Before your mind goes adrift thinking about the number of times someone started an article using the phrase “Big Data,” just take a deep breath and brace yourself for a somewhat different perspective. The business world, government and academia cannot seem to get enough of big data and the analytic techniques that can be applied to the data to uncover some little nugget that everyone seemed to not notice when the data set was small or perhaps examined through a biased perspective. Why is big data such a fascinating pursuit? You guessed it. It’s big, what else? Let’s take a look at the 5 V’s of big data. These are attributes of the big data domain that the Hugerati seem to focus mostly on these days. The three big data attributes are volume, variety and veracity, velocity and value. We started with 3 Vs (Volume, Variety and Velocity — “Understanding Big Data,” 2012), but apparently, they (in and of themselves) were not big enough!

• Volume — relates to the actual amount of data that needs to be considered to satisfy a given requirement.
• Variety — considers a number of types of data and from a varied set of sources
• Veracity — relates to the believability of the data. Does the data capture the essence of the insights needed? Is it “clean” and appropriately formatted to be consumed and understood by the big data analytic in the cloud?
• Velocity — addresses the notion of moving data. How fast can data arrive and be process, stored and retransmitted?
• Value — when all is said and done, what did you learn from the data that made you a better person, company, researcher, etc…?

Given the 5 Vs, the one that seems most reasonable to focus on (i.e. Value) is often the one most neglected. It seems that every one wants to discuss how much, how fast and from how many places they can deal with big data. Big data prowess is a necessity, but it is a means to an end, and not the end itself. This is where the separation of those who are looking at big data to show off their respective technical skills and those who are trying to edge out their respective competitors by focusing on value. If big data were a doughnut, the hole is where everyone seems to be spending their time and energies. It is mostly a fruitless waste of time, energy and resources, unless there is a purpose.

Value is derived only if an initial and unambiguous purpose was uttered before the big data floodgates were opened. Where would we like to end up? What is the market area that has gone neglected in the market? What area of the world should we target for our new product? What risks to the electric grid can be anticipated based on global military skirmishes? Only after painstakingly formulating a purpose and future desired outcomes should anyone springboard into the abyss of big data.

In the absence of a sound strategy, big data pursuits will continue to be costly, time consuming and an absolute waste of everyone’s time. It’s not all bleak! Cheer up. There is great news in big data, too! Given a plan, savvy technologists and focused business executives, big data can be the best thing to happen to the world since fuzzy dice. Ask the right questions, focus on the desired outcome, find the most appropriate data sources, define your analytics and drive your products and services directly from the insights gained. Your business will flourish because it focuses on value. This is the basis of a new breed of Knowledge Driven Businesses that use big data to solve problems instead of focusing on big data as the problem to solve.

Remember, if the fictitious doughnut hole were a black hole, let your competitors continue to get consumed by that unforgiving force to show that they are the Sylvester McMonkey McBean (“The Sneetches”, Dr. Seuss, 1961) of big data, while you use your knowledge driven business practices to leave them in the wake of your big data dust!

Thinkedgy