Since the explosion of Big Data we have early adopters and also a fan-base that is still in the evaluation phase. Everyone is familiar with the 4 V’s in Big Data: Volume, Variety, Veracity and Velocity. These are fantastic fundamentals but we need a 5v of big data.
Introducing the 5V of Big Data
It seems that many are stuck in the definition stage and endless discussions that don’t lead anywhere. There is a plethora of innovation and all kinds of companies that are providing a solution to the many moving parts of Big Data. In an earlier post, I wrote about the three pillars of Big Data: Modernization of Data Warehouse, Data Plenum and Data Juncture, Insights. All good to this point but…
Why Do We Need the 5th V (vision) in Big Data?
- Vision help us to identify where to start.
We have to envision the complexity and ultimately where we need to take this program. And yes folks, it is a program. By spending a minute to look into the next few months, we can identify at least internally at this stage an initial framework of action items. You have to remember that depending on the size of your company, you have to be a team player on this.
- We can get a better understanding of the playing field.
Big Data has complexity, and this is why it’s so much fun to work in this domain. Your Vision should be centric to the goals of your company as a whole! This means that it should serve the needs of your internal and external business efforts. Let’s take an example for a B2C company. If you provide products/offerings to consumers, you will have different needs that are around how to understand your customers better, how they shop online vs. store, marketing, and predictive insights. When you are envisioning, take a minute to understand how you will get there by servicing the needs of the business requirements.
One of the final elements of the Vision is to initiate the program. You have to remember that it is going to be an effort that will require external assistance and internal coordination. A major accomplishment in this area is to quickly be able to accommodate the business requirements thus providing big data driven solutions to the company users. I can’t stress enough the importance of a managed services model and here is why: first, you eliminate the complexity and second, you can deliver faster to the business users. Also, you have to remember that there is a need for nurturing and continuous modeling. Finally the team structure. In team sports, we often hear the word franchise player the person(s) that the team is built around. Whether you like the NFL or the NBA you can’t go anywhere without a good quarterback and in basketball point guard. Then you build from there wide receivers, center you get the point.
In conclusion, Vision, the 5V of Big Data, would be a catalyst to create initiate the steps that get you to successfully build the process for Volume, Velocity, Variety, and Veracity. Remember that we are all Big Data analysts and that analytics in one way or another are ingrained in our human system. From a young age, we played sports, so we looked at stats and knew what to do or we knew how much time to spend to improve our game, therefore same for business. One last point though it takes a team to win the championship keep that in mind! No need to feel that we’re drowning or intimidated by data and likely there is plenty of innovation out there at the moment. So take a minute to use the 5th V (Vision) and keep moving forward to derive value from Big Data.