Big data is valuable. But does it all have the same value level? It is important for organizations to be able to sort through data and ensure that they can derive value from it.
Big data solutions can help data scientists determine how much value big data has. They do this by looking at certain app attributes. Big data solutions will typically refer to these attributes as the five V’s.
First, there is volume. The volume of the data determines if it is really big because “big” is a relative term. This metric allows organizations to decide if they require big data solutions for processing information.
Velocity is a metric used in determining how quickly data is generated. The speed with which data moves across systems impacts how useful it is.
Variety is essential. Nowadays, there are a variety of sources to pull data from. These include applications, websites, social media sites, smart devices, and sensor-based equipment. Nuggets of information from different sources can be pulled together to help a business shore up its business intelligence.
Veracity is important. Since data is being pulled from so many sources, it can be incomplete, inconsistent, or inaccurate. Data is only valuable if it is complete, consistent, and accurate. If not, it adds little value to business intelligence or analytics.
Value is the final V. Big data imparts value if it helps decision-makers make intelligent decisions. Clearly, big data relies on smart storage solutions, fast computing, and the ability to process data in real-time to gain insights.