And are we still thinking of big data as a phenomenon?
Its a reality.
Its not just that the data is generated, its the rate at which it is generated. 90% of it has been generated in the last 2 years! Even though statistically less than 0.1% of it is useful, when you do understand and engage with the data, it adds tremendous value in fundamentally engaging with them differently. Or correctly.
Big data depends on analytics. That’s the only way to make sense of it, because data is all about the big 4 V’s.
Volume: There’s a lot of it.
Velocity: It travels fast. And is growing.
Variety: Unstructured, structured, and in various mediums – its all there.
Variability: And with variety comes the variability and usefulness of it.
The goal is to first start small: have questions you want to answer, and then get your analytics. This resonates well with social media research and related unstructured data that I’ve spoken about before too.
Ultimately, Ned Kumar from Fedex sums it up quite well, after startling statistics like 3000 transactions made per second (WOW!). “The issue isn’t information overload, its filter failure”.
Communication & Social Media Research Expert at SKIM, an international
consultancy and marketing research agency, has a background in engineering,
marketing and finance from the University of Pennsylvania, and the Wharton
School and Rotterdam School of Management. Having worked in marketing and
product development at L’Oreal, followed by a stint in management consulting,
he now passionately enjoys the world of social media, and can be found on every
platform with his alias sssourabh. He is a food critic and a fashion writer,
and documents these alongside strategy on his blog called 3FS. He may be reached at
firstname.lastname@example.org. Follow him on @sssourabh.