VO L UME, VE LO C I T Y, VA R I E T Y A N D ...
The big ‘V’
of big data
Keys to tapping the hidden “value” of big data.
BY (l-r) PRAMOD SINGH, RITIN MATHUR, ARINDAM MONDAL
AND SHINJINI BHATTACHARYA
“There is a big data revolution. However, what is revolutionary
is not the quantity of data alone. The big data revolution is that
now we can do something with the data.”
– Professor Gary King, Harvard University
W
hile storage and computational capacity is essential
and a given, it is important to
note that improved statistical
and computational methods are creating
opportunities like never before when dealing with big data. Today, large amounts of
data are available that individuals, businesses and governments can manage
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and leverage for information that can lead
to insights. However, it is essential to analyze information in a cost-effective manner. High volume, variety and velocity of
data cannot translate into value unless
management makes a concerted effort.
Unlocking this value that businesses
can get from big data involves three key
elements:
W W W. I N F O R M S . O R G