Big data is all about the 3 Vs: Volume (the amount of data available), velocity (the speed that data is available/updates) and variety (the breadth of data sources available). 

This concept was introduced by Gartner in 2001 but is still valid today. All three of these vectors are increasing exponentially as more and more devices become connected to the web, and new avenues of data collection open. The growth of big data and the Internet of Things is leading to a huge amount of data being available, which offers great potential to businesses but can also be overwhelming and difficult to manage. The challenge for them is simplifying the process and identifying the data that is most relevant to them so that they can get the optimum benefit out of big data. 

Research by Forrester in 2014 found that most organisations were only analysing 12% of their data, meaning they are potentially missing out on valuable insights. One of the keys to big data success is determining what you want to get out of it before deploying a solution, and identifying the data you need to achieve these goals. You can then choose and tailor an analytics solution and data model that suits your needs. It’s also important to equip staff with the skills and knowledge that they need to use the solution effectively. 

With any new technological trend or innovation, it takes time for the enterprise to figure out how best to utilise the technology. What’s needed to take advantage of big data’s enormous potential is clear and accurate reporting and presentation within back office software products, while retaining the flexibility within these reports to access any chosen data element. That’s not an easy deliverable to achieve, but it should be something that all businesses seek in today’s data-heavy landscape.