The Definition of Big Data
Posted by danielrodrigues on June 29th, 2020
To really understand big data, it’s helpful to have some historical background. Here is Gartner’s definition, circa 2001 (which is still the go-to definition): Big data is data that contains greater variety arriving in increasing volumes and with ever-higher velocity. This is known as the three Vs.
Put simply, big data is larger, more complex data sets, especially from new data sources. These data sets are so voluminous that traditional data processing software just can’t manage them. But these massive volumes of data can be used to address business problems you wouldn’t have been able to tackle before.
The Three Vs of Big Data
The Value—and Truth—of Big DataAlso See: Big Data, Understand Big, Really Understand, Increasing Volumes, Data, Big, Definition
Two more Vs have emerged over the past few years: value and veracity.
Data has intrinsic value. But it’s of no use until that value is discovered. Equally important: How truthful is your data—and how much can you rely on it?
Today, big data has become capital. Think of some of the world’s biggest tech companies. A large part of the value they offer comes from their data, which they’re constantly analyzing to produce more efficiency and develop new products.
Recent technological breakthroughs have exponentially reduced the cost of data storage and compute, making it easier and less expensive to store more data than ever before. With an increased volume of big data now cheaper and more accessible, you can make more accurate and precise business decisions.
Finding value in big data isn’t only about analyzing it (which is a whole other benefit). It’s an entire discovery process that requires insightful analysts, business users, and executives who ask the right questions, recognize patterns, make informed assumptions, and predict behavior.
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