When you browse through social media, click a link on a website or make a purchase when online shopping, all of this data is being processed & stored – but where? ????
Big Data is a collection of data that is immense in volume and yet growing exponentially every single minute. From Netflix, Instagram, and YouTube to Public Sectors, Big Data is being stored almost everywhere globally. Data is being created faster than ever, so it’s essential to invest in better data management to ensure businesses can benefit from it.
To define Big Data even better, a collection of 6 vs can help us here:
Volume
Huge amounts of data coming from different sources which need good storage, proper data ingestion and compute power.
Variety
Different types of data coming from e.g. social media. They can be structured, semi-structured and unstructured.
Velocity
The rate of generating data from different sources in real-time, near real-time, and batch processing. The flow of data is massive and continuous.
Veracity
Requires robust systems to be built due to large amounts of different data sources, which can lead to inconsistency and lack of trust.
Value
The business side and value of data being collected. Allows businesses to make competitive decisions, increase their profits and grow in their market.
Variability
Acts as a way in which data can be used, giving variable insights and formatting changes.
As you see, Big Data effectively reduces time and costs, creates an attractive offer for customers and enables making strategically good decisions and actions. The 6 vs sum up all the different angles of Big Data usage and its benefits for businesses.
Investing in Big Data tools in your company, whose purpose is to collect, process and analyze data, is an investment in the development and bright future of business.
To learn more about Big Data, get in touch with one of our experts.
June 8th, 2022
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