“Big data” is one of the core component of the Future of Procurement and has major challenges to overcome. The meaning of the expression has been evolving since it appeared in the 90’s for the first time. If “Big Data” has always been associated to the size of data to manipulate and speed for doing so, the definition has been dramatically updated since then and is now in agreement with the following and commonly named the “3Vs definition”
“Big Data represents the Information assets characterized by such a High Volume, Velocity and Variety to require specific Technology and Analytical Methods for its transformation into Value.
Additionally, a new V “Veracity” is added by some organizations to describe it. If the definition embed in itself a set of very visible challenges, it doesn’t for all. Below is a table summarizing the top 10 challenges in Big Data and their implications for Procurement. A view that helps identifying the new skills and processes required.
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