Most of us are familiar with the 3 V’s of Big Data. They are:
- VOLUME – how much overall data is there?
- VARIETY – what makes the data unique?
- VELOCITY – how often are new iterations of data required?
So, what is the 4th?
4. VALUE – what does this add to my bottom line?
VOLUME, VARIETY, and VELOCITY
A recent Business Insider’s article by Marcello Ballve related big data, mobile, and the intersections between the two. “First, big data needs to be defined; Big data is most commonly defined as data sets that meet three attributes, known as the three “V’s”: Volume, Variety, and Velocity.
But there is something more to it. “I like to say there is a fourth “V”; Value,” says Kip Jones, Vice President of Skyhook. In order for data to be meaningful at all, it needs to be captured and stored efficiently. Then, someone has to manage the data, analyze it, and extract value from it.
Data, big or not, doesn’t add up to anything worthwhile if it doesn’t have value to someone.
The value added from big data to mobile is the personalization of mobile services.
- A person will ask, “Why is mobile important when it comes to big data?”
- Mobile devices are constantly consuming and producing data.
- How so? We are always on the go. Whether we’re on our smart phones, tablets or laptops, the mobile trend is not fading away.
- Where is my ROI? My cost justification? What and where is addition to the bottom line? Candidly why does the business need to invest?
- Personalization of mobile solutions. This enables the business to be confident in the execution of their strategy on a mobile basis.