In the not-so-distant past, we delved into the concept of the three V’s in relation to big data. However, it’s high time we shift our focus from a technology-centric viewpoint to a more business-centric definition. The defining characteristic of big data lies in the speed at which we can gain valuable insights. Let’s explore this notion further.

Embracing “Time to Insight” for Big Data Success

I proposed the idea of “time to insight” as the pivotal factor that differentiates big data in a previous discussion. Coincidentally, around the same time, two of my esteemed colleagues in the data management realm shared similar perspectives.

Stefan Groschupf on Data Complexity

Stefan Groschupf, a prominent figure in the big data domain, expressed his aversion to the term “big data” during a webinar on Big Data Predictions for 2015. In the webinar, he was asked whether big data had a role to play in small to medium businesses. He argued that the true essence of big data lies not in its sheer volume, but rather in its inherent complexity. To truly add value, big data solutions must focus on simplifying data complexity by reducing the need for intricate schemas, which are commonly associated with traditional Business Intelligence (BI) approaches.

• Big data solutions reduce data complexity and dependency on complex schemas.
• BI in the cloud enables swift and cost-effective deployment of advanced analytics.

Michelle Goetz on Fast Data for Success

Another noteworthy perspective came from Michelle Goetz, an analyst at Forrester Research. In her thought-provoking analysis titled “Beyond Big Data’s Vs: Fast Data Is More Than Data Velocity” Michelle discussed the indispensable paradigm shift required to make big data successful.

• The disconnect between the tech view of speed – faster hardware and provisioning – versus the business view of speed defined as “self-service data acquisition, faster deployment of data services, and faster changes”.
• Faster engines (e.g., in-memory solutions) may not be the ultimate solution.
• The key lies in a comprehensive data management strategy, focusing on “Fast Data.”

Towards a Consensus: Big Data and “Time to Insight”

To summarize, there appears to be a growing consensus among experts that any accurate definition of big data must revolve around “time to insight.” Emphasizing the speed at which we can extract valuable insights and promptly utilize them is the key to unlocking the true potential of big data.