Data is always imperative for providing better business outcomes. This is the main reason why companies and organizations always focus on the value of the data, and not on the structure of data. The way you measure data from a business perspective will always help you in understanding the value of that data according to its potential. This helps you in taking decisions which will provide a better route to get positive and maximum business results. If you are going to use or engage with the world of big data then always keep in mind the four ‘V’s of big data: Volume, Velocity, Variety and Veracity.
— Big Data (@IE_BigData) May 20, 2017
Big data is all about large volumes of data. There are no specific measures to define big data but if you are storing old data with incoming data in the stock then you will reach a point where it will become difficult for you to handle it. This is a hurdle with big data. You will always need a consultant who should be able to provide you with solutions for handling such large volumes of data.
— Bernard Marr (@BernardMarr) May 11, 2017
The velocity of data, which is included in the list of four ‘V’s of data, not only deals with the speed with which the data comes in but it also refers to how quickly you can utilize and analyze data. For example, if you are dealing with one or more business processes which require real-time data analysis then you can face a velocity challenge. This challenge of speed or velocity can be overcome by breaking down the information or data into useable data.
The quality of the data is always the most significant preference for successful companies and organizations. The Variety of the data depends upon the number of the different sources or the incoming vectors which lead to your database. Those sources can be the sensor data, social media data, important documents, phone conversations and uploaded data etc. The Variety of the data always depends on the variety of the databases. Your consultant or data manager has to provide better solutions to maintain and analyze the data for your business. These solutions can increase the Variety of the data.
The last V in the list of most important ‘V’s of big data is Veracity. It is considered as the most difficult job while handling big data. If you are unable to pick the quality of the data then you have a veracity problem. Null values, user entry errors, and data redundancy always affect the value and significance of the data. Not all data is always good. That’s why the system should be able to extract good data instead of saving both the good and bad data.
It is always a difficult task to handle the flow of data but a proper system, which is able to analyze and maintain data, can make this task easier. The world is entirely running on big data. Only those companies or organizations that will handle the data more carefully will succeed rapidly in this race.