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Big Data is considered as the latest technology in the data analytics market. The truth however is that we have been using data for a long time, it’s only recently that we have come to recognize all the available (external) sources of data and the best technology available to analyze the data. Big data can succeed if the following four variables are taken care of effectively:
Volume: Companies produce data at a high speed; especially firms with bigger sizes have complex operations and find it tough to capture data being produced by different processes. They need to ensure that they capture it and utilize it fully since competitors might be doing it effectively.
Variety: Data needs to be captured from all the possible sources which have been ignored for long. Data produced by social media properties like Facebook, Twitter etc and other sources like sensors, bar codes and mobile devices should be taken into consideration before putting the whole picture together. This has become important lately because of the increased presence of customers and employees on the social medium and increased usage of mobile devices.
Velocity: The idea is to utilize and analyze data to come up with meaningful insights quickly. The rate at which changes occur can render the entire BI effort futile if the right information does not reach the decision maker at the right time. Hence agility has become the corner stone for Big Data initiatives which make a real impact on the businesses.
Value: Using data effectively with the right analytics tools result in generation of a lot of business value. Since the meaningful insights produced by analytics tools can have impact worth billions of dollars, it is important that as much data should be collected as possible and maximum value should be derived out of it.
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