Extract from article by Dr. Rick Brattin
To capitalize on Big Data, companies must learn to sprint. A few weeks ago, I met with several corporate executives and educators to discuss the future of information technology in the healthcare industry. Not surprisingly, most agreed that the companies that embrace and overcome the challenges of Big Data will be better positioned to lead this industry over the long term. Much of the discussion focused on three popular measures of Big Data: Volume (a measure of scale), Velocity (a measure of speed), and Variety (a measure of form). To my surprise, however, it was the challenge of velocity that this group most associated with business value and competitive advantage.
Big Data velocity refers to the speed at which data is created, made available, ingested by those who want it, and processed to gain valuable insights. As our available data sources have evolved over the last three decades, so too have velocity expectations.