The term “Big Data” continues to be a hot topic. But why should you care? We can imagine amazing insights gleaned from every mouse click, text message, web search and purchase transaction on a social network being stored in the cloud. Now, the technology exists that allows a company to inventory and analyze all of that data for every single customer, all from one centralized location. As data scientists, it’s our job to extrapolate, identify and scientifically model data patterns to better understand how they can be used to optimize sales and pricing for a business, and also predict growth opportunities, including buying patterns and willingness to pay.
Doug Laney originally broke big data into three Vs: volume, variety and velocity, which can be used to combat the challenge of analyzing tera-peta-zetta-bytes of data across a diverse span of channels, all while keeping up with the speed of information that is being created faster than ever.
This infographic provides insight into these three Vs in addition to the missing V – viability – which filters the data, identifies the factors most likely to predict outcomes and enables businesses to outperform in today’s competitive marketplace.
Learn more about how to capture this missing V – and how it can ultimately enhance the value of your company – in the infographic below: