The Big V's of Big Data

THE BIG V'S OF BIG DATA Turning Information Overload Into Big Sales In the emerging market of Big Data, three "V" words have often been used to describe the issues at hand with information overload in our digital world. THE EXISTING V'S Big data has brought both great opportunity and change to the technological industry. Data scientists traditionally look at the existing V's, the ones that have classically been utilized to understand key variables of any data set. VOLUME Every mouse click, phone call, text message, web search, purchase transaction, and like on a social network is catalogued and stored in the cloud of big data. IN ONE DAY ZETTABYTE = 2,500,000,000,000000,000 BYTES ARE CREATED IN THE DIGITAL UNIVERSE 1 SEXTILLION BYTES ZETTABYTES 2012 2015 2020 2.7 7.9 35 ZETTABYTES ZETTABYTES ZETTABYTES The primary goal of big data is to make this large volume of data useful to companies, as well as to consumers, to optimize future results. VARIETY In today's multi-faceted Internet culture, the great volume of data is also extremely varied in its form. So many variables can be thrown at a company that the true value of information can often be lost in the sea of data. PURCHASE TRANSACTIONS WEBSITE TRAFFIC REWARDS PROGRAMS QUARTERLY BUSINESS REPORTS f TWITTER FACEBOOK BLOG CONTENT VELOCITY Information is being created at a faster pace than ever before. The varied channels of big data are each increasing their output of content, daily. 90% f- 950 USERS GENERATE 2.7 MILLION BILLION LIKES ON FACEBOOK PER DAY of the data in the world today has been created in the last two years alone 40% 400 NEW TWEETS ARE MILLION CREATED BY ACTIVE USERS EACH DAY 40% of tweets are related to television and are beginning to be implemented in TV ratings 15X 72 Tube OF VIDEO IS UPLOADED TO YOUTUBE EVERY Inlh HOURS MINUTE In 7 years, 15x the amount of data that exists today will be created every single year THE MISSINGV This new influx of data requires a re-examination and addition to the classic 3 V's concept. VIABILITY It is necessary to filter through this information and carefully select the attributes and factors that are most likely to predict outcomes that matter most to businesses. The secret to success is uncovering the latent, hidden relationships among these variables. QUESTIONS TO CONSIDER What effect does time of day or day of week have on buying behavior? How do age, family size, credit limit, and vehicle type all converge to predict a consumer's propensity to buy? How do geo-location, product availability, and purchasing history predict a consumer's propensity to buy? Does a surge in Twitter or Facebook mentions presage an increase or decrease in consumer purchases? THE NECESSARY STEPS Test and Conclude 1 Establishing a method to assess the viability of information, regardless of field type or size of data. 2 Establishing a method that is quick and cost-effective. Confirming a variable's relevance before investing in the creation of a fully formed model. VALUABLE DATA USABLE BIG DATA After confirming the viability of beneficial variables, it is important to make prescriptive, needle-moving actions and behaviors that will enhance the value of your company. MAKES IMPROVES ALLOWS 3 for improved decision information transparent and usable at a higher frequency. the ability to predict outcomes. making. CO LECTS GIVES a more accurate depiction of customers - for perfectly tailored marketing and design of products and services. more accurate internal transactional data that can be properly analyzed in order to boost performance. Many data scientists believe that perfecting as few as 5% of the relevant variables will get a business 95% of the sales benefits. The trick is identifying that viable 5%, and extracting the most value from it. PROS. Sources: http://insights.wired.com/profiles/blogs/the-missing-v-sin-big-data-viability-and-value?xg_Source=msg_appr_blogpost#axzz2SVzf3P2M www.wired.com/underwire/2013/03/nielsen-family-is-dead/ www.marketingtechblog.com/ibm-big-data-marketing/ www.dataversity.net/the-growth-of-unstructured-data-what-are-we-goingto-do-with-all-those-zettabytes www.gigaom.com/2012/08/22/facebookiscollecting-your-data-500-terabytes-a-day www.forbes.com/sites/tomiogeron/2012/06/06/twitters-dick-costolo-mobile-ad-revenue-beats-desktop-on-some-days/ www.youtube.com/yt/press/statistics.html www.mckinsey.com/insights/mgi/research/technology_and_innovation/big_data_the_next_frontier_for_innovation