Haven’t you learned about the 4 V’s of BIG DATA and its advantages?

Big data provides companies with far more capabilities and intelligence at their disposal to make precise and timely decisions that help them smoothly run their operations. Big Data, as the term itself suggests, is data in a large chuck, often time collected in raw nature, then stored analyzed for the future use. It is structured which makes analysis via it easier. The data can then be utilized by organizations in increasing their efficiency and taking better decisions.

Big Data

Big data is not a new thing at all. Companies have been using data in both large and small amount, in a variety of analysis and to take several business-related decisions accordingly. With right data, they have succeeded in better serving their customers and emerged as global leader in the market.

Let’s learn about 4 V’s of big data to extract its actual worth for a business.

#1. Volume

Big data is large in volume. It’s basically the observation and tracks of trends happening in business transactions, social media, and machine-to-machine / sensors interaction and various other sources. When data is coming from everywhere, it becomes large in volume, forming the first V.

#2. Velocity

Data is coming almost at the speed of light! It’s coming from billions of users online. It must be dealt timely otherwise it will lose it relevancy in advancing a current campaign or event. Applications / machines are mostly automatically handling data and, they analyze and store it in real time. This is how Velocity forms the second V.

#3. Variety

One dataset may have marginal or major differences from the other dataset. Because it’s coming from a wide range of sources, it needs to be streamlined and structured in traditional databases which can later be used whenever required. The variety forms the third V.

#4. Veracity

The meaning of Veracity in Big data refers to the biases, noise, and abnormality. The term is all about scoping out a big data strategy that keeps the data clean so that it can deliver better results.  

Now we come to the advantages of the Big Data.

#1. Save Costs :- Big Data is cost saving. It provides businesses with accurate information to perform a task. With accurate datasets, businesses are able to take the right decision at the right time which, in turn, saves huge cost, too.

#2. Reduce Time :- Tools can be designed and developed to identity new data sources. These data sources will help businesses analyze data immediately and rapidly make decisions.

#3. Build New Product :- Data also helps businesses to form a new product which has never been introduced in the market. It happens only when you have right data in your hand.

#4. Read Market :- Data helps you understand trends and keep track of every development taking place in the market. Once you know how to read market pulse, you can react to it smartly.

#5. Control Reputation :- Data helps you control your online reputation. There are tools that provide you feedback about who is saying what about you, your company or brand. When you have analytics in your hand, you can react accordingly.

Author Bio. :- Sofia Coppol is a digital marketing expert in Rapidsoft Technologies, a leading Big Data App Development Company which provides Software for Education, Automation, Construction and Finance across the global. She loves to write on latest mobile trends, mobile technologies, startups and enterprises.