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The four “V” of Big Data

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As in marketing, when we mention the “four Ps” (Product, Price, Promotion and Point of Sale), as a incentive needed to achieve their own goals in a business, so we played on this concept to try to locate the four “Vs” of Big Data, that combination of controllable variables useful to manage and use rationally a so large dataset of information. We are talking about:

  • Velocity
  • Volume
  • Variety
  • Value

Indeed you create a daily amount of data for 2.5 quintillion bytes and think that 90% of these data were created in the last two years (Source: ICT insight). The ability to analyze this huge volume of information to improve their decision-making is seen as a great opportunity for companies as a source of competitive advantage: think of the analysis that could be made to probe the “mood” of the market and trends of the company or of a particular cluster of consumers.

A very important element is linked to the ability to be able to collect and process this data in real time because the value of the information decreases abruptly shortly after the data were collected. For this reason, the speed is considered a critical success factor.

 It will be impossible to create a business without being able to cleverly manage these four variables.

big-data-cloud

And do not think that the efforts on Big Data rotate all around Social Media, maybe it was in the past, but there is much more that in the near future we may be able to elaborate, coming to revolutionize the ways to manage information in field of scientific research, for example, investigating and processing parameters with a precision never imagined before.