What is “Big Data”?

Big data is exactly what it sounds like: an enormous, exponentially growing amount of data. Data versus big data really comes down to three factors known as the three V's: volume, velocity, and variety. Volume refers to the sheer amount of data. Velocity, however, looks at how fast it generates. Lastly, variety includes structured (numerical data), semi-structured (machine-generated documents and data in a no-SQL database), and unstructured data (text and image files). But over the last few years, two more V's have emerged: value and veracity. They involve determining how accurate your data is, how much you can rely on it, and what kind of value you can gather from it.

The Benefits of Big Data

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Big data is, like the name suggests, big. But it means nothing if you can’t derive value from it. Cleaning, curating, and preparing data for clients takes up a significant amount of time. But in the end, valuable data remains prime for companies to use to their advantage. So, it’s no surprise that data is behind some of the world's biggest companies' success. Those companies have figured out how to use their data to develop products better, improve customer experiences, and drive innovation.

For example, Spotify and Netflix look at what their customers listen to or watch and use that data to determine what else they might like. Then, they can recommend content based on predictive models created from collected data. Businesses can also gather an immense amount of data from social media, website visits, call logs, and other customer actions to analyze how they interact with the company. Then, they can use it to see where they can improve. And that includes enhancing their overall efficiency and identifying new ways to drive innovation.

How Big Data is Changing

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As great as big data is, the real challenge comes in keeping up with it. Year after year, newly developed technologies emerge to help store all that data. But data volumes continue to increase exponentially. Because of that, organizations struggle keeping up with the accelerating pace. And it doesn't look to be slowing down anytime soon. But when businesses can find relevant meaning behind all that data, that can lead to true success.

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