Big data usually includes data sets with sizes beyond the ability of commonly used software tools to capture, curate, manage, and process the data within a tolerable elapsed time. Big data sizes are a constantly moving target ranging from a few dozen terabytes to many petabytes of data.
In a 2001 research report and related lectures, META Group analyst Doug Laney (now with Gartner) defined data growth challenges and opportunities as being three-dimensional. Gartner, and now much of the industry, continue to use this “3Vs” model for describing big data.
- increasing volume (amount of data),
- velocity (speed of data in and out),
- variety (range of data types and sources)
In 2012, Gartner updated its definition as follows: “Big data is high volume, high velocity, and/or high variety information assets that require new forms of processing to enable enhanced decision making, insight discovery and process optimization. Additionally, a new V “Veracity” is added by some organizations to describe it.
WHY IS BIG DATA IMPORTANT? BENEFITS OF BIG DATA
The introduction of Big Data has given organisations access to more data than ever before. Unstructured data that would have previously been considered ‘dead’ or of no value, but now with BigData it can be collected and analysed to benefit organisations. BigData gives organisations the opportunity to discover data correlations and patterns that before would have remained hidden. This means organisations now have access to more accurate information which can influence their business.
Big Data ensures that you have as much data as possible before making important business decisions. This will enable you to feel more confident when making business choices. The abundant data available through BigData also enables marketing strategies to be improved and more accurately targeted. This could help you to greatly increase your customer base, and push your organisation ahead of the competition. Improvements in these areas of business can ultimately lead to an increase in revenue as your organisation is able to both cut costs and attract more