“Big data” is buzzy, and if you drop the phrase at a cocktail party, you will probably earn yourself some serious street cred. And rightfully so. Big data is big news these days, because it has the potential to make a pretty profound impact on the bottom line for a business.
Collecting large quantities of information and analyzing it allows entrepreneurs to make better, more strategically beneficial business decisions. The infographic below was generated by the big data analytics platform Datameer to demonstrate how using data can result in smarter business decisions and more revenue for all sorts of companies. Think: advertising firms, loyalty programs and online retailers, to name just a few.
Characteristics of Big Data
Volume – The quantity of data that is generated is very important in this context. It is the size of the data which determines the value and potential of the data under consideration and whether it can actually be considered Big Data or not. The name ‘Big Data’ itself contains a term which is related to size and hence the characteristic.
Variety - The next aspect of Big Data is its variety. This means that the category to which Big Data belongs to is also a very essential fact that needs to be known by the data analysts. This helps the people, who are closely analyzing the data and are associated with it, to effectively use the data to their advantage and thus upholding the importance of the Big Data.
Velocity - The term ‘velocity’ in the context refers to the speed of generation of data or how fast the data is generated and processed to meet the demands and the challenges which lie ahead in the path of growth and development.
Variability - This is a factor which can be a problem for those who analyse the data. This refers to the inconsistency which can be shown by the data at times, thus hampering the process of being able to handle and manage the data effectively.
Veracity - The quality of the data being captured can vary greatly. Accuracy of analysis depends on the veracity of the source data.
Collecting large quantities of information and analyzing it allows entrepreneurs to make better, more strategically beneficial business decisions. The infographic below was generated by the big data analytics platform Datameer to demonstrate how using data can result in smarter business decisions and more revenue for all sorts of companies. Think: advertising firms, loyalty programs and online retailers, to name just a few.
Characteristics of Big Data
Volume – The quantity of data that is generated is very important in this context. It is the size of the data which determines the value and potential of the data under consideration and whether it can actually be considered Big Data or not. The name ‘Big Data’ itself contains a term which is related to size and hence the characteristic.
Variety - The next aspect of Big Data is its variety. This means that the category to which Big Data belongs to is also a very essential fact that needs to be known by the data analysts. This helps the people, who are closely analyzing the data and are associated with it, to effectively use the data to their advantage and thus upholding the importance of the Big Data.
Velocity - The term ‘velocity’ in the context refers to the speed of generation of data or how fast the data is generated and processed to meet the demands and the challenges which lie ahead in the path of growth and development.
Variability - This is a factor which can be a problem for those who analyse the data. This refers to the inconsistency which can be shown by the data at times, thus hampering the process of being able to handle and manage the data effectively.
Veracity - The quality of the data being captured can vary greatly. Accuracy of analysis depends on the veracity of the source data.