Big Data. This term is buzzing around industries and businesses alike with an intense ferocity, making its presence known as the subject of countless meetings, emails, publications, strategies and analyses around the globe. The concept itself has been personified- now resembling a valuable direct link from your consumer and market to your business itself. Big Data is more than just “data”, it is now an embodiment and representation of analytics used to deconstruct consumer trends and behavior. These analytics are quickly becoming the most effective and beneficial way to maximize your operation.
The concept of Big Data isn’t brand new to organizations. Gathering data and utilizing it to make significant business decisions is a common methodology throughout every industry. However, the newest iteration of Big Data presents significant benefits that did not exist before- efficiency and speed. In prior years, organizations would have manually gathered information, used their teams to run data analytics, and unearthed facts and statistics to apply to future business decisions. Big Data is now agile, with the ability to work rapidly, thus giving businesses a competitive edge they did not have previously.
The 3 V’s:
Big Data is characterized by three primary factors, also referred to as “the 3 V’s”:
- Volume: Big Data gathers and tracks information from multiple sources, which in turn creates large volumes of data.
- Velocity: the streaming of Big Data occurs extremely rapidly, which means it must be evaluated in a timely fashion. Due to the velocity, Big Data is processed in real time, allowing businesses to make important decisions on the fly.
- Variety: Due to the volume of Big Data, it exists in diverse formats, sometimes resulting in structured data revolving around numbers, statistics and percentages, or unstructured platforms, in media outlets such as email, video, and text documents.
With these “3 V’s”, organizations are able to study powerful insights drawn from multiple sources to decipher hidden patterns, trends, behaviors, and relationships. Since the data gathered can be prescriptive, descriptive, and diagnostic all at once, restaurant operators can maximize their organizations like never before!