The Value of Big Data

by Ossy Indra Wardhani

One of the biggest phenomena of modern technology is big data. The uses of big data is quickly becoming a critically important driver of business success across sectors. 

The powerful big data needs effort in doing mining and analytics which are required some points as below:

  • Data scientists, who provide expertise in statistics, correlations and quality;

  • Business analysts, who identify and prioritize the problems worth solving and the business relevance of data anomalies and patterns iden- tified by the data scientists;

  • Technical specialists, who help manage the hardware and software solutions needed to collect, clean and process the data;

  • Organizational intent. Company needs to determine the value of big data for their organizations and what objective to achieve through uses of big data

Organizations can measure the value of data initiatives along the dimensions of the four Vs of big data. Adapting these four characteristics provides multiple dimensions to the value of data at hand.

Volume-based value

The more data businesses have on the customers, both recent and historical, the greater the insights. This will in turn lead to generating better decisions around acquiring, retaining, increasing and managing those customer relationships.

Velocity-based value

The faster businesses can inject data into their data and analytics platform, the more time they will have to ask the right questions and seek answers. Rapid analysis capabilities provide businesses with the right decision in time to achieve their customer relationship management objectives.

Variety-based value

The more diverse customer data businesses have, the more multi-faceted view they develop about their customers. This in turn provides deep insights into successfully developing and personalising customer journey maps, and provides a platform for businesses to be more engaged and aware of customer needs and expectations.

Veracity-based value

The more business hypotheses that can be churned out from this vast amount of data, the greater the potential for business differentiation edge.

The value of big data and deeply advanced analytics could out-perform the company performance towards competition, not mention only the business achievement in numbers but also long term benefit of customers satisfaction that extend loyalty and good image to the company.

- summary from some source articles: information-age.com and bain.com

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