Big data was traditionally defined in terms of the three V’s—volume, velocity and variety. However, according to an article recently completed by Forbes, the three V’s are no longer sufficient in terms of harnessing big data to find the path to success. A conception has formed that big data automatically guarantees better preparation to solve all marketing problems. However, if it isn’t interpreted and applied correctly, big data will simply lead to further confusion on the part of the corporation’s leaders.
To resolve this issue, the author of the article has developed an updated definition for ‘big data’—a journey through the gap in the data that is available to them and the business insights that can be driven from the data. In essence, the data cannot do all of the talking—business and technology leaders must use the space in between to interpret the figures and adapt a plan to win, serve and retain customers.
The author worked with a colleague to complete research on the best means to navigating this gap. First and foremost, no matter what the industry, it is not free of the burden of big data; every company can benefit from collecting figures, even agricultural pursuits. Nothing is free of risk, including big data; many issues have arisen over the years as a result of big data collection, including breaches in privacy and resulting issues of financial liberties from misused data. However, the author still feels that, no matter the risks, the benefits of collecting data overcome any challenge that could potentially result.
Finally, technology managers, who are typically in charge of collecting data needed to draw these conclusions, cannot be forced through this process on their own. Business leaders must carry their weight as well, to open the lines of communication, detail their business challenges so both partners can work together to find the best possible solution for all parties from the provided data.
from Steve Kaplan, The Entrepreneur http://ift.tt/1oAf7el