In today’s world, Big Data refers to both structured and unstructured volume of data that inundates a business on a daily basis. Over the last decade, companies have built data warehouses and business intelligence systems to secure the data. Many global manufacturers produce huge quantities of data that needs to be analysed for business requirements. An inefficiency to manage this data may hinder the company’s decision-making and eventually reduce efficiency and lead to compliance issues.
With a big data analytics platform and considering 4V’s, manufacturers can achieve producing reports that help in making decisions. Let us see the 4V’s described by the industry analysts as the major elements of big data.
Big data always has a large volume of data. This is due to the building up of a volume of data from unstructured sources like social media interaction, posting or sharing reviews on the web page, mobile phones, and many more. Whenever a user visits the website using desktop, laptop, smartphones, PDAs, etc. generates the traffic. Also, downloading music and videos from various platforms generates unstructured data. This data can be filtered using analytics tool and extract important metrics that are useful for the business.
Velocity refers to the speed at which the data is coming in and how quickly the organizations are analysing and utilizing it. Processing the data using analytics tool can produce the answers to the queries through reports, dashboards, etc. With these results, a company can make suitable decisions that increase the efficiency and achieve customer-relation objectives such as developing applications that cater to the needs.
Different sources like social media, CRM systems, call center logins, emails, audio and video forms produce varied data. Managing such complex data is a big challenge for companies. However, to manage this big data, analytics tools are used to segregate groups based on sources and data generated. This would avoid mixing of data in the database. It is important to segregate new and old data coming from varied sources and must be able to make the changes according to customer behaviour.
Veracity refers to an uncertainty of data available, which makes it harder for the companies to react quickly and make appropriate solutions. Accuracy is the major issue in such a big data environment. Organizing the data according to groups, value and significance will enable you to have a better strategy to use the data. Avoid mixing to related and unrelated data as this reduce mixed interpretation. To make right decisions, the data must be clean, consistent and consolidated.
Big data give insights about your customer base, views and opinions about your business. However, to solve business problems, the 4V’s – Volume, Velocity, Variety and Veracity must be used to measure the big data that helps in transforming the big data analytics to a profit-based center.
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