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Big data is defined in velocity, variety, and volume. An organizations data characterized by these three V's is said to have abundant data. The three V's can be explained as follow;
Velocity - Is where an organization produces new data within a short time and response is needed without a delay. Velocity is related to significant data, for instance, firms dealing with social media and e-commerce need this element to satisfy decisive factor for massive data.
Variety - Is where data will be stored or be presented in various formats; range will be associated with big data so as to be able to accommodate every detail. For instance, big data may include word documents, emails, videos and images and each of this requires a particular format.
Volume - big data is associated with huge information such that many organization end up facing difficulties in processing and storing.
The growth of data in many organizations has led to challenges in analyzing the same information fed. These difficulties include the following;
- Producing insights in timely basis - many organizations store data to help the management achieve goals and objectives set for a firm. These goals are related to massive data projects. For instance, an organization may have an intent to launch new goods and services. To achieve this goal a firm can extract insight out of their large data and work on the ideas with no hesitation since the firm may be willing to complete the set goal as fast as possible. In addition, many organizations are investing in installing software that reduces time to produce reports.
- Retaining and recruiting employees who specialize in managing big data - to run, maintain and develop the application that generates insights, a firm requires professionals with colossal data skills. The high demand for persons who are adequately skilled has led to this profession demanding huge salaries which an organization cannot afford. Moreover, due to the high demand of big data experts, retaining them in an organization has been a great challenge since doors are open for better pastures.
- Data validation - while giving reports of large data, the information requires to be checked correctly so as to ensure true and accurate records are provided. However, inaccurate records may be presented due to poor data validation. Moreover, even organisations that may be using certain systems may give different data that eventually may disagree.
- Significant data security - securing substantial information in many organizations has become a major concern, since this information may be targeted by enemies or hackers so as to ensure the downfall of the organization.
- Poor presentation of the report - when the data given is poorly organized, it is hard to understand the information as well as identifying the challenges an organization may be facing. Through proper analysis of the data, the problems that may be facing the organization to achieve its goal will be identified easily, and appropriate actions are taken. Whereas in a situation where the challenges go unidentified may result to the downfall of the firm within a short time.
In conclusion, to ensure proper analysis of the data an organization should ensure the above challenges are dealt with accordingly.
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