In recent years, Big Data was defined by the “3Vs” but now there is “5Vs” of Big Data which are also termed as the characteristics of Big Data as follows:
1. Volume:
2. Velocity:
3. Variety:
4. Veracity:
5. Value:
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Big Data is a big thing. It will change our world completely and is not a passing fad that will go away. To understand the phenomenon that is big data, it is often described using five Vs: Volume, Velocity, Variety, Veracity and Value
I thought it might be worth just reiterating what these five Vs are, in plain and simple language:
Volume refers to the vast amounts of data generated every second. Just think of all the emails, twitter messages, photos, video clips, sensor data etc. we produce and share every second. We are not talking Terabytes but Zettabytes or Brontobytes. On Facebook alone we send 10 billion messages per day, click the 'like' button 4.5 billion times and upload 350 million new pictures each and every day. If we take all the data generated in the world between the beginning of time and 2008, the same amount of data will soon be generated every minute! This increasingly makes data sets too large to store and analyse using traditional database technology. With big data technology we can now store and use these data sets with the help of distributed systems, where parts of the data is stored in different locations and brought together by software.
Velocity refers to the speed at which new data is generated and the speed at which data moves around. Just think of social media messages going viral in seconds, the speed at which credit card transactions are checked for fraudulent activities, or the milliseconds it takes trading systems to analyse social media networks to pick up signals that trigger decisions to buy or sell shares. Big data technology allows us now to analyse the data while it is being generated, without ever putting it into databases.
Variety refers to the different types of data we can now use. In the past we focused on structured data that neatly fits into tables or relational databases, such as financial data (e.g. sales by product or region). In fact, 80% of the world’s data is now unstructured, and therefore can’t easily be put into tables (think of photos, video sequences or social media updates). With big data technology we can now harness differed types of data (structured and unstructured) including messages, social media conversations, photos, sensor data, video or voice recordings and bring them together with more traditional, structured data.
Veracity refers to the messiness or trustworthiness of the data. With many forms of big data, quality and accuracy are less controllable (just think of Twitter posts with hash tags, abbreviations, typos and colloquial speech as well as the reliability and accuracy of content) but big data and analytics technology now allows us to work with these type of data. The volumes often make up for the lack of quality or accuracy.
Value: Then there is another V to take into account when looking at Big Data: Value! It is all well and good having access to big data but unless we can turn it into value it is useless. So you can safely argue that 'value' is the most important V of Big Data. It is important that businesses make a business case for any attempt to collect and leverage big data. It is so easy to fall into the buzz trap and embark on big data initiatives without a clear understanding of costs and benefits.
I have put together this little presentation for you to use when talking about or discussing the 5 Vs of big data:
I hope this was useful? For more in-depth reading on big data, check out my The Big Data Guru column, or have a look at these recent posts I wrote for LinkedIn:
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About : Bernard Marr is a globally recognized expert in strategy, performance management, analytics, KPIs and big data. He helps companies and executive teams manage, measure, analyze and improve performance. His new book is: Big Data: Using Smart Big Data, Analytics and Metrics To Make Better Decisions and Improve Performance
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Information Catalyst delivers expertise and innovative solutions in the field of information and data interoperability.
ICE has been instrumental in the Big Data Value Public-Private Partnership (BDV PPP) / Big Data Value Association (BDVA) as described further below. It was the lead author of the proposal to create a 1B€ Big Data Value Public Private initiative. Mr Stuart Campbell (ICE’s Director) acts as the inaugural Secretary General of the Big Data Value Association (BDVA) including Board partners such as SAP, ATOS, Philips, Telecom Italia, TNO, Indra and Thales, to name a few, and acted to grow a membership of over 130 organisation, commercial and academic, within 12 months.
It has been said that data is the ‘new oil’. This is untrue. Data, or rather information, is the old, new and future elixir of life providing ‘eternal life and eternal youth’ for application software through to business decision making. By interoperating information within organisations and between them, in-cloud and on-premise, it enables business’ to better and more efficiently function – to live and stay young and fresh. The more information is structured, accessed, described, and shared, the more the value of the data is amplified throughout the entire information supply chain whilst still of course considering privacy and security concerns. The pertinent use and exploitation of information can minimize costs and maximize revenue and profit throughout the information chain.
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To quote the European Commission: “Big Data is one of the key economic assets of the future”. Mastering the generation of Value from Big Data will create a significant competitive advantage for European industry, creating economic growth and jobs. Value is considered as one of the 5 Vs (currently) of Big Data with the others being Volume, Velocity, Variety and Veracity and so Big Data is not just ‘big’ as in, for example, exabytes of information, but also considers big as in high-speed, high variety of types, or the high ambiguity of the information.
The volume of data is rapidly growing: It is expected that by 2020 more than 16 zettabytes of useful data will exist (16 Trillion GB), which implies an equivalent growth of 236% per year from 2013 to 2020. This data explosion is a reality that Business must both face and exploit in a structured and aggressive way to create value for itself and its customers and in all sectors. Powerful tools are available and have been, and will be, developed to collect, store, analyse, process, and visualize huge amounts of data. Open data initiatives have been launched to provide broad access to data from the public sector, business, and science. Linked data initiatives have been established to help try to make sense of the different data sets.
The following table and graphics have been presented by the recently established Big Data Value Public Private Partnership (BDV PPP) and the Big Data Value Association (BDVA) which represents the private side of the partnership along with the European Commission representing the public side. It shows the impact that Big Data is having or will have.
There are many challenges to establish a Big Data ecosystem and these can be represented in the following diagrams. The hexagons represent the challenge areas which range from applications which can increasingly take advantage of Big Data, to the need to re-skill and educate the workforce of the future.
The multiple dimensions of Big Data5vs Of Big Data Management
Big Data and Big Data Value represents an extremely strategic and profitable opportunity for geographies and companies. But to drive innovation and competitiveness, it is necessary to foster the development and wide-scale adoption of Big Data Value technologies, establish successful use cases, and seek data-driven business models. At the same time it requires dealing with many different aspects of an increasingly complex landscape:
If you would like more information on Big Data and what it can do for your business…
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