The three V’s for successful Big Data adaptability programs
Research and development is part of every successful organization’s mantra and to fuel this research Big Data plays a very important role. And how Big Data analytics is used is determinant in the success or failure of an organization. In today’s time when there is so much information to process, it is imperative to experiment with a dynamic variety of Big Data strategies so that you assimilate the best mix and match for sure shot success. A good mix of Big Data strategies is ruled by three major principles, the three V’s – Volume, variety and velocity, which all function like a force to shoot your organization into the realms of success.
Volume:
A successful big data strategy should have perfect conscience of high volumes of data and experimentation with the products/services. If you want to go one step further, a Big Data strategy should always be coinciding with the big picture strategy of the organization itself so that after giving a shot at experimentation, the ideal plan is adopted. According to experts, the best way is to run multiple strategies at one time, providing the team with whatever resources they want and hoping that something really innovative comes up.
Velocity:
Time is the key to building successful products/services, and the velocity at which an idea is generated using Big Data is a determinant factor. All that needs to be done is channel all the ideas and suggestions into an innovation tunnel that finally filters out the winning product. This is where the fast execution of plans comes in. After having a clear vision of what needs to be achieved, the next step is to work on the Big Data along with the experimentation process. For this good tools in the operational systems are required so that the time lag is minimal and this finally leads to an improvement in the innovation cycle which leads to big ideas propping up.
Variety:
It is a known truth that variety is the flavor of success, and Big Data analytics in no different. If you have a variety of innovative ideas that could be something big, the chances are you are in fact going onto something big. The best strategy is to get an array of products/services and potential customers to combine it with the collection of ideas in the innovation tunnel. Just to keep in mind, the best way is to get a clear picture of your USP and then get everything to revolve around it.
All these V’s help you to take advantage of Big Data in an optimal way to get a competitive advantage over competitors, and there is no denying that Big Data and rapid experimentation go hand in hand for successful innovation programs in organizations.
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