If you have heard the term “Big Data” this is probably referring to advanced analytical programs which provide tremendous amount of information. It is a general description that can apply to various technological activities like manufacturing, supply chain management, healthcare etc. Today, it has been a key term in various industries, because of its potential of providing unlimited and fresh data for analysis. Big Data has made many businesses possible. In fact, it has become the buzzword in many business circles today. For an entrepreneur, it is a must to understand and know about Big Data.
As it is one of the key players in the business world, any entrepreneur should be familiar with its concepts. Big Data can provide endless possibilities for a business person. But for that, certain important concepts like I’d have to be understood by everyone. V stands for volume, while D stands for dimensions and T stands for time.
Big Data can provide an incredible amount of data that can help you in your decision making process. Thus, Big Data is defined as the combination of different sources of data like audio and video, text, images, and so on. Each source of big data may provide different insights. Big Data has the potential of providing instant insights. Thus, when you are asking what are the three I’s of big data that often define its characteristics, you will be provided with different answers depending upon the nature of the information that you are handling.
Big Data often defines a certain type of technology or system. Some examples of such technology include: RFID tags, GSM systems, cell phone trackers, wearable technologies, video surveillance systems and webcams. These devices capture and store data that has the capacity of storing and analyzing it over a period of time. The D word is used here, as it denotes data in which the system is able to act on that information. In other words, data that can be made better, improved or optimized for some purpose or agenda.
V stands for volume. While Big Data may be enormous in its potential to provide valuable information, the reality is that there is no way to collect that massive amount of data. In addition, Big Data is also scalable in the sense that it can process information from a wide variety of sources. V represents the ability of that information to be accessed by different users across different devices, networks and locations.
The final aspect of what are the three v’s that often define its characteristics is its applicability. What are the three things that are common to all big data? Those are: data, information and data processing. Big Data is one of the biggest hurdles in front of those who would want to use and leverage big data to improve productivity, reduce costs and help businesses achieve their growth goals. Big Data is very much necessary but not all of us can afford to implement the necessary scale and tools needed to manage, collect and process that data. We also need the requisite expertise and guidance to properly implement the use of big data.
That brings us to the third v’s of what are the three v’s, namely: vendor lock-in, customization and disaster recovery. Each of these v’s has significant influence on the Big Data enterprise. The first thing to note about lock-in is the difficulty in establishing a standardized approach to Big Data implementation. Vulnerability to vendor lock-in is very real, and although vendors may offer a standard API, organizations have to fight tooth and nail to ensure that their chosen vendor remains viable and grows with the changing times.
The second thing to note about lock-in is the fact that it’s very difficult to move data from one platform to another due to vendor lock-in. Organizations have to spend significant amount of time and money establishing a new standard if they want to experiment with using new tools. Disaster recovery is very important but managing the massive amount of data involved in that process is equally difficult. Vulnerability to attack can come in the form of data theft, software failure, or even human error. To ensure proper management and implementation of such vulnerabilities businesses need to engage proper resources to oversee the entire process.