Organisations can measure the value of data initiatives along the dimensions of the four Vs of big data
Data itself is quite often inconsequential in its own right. Measuring the value of data is a boundless process with endless options and approaches – whether structured or unstructured, data is only as valuable as the business outcomes it makes possible.
It is how we make use of data that allows us to fully recognise its true value and potential to improve our decision making capabilities and, from a business stand point, measure it against the result of positive business outcomes.
There are multiple approaches to improving a business’s decision-making process and to determine the ultimate value of data, including data warehouses, business intelligence systems, and analytics sandboxes and solutions.
These approaches place high emphasis on the importance of every individual data item that goes into these systems and, as a result, highlight the importance of every single outcome linking to business impacts delivered.
Big data characteristics are defined popularly through the four Vs: volume, velocity, variety and veracity. Adapting these four characteristics provides multiple dimensions to the value of data at hand.