The 5 Vs of Big Data: Predictions for 2016
This article first appeared in The Fast Mode.
In 2001, the analyst firm MetaGroup (now Gartner) introduced us to the 3Vs of 3D Data: Volume, Velocity and Variety. Fifteen years on, Big Data is now on everyone's priority list. It continues to be an area of very active research and development across every portion of the telecom ecosystem. Updates and announcements of new products and solutions occur on an almost weekly basis, and organizations are still trying to get their arms around these three Vs.
Over the past few years, two new Vs—Value and Veracity—have entered the equation, making the Big Data ecosystem even more complex, and more important to solve. How can organizations gain Value from the volume and variety of data that's coming to them with great velocity, while at the same time being able to depend on the Veracity of this data?
As 2016 gets off to a flying start, the five Vs will have a tremendous impact on Big Data and Big Data analytics in several ways. In short, the industry as a whole is going to get a lot more savvy about how to mine this data and use it in new ways to drive value—and revenue—across the business.
So, why will 2016 be a big year for Big Data? Here are a few reasons:
- Organizations will get a better grip on the variety of data types that make up Big Data, and decide which types of structured and unstructured data they need to take into consideration for their specific business to find success. There is no one-size-fits-all approach to analyzing and using data. Companies will do a better job of understanding the benefits of using data across various segments of their individual businesses, and incorporating the analysis and use of that data into their 2016 strategic plans.
- The volume of data that organizations will need to process will continue to grow. That's not as much a prediction as it is a certainty, especially as we see the Internet of Things - and the plethora of devices connected to it - skyrocket. The predictions for connected devices is incredible, and the new data emerging from these devices will allow companies to glean new insights into their business. However, organizations will get smarter at segmenting this data in ways that make sense to their business goals.
- New solutions will continue to emerge to speed up the velocity of data processing, analytics and storage capabilities for Big Data, and we've already seen big strides in this area. At the same time, we'll see gradual improvement in the veracity of data; however, organizations will need to understand their tolerance for "bad data" and take appropriate steps to mitigate the impact of this undesirable data on their business processes. There will always be bad data, it's how we deal with it that will make or break our case.
- While companies will still worry about making Big Data actionable, they will begin to worry more about making Big Data profitable. Some questions they need to answer include: How can Big Data bring more value to my organization? How can I extract the different types of data and monetize it? How will this work across the various lines of my business?
Big Data has already become more of a buzz word, and 2016 will see companies taking real action on deriving real value—and in some cases real revenue—from their Big Data assets. For more information on how Excelacom can help your company make Big Data profitable, please contact us at email@example.com.