Big data is spearheading several innovations in traditional business processes.
Together we create more data than ever before. Just think of how much data you create in your daily life, apart from your work! From messages on social media to visits to the doctor, music lists on Spotify and phone calls to the energy company. Combine that with all the data from other people and organizations around the world and you’re going to get dizzy.
Our behavior, both online and offline, generates an incredible amount of data. This is better known as big data. Big data makes it possible for smart equipment or software to have the right data about us, such as our preferences. This allows them to better respond to our needs. In 2011, big data was defined as follows: “big data is data that is expensive to manage and from which it is difficult to derive value”. However, a lot has changed since the time of this definition. This means that the definition of big data is also changing. It is now much easier to create value with big data. Big data is now generally defined by four characteristics: volume, velocity, variety, and veracity. At the same time, these terms help us to understand what kind of data big data actually consists of (ABN Amro, 2018). In this article we will explain what big data is today and how tritonX plays a role in this, based on the four v’s.
What is big data?
Big data is the collective name for the large amount of registered digital data and the equal growth thereof. The aim is to convert this stream of information into valuable information for the company. Yet it is not always clear what the definition of big data is and the term is used incorrectly. Do you want to know when you can use the term correctly? You read it here.
To gain more insight into Big Data, IBM devised the system of the four Vs. These Vs stand for the four dimensions of Big Data: Volume, Velocity, Variety and Veracity. In this article we take a closer look at these dimensions. Because what exactly do they mean and what do they mean for our daily lives and business?
Volume
It is not surprising that Big Data is large in volume. It is estimated that we create 2.3 trillion gigabytes of data every day. And that will only increase. This increase is of course partly caused by the gigantic mobile telephone network. To give you an idea: six of the seven billion people in the world now have a mobile phone. Text and WhatsApp messages, photos, videos and many apps ensure that the amount of data increases significantly.
As the volume grows so rapidly, so does the need for new database management systems and IT employees. Millions of new IT jobs are expected to be created in the next few years to accommodate the Big Data flow.
Velocity
Velocity, or speed, refers to the enormous speed with which data is generated and processed. Until a few years ago, it took a while to process the right data and to surface the right information. Today, data is available in real time. This is not only a consequence of the speed of the internet, but also of the presence of Big Data itself. Because the more data we create, the more methods are needed to monitor all this data, and the more data is monitored. This creates a vicious circle.
Variety
The high speed and considerable volume are related to the variety of forms of data. After all, smart IT solutions are available today for all sectors, from the medical world to construction and business. Consider, for example, the electronic patient records in healthcare, which contribute to many trillions of gigabytes of data. And that’s not even talking about the videos we watch on Youtube, the posts we share on Facebook and the blog articles we write. When all parts of the world have the internet in the future, the volume and variety will only increase.
Veracity
How truthful Big Data is remains a difficult point. Data quickly becomes outdated and the information shared via the internet and social media does not necessarily have to be correct. Many managers and directors in the business community do not dare to make decisions based on Big Data.
Data scientists and IT professionals have their hands full organizing and accessing the right data. It is very important that they find a good way to do this. Because if Big Data is organized and used in the right way, it can be of great value in our lives. From predicting business trends to preventing disease and crime.
Use big data and view the v’s that apply to you
There are a number of ways to work with big data that will provide you with interesting insights. For example, you can use them to target potential voters, to directly detect changes in your online stores and products, like party decorations products (Dutch:feestversiering) and items (Dutch: feestartikelen), experience personas and lookalikes and predict donorship. So if you have access to a database, it would be a shame not to do anything with it. Get started with the V’s that apply to you, then you’re always in the right place.
