and visualize the data needed to make important decisions is vital to an organization’s success.

We could talk about the 4, 5, or however many “V’s” of big data until we are blue in the face however the one that should matter to your organization is value. Does the solution you are using bring your organization a tremendous amount of value? It may handle the 4 V’s but if it it does not bring your organization the value needed, then it’s not the right fit. Bernard Marr recently wrote a simple yet informative post on the 5 V’s of big data and states, “It is all well and good having access to big data but unless we can turn it into value it is useless.

This is what we focus on here at IKANOW. Not every organization or agency is the same. Some have volume and variety problems. Others have velocity. So before you start your next project, first identify the problem, how it impacts your business, what the success criteria is, and if this problem was solved, what is the VALUE it would bring to your organization (for more details about starting analytics projects, read this post).

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