We’ve all seen the graphs showing data growing exponentially, and how much data has been created in the last two years, and how much data we are all going to create in the future, so it’s natural that we talk about the Volume (V1) of data.
Then, there is numerous sources of data, all different that we are having to deal with, our next accepted fact is that the is a large Variety (V2) of data coming in.
Next, we talk about the speed of data creation, the Velocity (V3), with new sources comes a new generation of data sources, presenting an ever-increasing problem for vendors and customers alike.
Also, multiple disparate sources of data lead to a Variance (V4) in quality and data types , in turn leading to further problems for staff.
However, the most important V is Value, the value quality data can bring to a business, the competitive advantage it bestows, and the ability to change the entire business direction.
We hear ‘Data is the New Oil’; it’s not a view I subscribe to. As oil needs to be refined and treated properly to become of use, so data must be treated properly to deliver true business value. Which is why I believe the Ps of data are much more important than the universally accepted Vs.
The first important P is PREPARATION. As oil need to be refined to provide benefit, so data needs to be understood and nurtured to allow the data-driven business to exist. It’s critically important to understand data sources, and the ultimate desired outcome. Once sources are identified data needs to be ingested, this is now where we get onto the topic of Edge Computing, but I’ll save that for next time.
Data then needs to be cleansed to ensure quality, erroneous and duplicate entries need to be removed, driving true quality into data sets is crucial to deliver the desired outcome in the most efficient manner.
Then the next P comes into play; PLATFORM. Prepared data needs to reside on the optimum platform to allow the creation of intelligent business Information. The platform should align with the criticality of the content to the business. This can be on-premises or Cloud as appropriate. Obviously some data needs to remain in a datacenter, however Cloud-based platforms can now offer previously unachievable levels of performance. Whilst the Edge-Core-Cloud model still prevails it is important to investigate options, both in terms of performance & cost, ensuring user requirements are met is paramount.
Once PREPARED & PLATFORMED, the real benefits can be achieved; PRODUCTIVITY. This is where the only important V is relevant; business Value. The ability to use data, and it’s more important sibling, Information to transform a business is at the true heart of digital transformation. There are simply too many use cases to list, but simply defining smart initiatives and involving key stakeholders across the business will allow organisations to identify and validate their use cases, and quickly gain a competitive advantage. They can become truly Data-Driven.
The Final P is probably the most important; PROFIT. The Data-Driven business will simply out-perform their competition. The ability to PROFIT from data does not necessarily have to be commercial, it can translate in many ways.
So, next time someone talks about volume and velocity, remember the four Ps are the real key to data value;
….and I didn’t even mention PROTECT. Until the next time…