Companies are producing more data than ever before. And not only is this data vast in terms of quantity, but it is also overly intricate, layered and emanate from multiple sources. This large amount of data, also known as Big Data, is translating into a lot of aid to business processes like marketing, business expansion, production, human resource management and sales.
When it was a nascent phenomenon, businesses spent a lot of time finding out how to make the best use of Big Data. Now, with the institution of complex Big Data Analytical tools, we are able to narrow down the characteristics of Big Data and study it through the 4 Big V’s of Big Data- volume, velocity, variety and veracity.
Companies need to apply the benefits of Big Data in terms of the 4 Big V’s and create strategies so that it helps their business in the long run. Big Data Analytical tools like those offered by IT companies like Aloha Technology will be extremely beneficial in the process of steering the wheel forward for businesses in their quest to convert the variables of datasets into profitable actions.
In business terms, data often translates to value. Companies are only recently realizing the tremendous value of data. It is being rightfully looked at as capital that can transform business and lead to growth. Let us have a close look at how the 4 V’s of Big Data denote value for the business.
Voluminous data means higher credibility, which in turn means that important insight can be obtained from it. A large amount of historical data is essential for integrating technologies like Artificial Intelligence in the different management processes or the Internet of Things (IoT) in logistical processes. Big Data ensure technological tools render an impeccable performance in making sense of it all. It also ensures that newer technologies can be sustained for a very long time.
Velocity represents the speed with which Big Data can be processed. Sophisticated data processing and analytics tools, like the ones offered by Aloha Technology, have the potential to produce beneficial insights in lesser time. This means that decisions can be made much faster and lead to execution quickly. It also means that valuable time can be saved. Considering the fact that we are currently operating in an ever-changing technological landscape, adaptation and transformations in business strategies are fast. And in business, time means money, so quick data processing is an added advantage.
A varied set of Big Data essentially means a more credible one. For functions like understanding consumer behaviors & preferences and market trends, a variety of data is of utmost importance. Big Data that is variedly sourced is important for any sector. The value created by a varied set of Big Data translates to higher chances for the company to acquire insights that can directly affect the bottom-line.
Many a time, the quality of data proves to be just as essential as its quality. Data acquired from credible and dependable sources is sacrosanct. Businesses always try to capture essential external factors that will help them increase profits. This involves understanding what customers want. If data relating to these factors is not trustworthy, it is of next to no use.
Business leaders have come to understand the true value of Big Data in recent years. They have also understood that only acquiring the data is just the first step. Data processing and analytics is possibly the more important task that needs to be conducted tactfully. By understand the Big V’s of Big Data, business leaders will be able to convert insights into actionable factors more mindfully and hence, successfully.
I am an Entrepreneur, marketer, and writer. I would like to write in-depth guides and case studies that teach users to guide technology updates to grow and scale there business.