Big Data is a term that describes the large volume of data – both structured and unstructured – that is
accumulated by a business on a periodic basis. It is not just the volume of data that is important but how
businesses analyze and interpret that data to make strategic business decisions.
What is the threshold to qualify as Big Data has been a moving target. As of 2012, Big Data is considered as
data-sizes ranging from a few dozen terabytes to many petabytes of data. Due to the virtue of it’s magnitude and other special characteristics, Big data requires new set of techniques and technologies to gain insights from
datasets.
5- Vs of Big Data
The quantity of generated and stored data. The size of the data determines the value and potential insight- and whether it can actually be considered big data or not.
Variety
The type and nature of the data. This helps people who analyze it to effectively use the resulting insight.
Velocity
The speed at which data is generated and processed to meet the demands, requirements and challenges faced by the business.
Variability
Inconsistency of the data set that can hamper processes which are used to handle and manage it.
Veracity
The quality of captured data can vary greatly, affecting accurate analysis.
Big data sets come with algorithmic challenges that previously did not exist. So fundamentally, how such data
sets are analyzed and processed needs to be re-defined to take the 5-Vs into consideration.
Sampling Big Data: other questions that are frequently asked is, if all of Big Data should be considered for analysis and when/if sampling should be permitted for ease of processing.
What’s the big hype about Big Data?
The word Big Data was unheard of a few years ago, and now it seems like it is mentioned at almost every IT
event and some IT professional or group has something to say about it!
Analyzing online visitor behavior to provide more relevant advertising has been around for some time; but huge online stores such as eBay, Amazon and Walmart have revolutionized online buying experience and taken it
leaps forward! By analyzing visitor behavior and suggesting to them relevant products and services, more
visitors are converted into customers and their online shopping experience is enhanced to ensure repeat visits.
Social Media giants like Facebook and Twitter also utilize member activities to indicate social trends and other
marketing opportunities.
Big Data makes all such data-set analysis and trend forecasting possible. It is also used to forecast stock
market and other consumer activities. Frankly, Big Data can be helpful, where large quantities of data can be
analyzed to find meaningful patterns!
Big Data is a small step towards using innovative technology and an ever increasing computing ability
to simulate the workings of a human brain- to assist strategic Business decisions leading to better
consumer experience and increased profits.
Here are a few questions for you to consider further...
You may also want to read: Information Management is "not" the same as Data Management and Why Information Management Governance Is Key To Maintaining Enterprise Data
accumulated by a business on a periodic basis. It is not just the volume of data that is important but how
businesses analyze and interpret that data to make strategic business decisions.
What is the threshold to qualify as Big Data has been a moving target. As of 2012, Big Data is considered as
data-sizes ranging from a few dozen terabytes to many petabytes of data. Due to the virtue of it’s magnitude and other special characteristics, Big data requires new set of techniques and technologies to gain insights from
datasets.
5- Vs of Big Data
- Volume
- Variety
- Velocity
- Variability
- Veracity
The quantity of generated and stored data. The size of the data determines the value and potential insight- and whether it can actually be considered big data or not.
Variety
The type and nature of the data. This helps people who analyze it to effectively use the resulting insight.
Velocity
The speed at which data is generated and processed to meet the demands, requirements and challenges faced by the business.
Variability
Inconsistency of the data set that can hamper processes which are used to handle and manage it.
Veracity
The quality of captured data can vary greatly, affecting accurate analysis.
Big data sets come with algorithmic challenges that previously did not exist. So fundamentally, how such data
sets are analyzed and processed needs to be re-defined to take the 5-Vs into consideration.
Sampling Big Data: other questions that are frequently asked is, if all of Big Data should be considered for analysis and when/if sampling should be permitted for ease of processing.
What’s the big hype about Big Data?
The word Big Data was unheard of a few years ago, and now it seems like it is mentioned at almost every IT
event and some IT professional or group has something to say about it!
Analyzing online visitor behavior to provide more relevant advertising has been around for some time; but huge online stores such as eBay, Amazon and Walmart have revolutionized online buying experience and taken it
leaps forward! By analyzing visitor behavior and suggesting to them relevant products and services, more
visitors are converted into customers and their online shopping experience is enhanced to ensure repeat visits.
Social Media giants like Facebook and Twitter also utilize member activities to indicate social trends and other
marketing opportunities.
Big Data makes all such data-set analysis and trend forecasting possible. It is also used to forecast stock
market and other consumer activities. Frankly, Big Data can be helpful, where large quantities of data can be
analyzed to find meaningful patterns!
Big Data is a small step towards using innovative technology and an ever increasing computing ability
to simulate the workings of a human brain- to assist strategic Business decisions leading to better
consumer experience and increased profits.
Here are a few questions for you to consider further...
- Does your organization use Big Data?
- Can your organization benefit from analyzing Big Data?
- What increased value can your organization provide to its customers by designing a Big Data strategy?
You may also want to read: Information Management is "not" the same as Data Management and Why Information Management Governance Is Key To Maintaining Enterprise Data
Sandhya U Bhat MSc, CSSMBB, CSSE has developed several new (under patent filing) and enhanced existing strategic methodologies to improve technology and human capital utilization, produce greater ROI on investments and streamline service delivery. She is an acclaimed author, speaker, a sought after thought leader and an avid world traveler.
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