“Big Data” has become one of the buzzwords of the last few years. It has been used in many fields, but especially in Information Technology. The main purpose of this phrase is to depict and define the potential power and influence of big data. In fact, there has been a lot of hype and excitement around the use of big data. If you are not sure what are the three I’m big data that often define its characteristics, you might be interested to read about them below.
“V’s” stand for “verbs”. These are very basic things that make the big data different from traditional or conventional data sets. I’d describe the capabilities of big data. For example, if it is the case of an online shopping comparison, a V is data analysis. This means that we can exploit the full potential of such a massive resource since it often comes with various tools and analytical techniques.
“N’s” stand for “notations”. Big Data does not come without these “notations”. It is like comparing a painting with a picture of an actual painting. They are very important since they allow us to capture and track certain aspects of data sets. For instance, we can analyse market trends and analyse how people are buying products online.
“O’s” stand for “orders”. It simply refers to the ways in which users can interact with a particular piece of software. In the case of big data v’s and N’s, we can also analyse how customers are making decisions. We can also measure preferences. In this way, we can get a bird’s eye view on how the data is actually affecting the business.
Lastly, we have the “O” term that stands for “optimization”. This is the area of optimisation that focuses on reducing the error orefficiency in reaching a desired result. The problem with big data is that we don’t know the entire extent of the problem. The optimizer seeks to reduce the error in order to bring about better results.
What are the three I’s and O’s then? They are useful tools for the business to be able to interpret big data. They allow managers to capture data related to product trends, demand and competition among other important market aspects. They help us achieve our business goals by helping us identify where we are now, and where we want to go.
So, what are the three I’s and O’s then? According to statistics, big data is indeed here to stay. It is expected that it will continue to become a key driver in business activities for years to come. Big data I’s and O’s therefore need to be understood. While the availability of big data is indeed a blessing, it is also a curse.
It is the curse because of its potential to bring about unjustified decisions based on raw data. And it is the opportunity to bring about unjustified decisions based on cold hard facts. What are the three I’s and O’s then? They are useful tools for managers to be able to interpret big data, and hopefully, help the business improve in some way.