Network servers in a data center

The Five Vs of Managing Your Data

Over time, small and medium businesses also amass a considerable amount of data for their operations, especially if they have a lot of IT-related infrastructures or processes.

The boom of big data in this 21st century has lead to a scarcity of data science talent. An option that can be considered is to get professional data management services in the UK or anywhere else in the globe. But before you get some experts on board, here are some V pillars that can aid you in better data management:

Volume

You cannot manage what you cannot measure. The volume of your big data tells you how big the size of your backups are, how much server space you need to house the data, and how many of these warehouse data is going to be retrieved or used by people in your organization. Volume is one of the most significant factors in determining the price for professional services related to data management, data engineering, and data science.

Velocity

Just like in physics, velocity now refers to the speed of data transfer, the speed of consuming the information for business analytics, and the speed with which you need to retrieve the data when you run a query on them for adding insight to your business.

Variety

Crucial to designing a data management platform for your company is the variety of datasets. Are you handling unstructured text or numeric values? If you are a part of a particular industry like finance or banking, the standards for financial data must apply to your use case. If you are a technology startup, the data can vary tremendously, and you need someone capable to manage it for you by hiring either in-house or getting an expert.

Veracity

Network administrator with tablet computer in hand working with networking switch in data center room

Back to the level of making sense in the real world, the veracity or quality of your data is also a factor. How accurate is the measured information? How much room for error is allowed? For certain sects that involve money, there needs to be a higher level of precision and availability for the customer and transaction data. For some, estimates are good enough. Know where you are going to position your company before hiring anyone on board to do this type of work.

Value

Ultimately, you are not just warehousing for the sake of joining the big data revolution; it also needs to be grounded in providing actual business value for your organization. If you have an extensive database that needs managing, prioritize the parts that are usually required by you or your clients. The value of intel that you can get from specific datasets needs to be known so that you will not get lost or store data that does not tilt the business upward.

Make sure that your business is aligned with the fundamental pillars of big data before you embark in any project. There can be a considerable shift in organizational data flow if you are to execute. It’s not just in getting the experts on board this situation. You also need to prepare and train your staff to know how their work is affected by the change.