Big data is a general term for larger and less structured data sets coming from a wide variety of modern data sources such as social media and the Internet of Things. Its size and complexity creates challenges for traditional data processing software, even as it offers opportunities for deeper data insights for organizations.

The Three V’s

• Volume This is high volume, unrefined data. It may include data feeds and clickstreams. For some businesses, volumes may be in the tens of terabytes or hundreds of petabytes.
• Velocity Velocity refers to the rate at which data is obtained and processed. Data processing allows the highest velocity of data streams into the memory, though some data processing products operate in real time to provide instant analysis and insights.
• Variety Variety is the types of data available. Unlike traditional data that is structured and stored within a database, it needs additional processing to gain insights and support metadata.

The Business Value

Data has value for a business, but only if it can be analyzed and utilized properly. It must also be accurate, or all of the insights gleaned from it may not be accurate.

The world’s largest tech businesses derive value from their data to analyze and produce more efficient and effective products for their customers. As with giant tech companies, data holds value for all businesses for example, for product development and customer insights.

New technologies like the Cloud have made data storage and analysis much less expensive and easier to store than it once was, allowing companies to process an increasing volume of data for better business decisions. They can streamline the discovery process and provide access for all users, from business users to data scientists.