Big data is the new eyes and ears of companies; thanks to big data, companies can better adapt to the environment and make better decisions to help their business thrive.
The definition of big data is data that contain greater variety, arriving in increasing volumes and with higher velocity. This is also known as the three Vs. Let’s talk about each of them:
Data are very diverse so they cannot all be processed in the same way. Data are not homogeneous as they come from different origins or sources, are of different types and have different formats.
Volume refers to the amount of data that is constantly being generated and collected. Big data in organisations is not only made up of internal data created by the organisation but often requires external data, coming, for example from social networks or interactions with customers.
Data are continuously generated, and big data platforms must be able to access, store and process them so that organisations can make better decisions based on the information. Therefore, velocity refers to the speed at which data are created, accessed, stored and processed.
In conclusion, big data are very large and complex data sets, so voluminous that traditional data storage or processing tools simply cannot handle them.
Big data is essential to gain agility in decision-making and anticipate and solve problems that previously could not be tackled. In this way, business management can be improved and profits increased.
Today, many industries are already benefiting from the potential of big data. Have you already started your data journey? If not, what are you waiting for?