By DataKnow Editorial Team
The V’s of Big Data
Volume:
Does size matter? Here, it does. Massive amounts of data must be processed, which brings factors like capacity and processing speed into play.
Velocity
This refers to the speed at which data is received and acted upon. In other words, it’s about how quickly you collect, process, and transform data into something useful.
Variety
Variety highlights the different types of data available. These types are increasingly diverse and complex.
Value
Like oil, data has value. However, this value cannot be realized without proper processing. Many companies view data as an essential asset.
Veracity
Lastly, veracity pertains to the reliability of the data being used. Are you getting benefits from it?
How Can Big Data Help Us?
Have you ever wondered how Netflix suggests shows you’re likely to enjoy? Simple: big data. Or, for example, when you see an ad on Instagram for pants that take your breath away—that’s also big data at work.
Imagine a future where microwaves or refrigerators are smart enough to know your favorite meals and evaluate your health based on your diet and consumption habits. They could suggest supermarkets that carry your preferred brands and products. This is possible because big data helps companies improve their products, refine marketing strategies, and enhance customer experiences.
For example, in a hypothetical scenario where your appliances are that advanced, supermarkets could minimize losses by tracking product cycles. They’d know how long it takes you to consume certain items and predict when you’ll need more. If a certain brand of beans spoils too quickly due to inadequate packaging, they could improve it for longer shelf life. Additionally, they might notice a trend in vegetarian diets and start advertising accordingly, expanding their offerings for that customer base.
Though this example is imagined, if realized, it could significantly reduce food waste, positively impacting society—especially in areas where cultivating crops is challenging, and seasonal produce is essential. This is the power of big data, and it’s just getting started. One of the biggest challenges is improving storage and processing capabilities to keep pace with data, which doubles every two years.
Now, it’s time to imagine what wonders big data and a team of experts could do for your business.
Analytical Tools
Old Businesses Can Learn New Tricks
Humans are creatures of habit, and breaking routines can be tough. For example, if you’ve been using a cookie recipe passed down for generations, there’s no reason to change it, right? There’s emotional value in that tradition.
Now, let’s say you run a business specializing in large, heavy shipments. Initially, you used a small handcart for unloading because it was all you could afford—not very efficient, but a good start. Years later, you can afford a forklift, yet you stick with the handcart because it hasn’t failed you, it’s simple, and it saves your back. However, while your handcart takes an entire day to unload a truck, the forklift could do it faster and handle heavier loads without risking injury.
The same applies to Analytical Tools. Many entrepreneurs stick to traditional ways of running their businesses but end up competing in a Formula 1 race on a bicycle. Relying solely on intuition and subjective decisions rarely leads to growth unless you’re exceptionally lucky. Meanwhile, your competitors are automating processes and leveraging data to make informed decisions.
It’s Never Too Late for Technology
No one is exempt from technology. Saying, “I’m not tech-savvy” is like saying you don’t like wheels or pulleys—they’re technologies that have long served humanity.
One of the greatest challenges in data science is processing data faster, better, in greater volumes, and with better storage capabilities. We’re dealing with unimaginable amounts of data. The EDVAC, the first computer with storage capability (built in 1949), couldn’t even store an entire Juan Gabriel song. That machine would take up half your living room, yet today’s technology processes and stores data thousands of times faster in much smaller devices. Imagine where we’d be if scientists had settled for the EDVAC as the pinnacle of technology.
The past few years have seen explosive growth in new technologies, and keeping up is tough. Business owners, CEOs, and managers who aren’t yet using data to their advantage don’t need to become experts overnight. That’s why data professionals exist: to help businesses grow and achieve analytical maturity.
Analytical Tools Are Everywhere
Yes, you read that right—they’re everywhere. For instance, Excel is one such tool, still widely used today. Even apps like Facebook, Twitter, and Instagram come with built-in tools for tracking post performance, engagement, demographics, and more. This underscores the importance of analytical tools and data in decision-making.
For a small Instagram shop, these built-in tools might suffice. But for someone aiming to grow their business, more powerful solutions are necessary.
Returning to the handcart and forklift analogy: you might not be thrilled about forklifts, but knowing they benefit your business, you buy or rent one and hire an expert operator. The same goes for data science—you don’t need to be an expert yourself. Analytical outsourcing can provide experts, tools, and up-to-date strategies to help your business grow.
Here are some key roles in the field of data science:
- Data Engineer
- Tony Stark
- Data Cloud Architect
- Analytics Project Manager
- Data Scientist
- Analytics Technical Lead
- BI Developer / Data Artist
Assembling your team of data analysts isn’t complicated. What are you waiting for?
