Understanding the 3 V’s of Big Data: Volume, Velocity, Variety
Data is important for every startup to understand, start by looking for the 3 V’s of big data: Volume, Velocity, Variety.
Big data, made simple
Data is one of the most important resources any company can have. It drives customer discovery, product features, and more. For any startup company, acquiring enough data to make meaningful progress and show meaningful analytical results can be difficult. Using the data efficiently and effectively can also be a troublesome endeavor. When these issues become prevalent, the first thing to look to is the “3 V’s” of Big Data.
The first ‘V’ stands for Volume. Simply put. The more data points you have, the better. If the data available to your startup isn’t giving enough information to be used, the first thing to do is increase the available database. Unscrambl and Ottertune are two of the many startups that are optimizing their volume use.
The second specification for Big Data is Velocity. Useful data changes constantly, such as the preferences of customers or the best tools to use. Being able to gather and use relevant data quickly provides any startup with more accurate and efficient information.
After the Volume and Velocity of Data has been optimized, Variety must be achieved. This can mean multiple things: the Variety of the data collected is important, but the variety of your visuals are also important. This can mean using different graphs, applications, or formats. OpenAI is a great example of a startup that used unique, flexible tools to gain a hold on the AI market.
Even if one of the three Data V’s is easier to implement first, all three aspects are necessary for data analytics. Even if you have Volume and Variety, for example, your information can be outdated and may not represent what you may be trying to find. Be careful to not miss out on any of these three, as similar problems will arise. However, through proper management of the resources and team you have, big data can become a powerful asset for your business. Through it, cost reduction, innovation of your product, and a better understanding of your customer can all be achieved.