The extremely large amount of complex data set which is difficult to process by traditional systems is called big data. This data is being produced constantly every second and minute of life. Capturing, storing, and analyzing this data is usually the biggest challenge that companies are facing these days. Managing this complex and massive data requires skill, lots of effort, and time. Given that the data plays an immense role in business success, it should be dealt with efficiency and accuracy.
In this section, we will dive deeper into 3 v’s related to big data i.e. volume, variety, and velocity.
Volume – Stating in simple terms it refers to the amount of data like MB, GB, TB, and PB. The size of the data determines whether it should be considered big data or not. For eg, if we talk about social media networks an insanely large amount of data is being generated which is increasing as we are moving forward. According to sources “As far back as 2016, Facebook had 2.5 trillion posts.” A pretty big number to imagine.
Variety – it is the type of data from structured to semi-structured to unstructured i.e. how diverse is the data. Inclusive of all texts, pictures, videos, emails, recordings, etc. Approximately 80% of the data is unstructured in the world today which needs more attention.
Velocity – it is the data being generated and stored per second. Transmission of any tiny bit of data at a constant rate increase as the number of units increases with time.
Companies are constantly engaged in dealing with this huge amount of data to get an advantage in their business. To meet ever-growing consumer and business needs and competition, it is vital to use proper algorithms, reports, and advanced data.