Big Data is no longer the ‘soon arriving’ thing in business – it has already arrived and is transforming the way business is conducted by companies and enterprises all over the world. Big Data brought in its wake a lot of changes that have shaken up the business world. It is rewriting the rules of business.
However, are you aware of the factors due to which Big Data is making all the noise? There are 5 Vs in the world of Big Data that can be used to describe how and where data is stored, managed, and processed. Let us have a look at these 5 Vs of Big Data:
Volume refers to the huge amount of data that is generated at every instant. It is one of the most important aspects of Big Data. It is this aspect that generally comes to our mind when we utter the term ‘Big Data’
In recent times volumes of data have increased exponentially and it is continuously increasing at a rapid speed. Due to this constant increment in data, storage and analysis of data sets using traditional database technology is becoming increasingly difficult.
However, Big Data technology is making it possible to store and use these data sets. Big Data is making it possible to perform analysis over complete data sets. With the ability of finding out meaningful relationships and patterns between data and data sources, Big Data is helping us to know more about data at a greater depth.
Velocity refers to the rate of change of data. This means it refers to the speed at which generation of new data occurs and the speed at which movement of data takes place.
In case of data that does not change for a long time, analysis that takes place over a long period of time involving several hours or days may be acceptable. However, the same cannot be said about data that is increasing at every instant at a high speed.
In such cases, the processing time of data analysis assumes much importance. Big Data technology allows analysis of data in real time, without the need to put the data into any database.
Variety refers to the different types of data that can now be used due to Big Data. Earlier, we used to focus on structured data. The main reason was that structured data could easily fit into tables or relationship databases.
But currently there has been a tremendous increase in the volume of unstructured data. However, unstructured data cannot be easily put into the traditional tables.
Big Data helps us to utilise this unstructured data. Due to Big Data we can harness the various data types (both structured and unstructured) and understand them in order to draw benefit from them.
Veracity refers to the trustworthiness of data. We are aware of the fact that Big Data comprises of various forms of data sets with varying degrees of quality and accuracy. Due to the huge volume of data, it is almost impossible to control the quality and accuracy of the data that we acquire from various sources.
Big Data’s analytic technology allows us to work with all types of data, regardless of their quality or accuracy. This is due to the fact that Big Data does not require perfect data to gain meaningful insights. It requires data that is close enough to perfection.
Due to the huge volume of data processed every instant by advanced technologies, the objective of acquiring meaningful insight from the not-entirely-perfect data is achieved.
Value refers to the end objective of harnessing different data sets through Big Data. The main aim of storing and managing data is to extract value from it. As such, value can be considered to be the most important aspect of Big Data.
There are quite a few advanced technologies in analytics that helps us to understand the potential and draw benefit from various data sets. Such technologies help to analyze the data and provide a clear understanding of it.