Big Data 6 / 10

Big Data

Big Data is the collection and analysis of a large amount of data

It then helps find trends and understand customer needs

Benefits:

  1. Conversion to useful information

  2. Gaining competitive advantage

  3. Driving innovation

The 5 V's

Big data has a role to play in information management

  1. Volume

    There's just more data available nowadays

    For example, data captured from social media.

  2. Velocity

    You can get data much quicker

  3. Variety

    Modern data takes many different forms - Video, audio, written etc

    (Structured data is often numerical data whereas unstructured data may be in the format of email or video)

  4. Veracity

    This refers to truthfulness. Data needs to be reliable and truthful. 

    Hidden biases in the data can be a problem too (eg Overstating demand whereas in truth it's not as high as we like to think it could be)

  5. Value

    This refers to data's usefulness to the business. 

    Big data is only valuable if its insights are valuable (help decision making)

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