Big Data refers to sets of data whose size is too large, complex and dynamic for any data storage tools to store, manage and analyze. Simply knowing that the data exists is one thing, but being able to mine these seams of information to yield beneficial analytical insights is where the opportunity lies. When Big Data is utilized properly it enables data scientists and businesses to spot trends and gives specific insights that help create value and innovation quicker than conventional methods.
In the emerging market of Big Data, three “V” words have been used to describe the issues at hand with information overload in our digital world. Data scientists traditionally look at the existing V’s, the ones that have classically been utilized to understand key variables of any data set.
However, with the new influx of data, an addition and re-examination of the classic 3 V’s concept has been called into question.
This infographic from PROS has added a fourth “V”, Viability as a necessary means to filter through the information and carefully select the attributes and factors that are most likely to predict outcomes that matter most to businesses. The secret to Big Data success is uncovering the latent, hidden relationships between these variables and revealing exactly what kind of data will work for you and your business.