We are living in a world of big data. Society is saturated by digital engagement and data-rich opportunities.
There are an estimated 294 billion emails sent daily, with 65 billion messages sent on WhatsApp, and 5 billion daily searches online. This is a modern landscape where an estimated 4.5 million YouTube videos are viewed every single minute. These remarkable figures represent just the personal side of our modern data landscape.
When it comes to business, enterprises are drowning in potentially lucrative data opportunities. Analysts Cisco predict there will be 3.6 networked devices per capita by 2023, up from 2.4 networked in 2018. Machine-to-machine connections in applications such as the industrial internet of things are expected to grow from 6.1 billion in 2019 to 14.7 billion by 2023.
In this connected landscape, critical business functions from finance to sales are exposed to a wealth of data that could unlock remarkable revenue opportunities… if they can embrace the right big data tools and data management platforms to succeed.
Managing your data opportunity
Appropriate big data management must be modeled on the 6 Vs. Veracity. Value. Variability. Volume. Velocity. Variety. These six core elements are an essential starting point for big data use.
- Veracity.Being able to identify the relevance and accuracy of data, and apply it to the appropriate purposes. Understanding data relevance is key to value.
- Value.Understanding the potential to create revenue or unlock opportunities through your data. This reflects the outcomes you apply to your data use. If it is not valuable, then questions should be raised about why and when you store it.
- Variety.Being able to leverage the potential of variable data sources and types, both structured and unstructured. Integrating diverse data into a manageable structure is key to a robust big data opportunity.
- Volume.Creating an ability to ingest, process, and store even large data volumes. This should be scalable for growing business needs, with data produced from both human and machine origins.
- Velocity.Handling data generated at increasingly accelerated rates. Data flow is often vast and continuous, requiring platforms and capabilities that can not only handle significant volumes, but deal with this stream in real-time.
- Variability.Managing and contextualizing data in a way that provides structure, even in unpredictable and variable data environments.
The value of this approach was highlighted in a recent webinar by Neural Technologies’ CTO Martin Laesch. InLayered Revenue Protection – The Changing Modern World of CSPs, Martin explores how communication service providers (CSPs) are leveraging data through layered revenue protection to enhance business revenue protection and opportunities.
Leveraging the value of big data with Neural Technologies
Neural Technologies has over 20 years’ experience helping clients build value out of their business data. Our advanced Optimus Platform is designed to provide simple, open integration with a wide range of data sources, helping customers leverage the full value of their growing data flows.
With its powerful modular design, Optimus Platform solutions can be quickly scaled to meet growing data volumes, providing flexible solutions for digital transformation, revenue protection, and customer engagement.
Integration with real-time interfaces, as well as streaming capabilities through the likes of the Apache Kafka platform, allow you to make the most of your data in real-time, enabling valuable business intelligence regardless of the data velocity.
Neural Technologies’ solutions are built on the fundamental value of the 6 Vs of data.
Contact us todayif you want to explore how we can help unlock revenue opportunities through big data tools for your business.
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As a seasoned expert in the field of big data and data management, I can attest to the critical importance of understanding and harnessing the power of data in our modern, data-saturated world. The information provided in the article aligns with fundamental concepts and principles that govern effective big data management. Let's delve into each of the 6 Vs of big data and their relevance to optimizing data opportunities:
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Volume:
- Refers to the sheer size of the data generated and collected. In the article, the mention of handling large data volumes is crucial for businesses. It emphasizes the need for scalable solutions that can accommodate the ever-growing influx of data from both human and machine sources.
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Velocity:
- Addresses the speed at which data is generated, processed, and utilized. The article highlights the challenge of handling data at increasingly accelerated rates, emphasizing the importance of real-time processing capabilities and platforms that can keep up with the continuous flow of data.
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Variety:
- Encompasses the diverse types and sources of data, both structured and unstructured. The article emphasizes the significance of leveraging variable data sources and types. Integrating this diverse data into a manageable structure is crucial for unlocking the full potential of big data.
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Variability:
- Focuses on managing and contextualizing data in unpredictable and variable environments. The article underscores the importance of providing structure to data, even in situations where the data landscape is dynamic and unpredictable.
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Veracity:
- Pertains to the accuracy and relevance of data. In the context of the article, understanding the veracity of data is highlighted as a key factor in unlocking its value. Accurate and relevant data is essential for making informed decisions and deriving meaningful insights.
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Value:
- Represents the potential to create revenue or unlock opportunities through data. The article emphasizes the need to understand the value of data and to question the storage of data that does not contribute to overall value. It connects the concept of value to the outcomes derived from data use.
The article also introduces the role of a company, Neural Technologies, which has over 20 years of experience in helping clients extract value from their business data. The Optimus Platform, mentioned in the article, is positioned as a solution designed to provide open integration with various data sources, scalable solutions for growing data volumes, and real-time capabilities to harness the full value of data.
In summary, the article aligns with established principles in the realm of big data management, emphasizing the importance of the 6 Vs—Volume, Velocity, Variety, Variability, Veracity, and Value—in successfully navigating the data-rich landscape of the modern world. The insights provided by Neural Technologies underscore their commitment to helping businesses unlock revenue opportunities through effective big data tools and data management platforms.
