The Four V’s of Big Data. But is there a fifth?

Published on Apr 09, 2018

Four V’s of Big Data. But is there a fifth?

This infographic from IBM’s Big Data and Analytics Hub shows the roadmap that their data scientists use when thinking about Big Data and its implications for the businesses and organisations that deal with it. It is interesting to note that this infographic is already 2 years old with IBM predicting here that by today – 2015 – there will be 4.4 million IT jobs globally focused on the support of Big Data. Whilst we were unable to find a corresponding current figure to verify this it is certain that Big Data is a very current topic with its impact being felt throughout corporations.

In order to bring benefit to your organisation from Big Data and the existing data that you hold it is critical that you look at each of the four V’s pictured here in detail.

IBM The four V’s

Volume

Here the focus is on the scale, size and amount of data that you are collecting and using. Volume of data is increasing with companies creating and storing more data than ever before. It is important to have strategy for your business for how you are going to deal first and foremost with the sheer size of the data that you are collecting. Without the security of knowing that your data can grow and still be stored and accessed successfully any system built on this data risks a lack of confidence from within your organisation.

Variety

Companies are increasingly dealing with and collecting more unstructured data than ever before. Unstructured data comes from social media, disparate files and emails as well as texts and call logs. Having the data products and systems in place to bring together structured and unstructured data gives you a clearer and often more dynamic picture of your audience as well as your customer journey. In an environment where the number of touch points a potential customer might have with you is ever increasing having a way to interpret all this data will give you the best picture possible in order to make confident decisions.

Velocity

Here the streams and connections of data are key. There has been a huge increase in the number of data feeds and connectivity available with live streaming and reporting in real time making a striking difference when it comes to innovating and having a competitive edge.

Veracity

Data needs to be governed. Trusting data is a challenge. Building information governance into your data-driven enterprise gives you the confidence to be able to trust the data that you have and use its insights to push forward your business. As the infographic shows when 1 in 3 business leaders don’t trust the information they use to make decisions your whole data infrastructure in a large organisation can succeed or fail on the veracity of its data.

Value

It might seem obvious to many value should be included but time after time businesses and people miss the actual value of their data and how powerful their data can be to their organisation. Not to mention the value of investment, lots of time, energy and money get spent on big data but no return of investment is ever gained. When your investing in big data take a moment think of what value it’s going to bring.

tags #insurance #claims #analytics #bigdata

Posted in Insurance AI Blog on Apr 09, 2018