Big data is an area of knowledge that goes far beyond just a big pile of data. With each passing day, it has become an essential practice in every company with data challenges involving the 5 V’s (Volume, Velocity, Veracity, Variety, and Value).
It, like machine learning, is a fundamental technology for data intelligence. Today’s technological practices are essential for any company that needs to stand out in the digital market.
The fact is that organizations that bet on building and expanding Big Data assets can benefit from the opportunities that information brings, generating insights and improving the customer’s shopping experience.
In this article, we will explain in an enlightening way what big data is and how technology can help boost your business numbers. Come with us!
After All, What Is Big Data?
What is big data for? You know you need technology when you have datasets from multiple sources that are too large to manage and analyze cost-effectively in a reasonable amount of time.
A clear example of the importance of technology over manual data analysis came when the US Census Bureau, in 1880, estimated that it would need eight years to collect and process all the census survey data from that period.
When finalizing the census, they predicted that, for the following survey, they would still need more than ten years, which would make the process unfeasible.
So it’s not just a matter of having a lot of data. It is a set of factors that, in 2001, Doug Laney defined in an article as the 3V’s of big data — a set that has evolved and, today, we can already consider 5 V’s.
The 5 V’s are listed below and are fundamental to understanding what big data is :
Volume
We generate 2.3 trillion Gigabytes of data per day. To give you an idea, on Facebook alone, there are 10 billion messages, 4.5 billion likes, and 350 million photos shared daily.
In 2020, around 40 trillion gigabytes of data were available, which continues to grow.
See what big data is for? The numbers don’t lie: times call for technologies capable of processing a large volume of data.
Speed
Refers to how quickly data is created, processed, and consumed. With each passing day, the flow of information and interactions has become increasingly instantaneous, whether within a corporation or in fraud analysis, as in the automatic control of traffic on the streets.
Significant data architecture and tools make it possible to analyze data as it is created without storing it in databases.
Veracity
Having a lot of data in different volumes arriving at high speed is useless if some of them are incorrect, as they can cause many problems for organizations and consumers.
Therefore, companies need to ensure that the data is correct and that the data analyses are also valid. Especially in the automated decision-making process where no human being is involved, you need to be sure that the data and analytics are correct.
Variety
In the past, all data created was structured and neatly fitted into columns and rows. But those days are over.
Currently, 90% of the data generated by organizations is unstructured (Emails, Phone Calls, Social Networks ).
Today they come in many different formats: structured, semi-structured, unstructured, and complex structured data. So why understand what big data is and apply it in this context? Because the technology is capable of storing and processing structured or unstructured data, regardless of format.
Value
The last V, but not least: value! They also mention that Big Data has a potential annual value.
Do I Need Big Data In My Company?
The need to use Big Data solutions starts with questions:
- What is my monthly or daily data volume?
- What is the acquisition and reading speed of the data I need?
- Do I have any tricks to check the integrity of the data?
- How many databases do I need to connect my business to?
- Does this data guide decision-making?
These five questions based on the 5 V’s are fundamental for the initial mapping of your company. With them, you will have a better understanding of your current scenario so that in the future, this information will serve you as a support to drawing up a strategic plan.
Also Read: What Are The 5 Vs. Of Big Data?
