The Volume, Velocity and Variety of Big Data

volumeThere is a new buzz in today’s business world. Big Data is changing how businesses everywhere function and determine decisions. For those who may not know the force behind the business realm, big data is your answer. What is big data? It is everywhere, being generated constantly at increasing rates. It is the vast volume of data that is generated and when analyzed and interpreted can help businesses gain insights on their company’s performance and lead to better strategic planning.

There are three terms that define big data and exemplify how it is different from normal analytics.

Volume

One of the most appealing components of big data is its ability to produce large amounts of data that can later be analyzed. There is a large volumeamount of data being generated and it goes far beyond online searches and tweets. Companies are able to use data beyond the internet such as business transactions, apps, sensors, GPS or machine-to-machine data. With the constant use of technology, there are data generators everywhere, including people who are constantly on social media and using smart devices. This endless data gives companies endless information to keep improving their functions and practices. In the past, there may have been difficult trying to store and structure all of this data but with new technological advancements, it has become more than possible and even efficient.

Velocity

The amount of data that is streaming in and being generated is at a speed unseen before in digital history. The data is nearly real-time information and the use of it can help companies stay on top of trends, detect failures and mistakes sooner and make estimating critical decisions or actions more accurate.

Variety

Big data does not have one form but various formats, allowing companies to gather information from a variety of inputs. It can take the form of messages, videos, emails, images, updates, signals, transactions and more. This gives insight to many different aspects of the business, such as whether media campaigns are successfully grabbing the attention of a new audience or if the cost reduction of a particular product has increased sales. The data allows a volumecompany to not only improve on the sector but all as a whole.

The terms volume, velocity, and variety can take on different meanings depending on what they are in reference to. When discussing big data these terms simply mean – data everywhere, data anytime, data any form. There is no way to deny that big data is what a company needs to stay on the track for success.

Sources:

Andrew, Mcafee “Big Data: The Management Revolution.” Harvard Business Review. N.P., 08                  Oct.2014. Web. 17 July 2017.

“What is Big Data and Why it Matters.” What is Big Data? SAS Institute, n.d.Web. 17 July 2017.

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