What is big data?
We all are being constantly exposed to articles, presentations and sales pitches that have a reference to “Big Data.” Is it hype, is it real? What does Big Data mean to you and your company? DC Velocity has asked that I lead a discussion through a new blog called “Big Data, Big Deal.” My approach to writing this blog will be to author view points that hopefully offer insights and clarity into the subject. Orientations will often have a supply chain perspective given that many readers of DC Velocity are supply chain professionals. We hope you find the blog informative and welcome your comments.
As the first blog post, it is only fitting to start with our definition of Big Data. After chairing eyefortransport’s Big Data Summit in June, I discovered that there is still a lot of confusion about the context and application of Big Data. Let’s start by using a common set of characteristics often referred to as the 4 V’s:
Volume: overwhelming amount of data;
Veracity: trouble trusting the data as number of sources grows
Velocity: faster generation of data;
Variety: any type of data such as text, sensors, activities, etc.
More information can be found on the 4 V’s by simply searching the web but here is one good reference: https://www.good.is/posts/infographic-the-four-v-s-of-big-data
However, I believe that more clarity needs to be offered, especially as it relates to Big Data and the supply chain. Today’s global supply chains are far more efficient than ever before partially due to the utilization of advanced systems that generate and manage transactions from customer demand signals all the way back to the initial sourcing or manufacturing of products (Source, Make, Deliver, Return).
Clearly the 4 V’s are at work. However, there is an amazing opportunity to harness these Intra and Inter Enterprise transactions to gain insights and knowledge from structured data silos and unstructured datasources that can be used to directly support company centric priorities. I often hear the argument that “our company has a long way to go to even manage the data we have today”. But it boils down to this. Taking advantage of advances in technology and methodologies to gain actionable insights from Big Data will drive significant competitive advantage.
So, what’s the big deal about Big Data? Mastering Big Data will directly enhance a company’s capability to increase the generation and protection of operating profits and competitive advantage.
Not something you think your company can do today? Let me close with this quote: “Difficulties mastered are opportunities won”- Winston Churchill.
We would appreciate hearing your thoughts and comments.
All the best, Richard
Richard Sharpe is CEO of Competitive Insights, LLC (CI), a profit contribution analytics firm that specializes in helping clients efficiently and continuously transform multiple sources of data into actionable operational insights.