CIMA P2 Syllabus C. Managing Performance Of Organisational Units - Big Data - Notes 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:
Conversion to useful information
Gaining competitive advantage
Driving innovation
The 5 V's
Big data has a role to play in information management
Volume
There's just more data available nowadays
For example, data captured from social media.
Velocity
You can get data much quicker
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)
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)
Value
This refers to data's usefulness to the business.
Big data is only valuable if its insights are valuable (help decision making)