IT and Information Technology are the two cornerstones of modern day business. Most companies across the globe today rely on IT, to conduct their day to day activities. IT has become one of the cornerstones of modern business, helping to achieve goals and make a company competitive in their chosen market. But what are the three V’s that define its characteristics? This article will highlight these critical v’s and discuss what they imply for any organization that uses IT.
The first V’s is Big Data. The use of big data is becoming a norm in organizations. Data is increasingly used in all aspects of human activity, from marketing to customer service. Big data brings together massive amounts of data from multiple sources, with complex analysis taking place to make sense of it.
Data visualization is a new term that describes the process of visualizing large amounts of data. It was first used in the 1990s, when the Internet became widely available and users were able to view maps and visualizations of data from satellites. Visualization techniques have become integral parts of software development. Map visualization allows a user to view a location in a map, which can then be zoomed in and down. It is important to note that visualization should not be confused with technology in which objects are mapped onto a flat surface. As a matter of fact, a map of a city is much different from a map of a country or state.
Another key concept is Virtualization. Virtualization is the implementation of software on a hardware virtualized environment. In other words, the operating system, hardware and software are all virtualized. Virtualization provides the ability to isolate particular operating systems, applications and processes, improving efficiency and reducing cost.
Big data visualization and virtualization go hand in hand. The success of a business depends upon how effectively it can adapt to the emerging trends. However, there is a need to make the right choices. Choosing the wrong tools can result in expensive mistakes and wasted resources. To answer the question, what are the three v’s for big data, it is important to understand the value of data in its most basic form.
A common misconception is that a large amount of data is equal to a large volume of productivity. This assumption is wrong. One should realize that there is no relationship between productivity and data size. Data is just one of the many components that make up an organization. The value of data is related to the accuracy, relevance and quality of the data gathered. Thus, it is important to define the appropriate balance between the quantity of data collected and the importance of the data in relation to organizational objectives.
Another misconception is that big data has negative implications on traditional business. This assumption is also wrong. While it may sometimes be difficult to analyze and interpret the data, it actually has tremendous benefits for businesses. It enables businesses to exploit new opportunities, measure performance more efficiently and provide critical information that can improve overall company performance.
In conclusion, what are the three I’s of big data? We have looked at the value of data and the three different types of data. In the next article, we will look at the value of big data as it relates to strategic decision making. We will also explore how the v’s relate to each other and the areas where there are currently challenges when it comes to big data adoption and use.
Many companies have not yet fully grasped the full potential of big data. They are still focused on the “what are the three I’s” that define data and therefore the analytical problems that need to be addressed. When a business adopts this technology, it will reap many benefits and help managers and employees become more productive.
Next time you speak with someone within an organization, ask them what are the three I’s of big data that they think are important. Most likely, they will tell you that it is very complicated and requires lots of special computer skills. However, if everyone was trained to work with this new data, the business as a whole would experience huge benefits and increase company profitability. If everyone understood what the v’s were, then everybody would use it effectively and everyone would get the same results.
A typical department or entity within a company may not be aware of what the v’s are. If you put everyone on an unsupervised big data project, you would quickly see the problems that arise when attempting to work with unsupervised large amounts of data. However, a good manager knows how to deal with the complexities of big data and knows how to work with different types of data. If you are in an organization that does not currently have a solid understanding of what are the three I’s of big data, do your research and find out what the top companies in your industry are using to map their analytics. It may surprise you.