When you work for an organisation, you will come across all kinds of data sources. These are used for a variety of business information purposes, from assessing customer purchasing data to establishing likely market trends, but what exactly is big data? Let’s take a closer look.
The three Vs
Big data is defined as a data set that is greatly varied and arrives in large and increasing volumes that increase in velocity. A data collection company, such as https://shepper.com/, will refer to this as ‘the three Vs’. This type of data is invariably large in nature, complex, and often comes from new sources.
These batches of data are so large that they require complex software packages to process them. The source of the data is so valuable that organisations are prepared to invest in its management and analysis to extract valuable information for decision-making.
Why does big data matter?
The three Vs of big data have traditionally been varied, volume, and velocity; however, in recent years, the notions of value and veracity have also become key. This is because data is not valuable in its own right until the source of the value can be established. Just as important is the validity and accuracy of the data, which must be correct and truthful to offer value.
The value of big data
Today, big data is capital in its own right. Some of the biggest companies in the world exist because they process and manage big data and use it to extract profound value. New tech allows companies to store and analyse the data using increasingly powerful software systems, which have also driven down the cost of these processes.
Big data is valuable, exciting, and key for organisations everywhere. It is a vital concept to understand.
