The term BIG DATA means the ability to store large amounts of variable data in increasing volumes and with increasing speeds.
This is meant by the term described by Doug Laney, an analyst at Gartner at 2001.
Many companies have the ability to store data but what sets it apart is exactly the 3V terms described by Laney: Volume, Variety, and Speed. Over time other Vs have been added by the analysis companies as Variability, Value and Truth.
I started my BIG DATA knowledge at 2005 where I worked in the retail strategy sector of a major steel mill. At that time we already received a huge amount of data that was strategically filtered and used in strategic planning.
After working in other smaller companies, I was able to absorb other ways of dealing with the data collection and analysis, since sometimes there are no data either because there is no CRM and other business management tools.
The analysis of BIG DATA concepts is the most important for you businessman and investor.
When we imagine DATA we are talking about non-decoded information, that is, there was no analysis capable of identifying possible deviations that indicate faster paths to the commercial result planned in the strategy.
What are BIG DATA 3Vs?
Let's look at the original 3Vs of BIG DATA to understand how to adapt the concepts in your company:
V1 - Data Volume
The greater its capacity to store data better, however as it was spoken in the matter about BIG DATA and Artificial Intelligence it is necessary that there be a "Data Flow" for the analysis to be fast and efficient. For this it is mandatory to set up an "Operational Procedure" that will address "What data to collect", "By whom they will be collected" and "What is the main form or storage system".
V2 - Variety of Data
It identifies the format in which the data is being collected, which directly influences the way in which it is to be archived. In general they are:
- Structured - Numerical or Standardized in some way
- Non-Structured - In formats that require some form of standardization for analysis
- Pure or Gross – Data collected without any kind of analysis or influence in general must necessarily come from a parent source.
- Analyzes or Mixed – Data that has already undergone some type of formatting and analysis, and that its characteristics and original tabulations have been changed.
V3 - Data Speed
Represents the speed that these data are received and must have a direct correlation with the speed at which they are analyzed. That is, the closer this correlation is to more business speed you will have n business decision making.
How can entrepreneurs and investors use BIG DATA?
Today there are several companies that offer their platforms of BIG DATA and Artificial Intelligence in an integrated way which facilitates the hiring of specific services for your company.
Google for example has a platform Google Cloud which offers, for example:
- Data analysis across the web for insights
- Create a cloud analytics platform
- Machine Learning Systems and Predictive Analysis
- Create a managed database
- Generation of Bots for service
As you can see, today there are platforms that already meet the needs of companies whether it is small, medium or large. In general, the payment is made according to the volume of services used by the platform.
BIG DATA is directly related to the use of Artificial Intelligence and this new technology can help your company.
If you have in your company a department of Innovation and Strategy just make the tools available, in general this format is correct for medium to large companies, for small businesses the ideal is the CEO or Owner to take on this function of Innovation and Strategy using itself the tools of Artificial Intelligence and platforms of BIG DATA.
An Entrepreneur and Investor must be directly connected to the innovations of technology to analyze how they can help in the development of your company. If you are in charge of the strategic planning must begin today the studies of BIG DATA and Artificial Intelligence to be always innovating and creating possibilities of business growth.
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