Question

Describe to the CEO how the 5Vs of big data could impact this analytic project ?

Answer 1

 

5Vs of Big Data stands for 5 volume, velocity, variety, veracity, and value.

In today's world where most of the thing is running or using the internet to some extent or depending completely on the internet like e-commerce. Data become the most valuable thing for business in order to leverage the data having data in hand is not sufficient. Important aspects like 5Vs have a strong impact on business analytics and decision making. explained as under

1. Volume: The volume of data serves as the base for extracting useful interpretation for the manager while taking a critical decision. a small set of data provides less insight into the situation compare to the bigger one.

2. Velocity: Right information or data at the right time is crucial for analysis. Delayed information results in the lead to delay in decision making which in turn can cost to business in terms of money or opportunity loss. Hence speeder information with acceptable accuracy is key for business successes

3. Variety: Data can be collected from a variety of resources like from the in-house devices or from some external sources like surveys conducted by 3rd parties. The more Variety of data we have, More layer information we have which help in the better decision making and taking better prompt actions  

4. Veracity: Data Veracity means data quality. the correct set of data with high accuracy and less error is important than just having big data. Quality of data depends upon various factors like method and source of collection of data. Further sensitization of data that suits your purpose makes data more relevant and useful.

5. Value: This value is on top of the pyramid of big data. Converting big data into useful business information is the most important and crucial task. This is the ability to extract value addition from big data to your business.

Conclusion: If a business able to collect big data and managers ensure these 5 Vs with such big data then the business is on right path to utilize data to know better what customer wants, serving customers better lead to high business growth, profit, and increase in brand value of the business.