Big Data - Fiction or Prediction?
November, 28th, 2014.
Hello everyone, I hope you are having a good Thanks Giving. Today we are going to talk about Big Data. It’s one of those keywords that has been floating around in the business world for quite some time. But what it is and how to solve it remains a bit of a conundrum. What was hype in 2013 is becoming more strategic, and one of the answers is Predictive Analytics.
Predictive Marketing Engine by Intema Solutions
One thing is for sure, Big data is here to stay as our world becomes increasingly complex and connected.
Characteristic of Big Data:
Volume – The quantity of data that is generated is very important in this context. It is the size of the data which determines the value and potential of the data under consideration and whether it can actually be considered as Big Data or not. The name ‘Big Data’ itself contains a term which is related to size and hence the characteristic.
Variety - The next aspect of Big Data is its variety. This means that the category to which Big Data belongs to is also a very essential fact that needs to be known by the data analysts. This helps the people, who are closely analyzing the data and are associated with it, to effectively use the data to their advantage and thus upholding the importance of the Big Data.
Velocity - The term ‘velocity’ in the context refers to the speed of generation of data or how fast the data is generated and processed to meet the demands and the challenges which lie ahead in the path of growth and development.
Variability - This is a factor which can be a problem for those who analyze the data. This refers to the inconsistency which can be shown by the data at times, thus hampering the process of being able to handle and manage the data effectively.
Veracity - The quality of the data being captured can vary greatly. Accuracy of analysis depends on the veracity of the source data.
Complexity - Data management can become a very complex process, especially when large volumes of data come from multiple sources. These data need to be linked, connected and correlated in order to be able to grasp the information that is supposed to be conveyed by these data. This situation, is therefore, termed as the ‘complexity’ of Big Data.
