The 6 Vs of Big Data

We are living in a world of big data. Society is saturated by digital engagement and data-rich opportunities. 

There are an estimated 294 billion emails sent daily, with 65 billion messages sent on WhatsApp, and 5 billion daily searches online. This is a modern landscape where an estimated 4.5 million YouTube videos are viewed every single minute. These remarkable figures represent just the personal side of our modern data landscape.

When it comes to business, enterprises are drowning in potentially lucrative data opportunities. Analysts Cisco predict there will be 3.6 networked devices per capita by 2023, up from 2.4 networked in 2018. Machine-to-machine connections in applications such as the industrial internet of things are expected to grow from 6.1 billion in 2019 to 14.7 billion by 2023.

In this connected landscape, critical business functions from finance to sales are exposed to a wealth of data that could unlock remarkable revenue opportunities… if they can embrace the right big data tools and data management platforms to succeed. 

Managing your data opportunity

Appropriate big data management must be modeled on the 6 Vs. Veracity. Value. Variability. Volume. Velocity. Variety. These six core elements are an essential starting point for big data use. 

• Veracity. Being able to identify the relevance and accuracy of data, and apply it to the appropriate purposes. Understanding data relevance is key to value.
• Value. Understanding the potential to create revenue or unlock opportunities through your data. This reflects the outcomes you apply to your data use. If it is not valuable, then questions should be raised about why and when you store it.
• Variety. Being able to leverage the potential of variable data sources and types, both structured and unstructured. Integrating diverse data into a manageable structure is key to a robust big data opportunity. 
• Volume. Creating an ability to ingest, process, and store even large data volumes. This should be scalable for growing business needs, with data produced from both human and machine origins.
• Velocity. Handling data generated at increasingly accelerated rates. Data flow is often vast and continuous, requiring platforms and capabilities that can not only handle significant volumes, but deal with this stream in real-time.
• Variability. Managing and contextualizing data in a way that provides structure, even in unpredictable and variable data environments. 

The value of this approach was highlighted in a recent webinar by Neural Technologies’ CTO Martin Laesch. In Layered Revenue Protection – The Changing Modern World of CSPs, Martin explores how communication service providers (CSPs) are leveraging data through layered revenue protection to enhance business revenue protection and opportunities.

Leveraging the value of big data with Neural Technologies

Neural Technologies has over 20 years’ experience helping clients build value out of their business data. Our advanced Optimus Platform is designed to provide simple, open integration with a wide range of data sources, helping customers leverage the full value of their growing data flows.

With its powerful modular design, Optimus Platform solutions can be quickly scaled to meet growing data volumes, providing flexible solutions for digital transformation, revenue protection, and customer engagement.

Integration with real-time interfaces, as well as streaming capabilities through the likes of the Apache Kafka platform, allow you to make the most of your data in real-time, enabling valuable business intelligence regardless of the data velocity.

Neural Technologies’ solutions are built on the fundamental value of the 6 Vs of data.

Contact us today if you want to explore how we can help unlock revenue opportunities through big data tools for your business.