Analytics

Big data and the missing “v”

22nd Dec `13, 06:32 AM in Analytics

Most data has three characteristics that business are concerned with — volume, variety and velocity. Much time and…

BDMS
Guest Contributor
 

Most data has three characteristics that business are concerned with — volume, variety and velocity. Much time and effort is spent on the concept of volume (after all, it’s big data) and even variety (all those databases for unstructured data) but velocity is a tougher problem to ponder and solve. Velocity is the speed at which data can be generated, collected, processed, and analyzed. It is based on changing customer behavior, and understanding the active customer in order for organizations to adapt and act quickly to changing situations or opportunities

Unfortunately, velocity is emerging as the forgotten V in the big data equation. Yet, the key to a successful big data project is making sure all three V’s—volume, variety, velocity—are equally considered and implemented.

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