What Do You Do with So Much Big Data? Dig In!
Data is all around us: Smart devices, apps, websites, and nearly everything else is constantly collecting information. The ability to collect, store, and, most important, leverage this data is the defining need of today’s business owners. But what is big data?
Big data and the four Vs
Big data is the name for the overwhelming amount of complex information connected humans, machines, devices, and sensors produce every day. But it’s so much more than just information production. It encompasses collecting, storing, and using that information for immediate and future improvements. According to Oracle, big data “describes a holistic information management strategy that includes and integrates many new types of data and data management alongside traditional data.” To understand how to use and leverage this constant influx of information, it’s important to understand the four Vs of big data.
- Volume — The overwhelming amount of data constantly being collected
- Velocity — The dizzying rate at which data is collected
- Variety — The wide scope of data types collected
- Value — The useful data, or actionable data, such as consumer preferences location, and much more
Depending on company needs, the ability to capture and store data as well as the capacity to manage and synthesize this information dictates big data strategy. Without means to store historic data, business leaders can’t obtain a big-picture view when it comes time for analysis. It’s also challenging if data is coming in too fast and there’s no way to capture all of it. With a smaller collection scope, the right types of data might not be collected, limiting its usefulness. And if any of these limits apply, they can reduce the value of data analysis in the end, making all four aspects of big data of utmost importance for improved future decision-making.
Luckily, there is a sea of tools and technologies designed to help company leaders meet business goals surrounding data. Starting with questions such as “Does your business already collect, analyze, and use big data?” “Where do you need to store all this data?” and “How will data storage and analysis integrate with existing systems?” can all help drive an effective data management solution.
What can business leaders do with data and data analysis once their big data solution is in place? With the right systems, they can access the information they need when they need it in real time. From predicting production issues to reduce future risks to identifying cyberattacks in real time and understanding consumer shopping trends, the possibilities are nearly endless.
Big data, big move
Big data is here to stay, offering countless advantages to company leaders wise enough to utilize it. Regardless of needs, solutions are available to fit nearly all business goals. It’s important you find the right technology to mine necessary data in a way that makes sense for your business.
Solutions such as Oracle’s Cloud service offer the ability to collect, store, and deliver data analysis in a comprehensive, open-source analytic model — right in your office. Big data service levels give business owners the power to customize their needs based on budgets and capability levels combined with the ability to change and scale up over time.
And it’s not necessary to go it alone. By partnering with an Oracle Cloud expert, business leaders can easily navigate the complicated world of big data. From choosing the correct technology to gathering and analyzing data, the right partner can help business owners assess their needs and maximize their Oracle Cloud investments.