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Big Data

 

 

We define Big Data as reaching the Volume, Velocity, and Variety limits of your capabilities. For IT, Big Data may very well represent a paradigm shift in how to manage this data. For data analysis, which is our sweet spot, Big Data has always been relative to our software’s ability to support analysis. From the analysis perspective, we have always had Big Data.

 

The popular myths around Big Data are that it contains all of the information and that we no longer need to understand the business or even how to analyze data—somehow all of information is there. This has been disproven by a number of under-publicized mishaps; one of the most salient is the failure of Google Flu Trends to predict the flu.[1]

 

Without business and quantitative acumen, Big Data promises to provide wrong answers, which are just more precise and/or faster. Big Data is 1) not new; 2) does not contain complete information; and 3) still requires expertise in business and analyzing data.

 

At TVG, our focus has always been on providing the best information for decision-making.

 

We understand the business and we understand how to extract information from data. Figure 2 portrays these two main dimensions to business analytics problems: Business Problem Difficulty and Analytics Difficulty.

 

 

Figure 2: Business Analytics Capability Chart

 

 

 

 

The true value proposition of Big Data is not the volume, velocity, or variety of bytes. It has always been about business information. Big Data is often ‘found data,’ providing new information and it can be combined with (rather than replace) our current data to provide synergy. The value proposition of Big Data is in leveraging new information for decision-making; rethinking our business strategy to better incorporate information; and expanding our search for information.

 

At TVG, we are experts at evaluating your current data; planning your information needs; and in supporting well-informed decisions. Even management consultants, who have been slow to embrace business analytics, recognize the value of rethinking your data diet. [2]

 

 


[1] Big Data: Are We Making a Big Mistake; Financial Times

[2] What's Your Data Worth Article, Accenture