Dataversity: Two More Big Data Vs: Viability & Value
By Angela Guess | Dataversity
Neil Biehn of Wired recently opined that “viability” and “value” should be added to the existing “Vs” of Big Data (volume, variety, and velocity). He writes, “The era of Big Data is not ‘coming soon.’ It’s here today and it has brought both painful changes and unprecedented opportunity to businesses in countless high-transaction, data-rich industries. In this first wave of Big Data, IT professionals have rightly focused on the underlying resource demands of Big Data, which are outstripping traditional data infrastructures and, in many cases, rewriting the rules for how and where data is stored, managed, and processed.”
On the topic of viability, Biehn writes, “With Big Data, we’re not simply collecting a large number of records. We’re collecting multidimensional data that spans a broadening array of variables. The secret is uncovering the latent, hidden relationships among these variables. What effect does time of day or day of week have on buying behavior? Does a surge in Twitter or Facebook mentions presage an increase or decrease in purchases? How do geolocation, product availability, time of day, purchasing history, age, family size, credit limit, and vehicle type all converge to predict a consumer’s propensity to buy?”