Early literature on big data discusses the “three Vs”: volume, velocity, and variety. Adding the “fourth V” — veracity (or quality) — creates the contemporary description of big data. But what about V for Value? There is very little discussion and literature out there on Big Data and Value. This is what I call the “big data strategy lacuna.”

In this executive round table we focus on Strategic approach to Big Data (by transcending the technical and analytical approaches) that will provide Business Agility. The Big Data Framework for Agile Business (BDFAB)  covers all the essential elements and phases to help organizations adopt big data in a strategic, holistic manner. BDFAB acknowledges that the value is hidden in big data and needs to be brought forth.

Bernard Marr aptly states, “But all the volumes of fast-moving data of different variety and veracity have to be turned into value! This is why value is the one V of big data that matters the most.” Marr further adds, “It is easy to fall into the buzz trap and embark on big data initiatives without a clear understanding of the business value it will bring … we must be sure to never forget the fifth V: value.”

BDFAB focuses on value through the important keyword “agility.” Agility provides the basis for an organization’s value system and is its cultural trait. Strategic use of big data enhances the agility of an organization. This executive round table is meant to update participants on strategies to enhance business agility with Big Data and reduce the risks in its adoption in practice.