3 V’s of Big Data

As you lead your organization through the continuous changes and new developments in the IT universe, it is essential to stay grounded in the fundamentals. So today, we’re going to look at some basic, high-level thoughts about the ubiquitous term “Big Data.”

In his article published at Information Management, Cameron Price mentions the core concepts of today’s Big Data paradigm.

He defines them as the 3 V’s of Big Data:

• Volume

The volume of data available to us has grown exponentially, and it doesn’t look like the rate of growth will slow down anytime soon. While this has been the case for years, now we have lower costs and new opportunities in acquiring and storing this voluminous data. These new opportunities will snowball into even more changes that we must adapt to.

• Velocity

Trends in data management show that users increasingly expect to be able to capture, analyze, and respond to data swiftly – even in real-time. This need for speed creates unique challenges, especially when paired with increasing volumes of data.

• Variety

Exacerbating both volume and velocity, the growing variety of data we want and need to manage creates a mushroom effect.  Data types and sources grow ever broader, in ever-increasing amounts, and at greater and greater speeds.

Are you and your organization ready to manage these 3 V’s? Are you considering them as you make your one-year, 5-year, and even 10-year plan?

If you need help managing the volume, velocity, and variety of your data, contact us today. We can help.