Big data, a data beyond processing power and storage capacity can be identified as such by looking at its 3 main attributes: Volume, Variety, and Velocity – 3 Vs.
Big Data comes in big volumes. As I have mentioned in my previous post, everything and everyone constantly produces some data. As this volume builds up quickly, it means that data comes at some velocity. It contains all types of information – structured data mixed with graphics, tweets, and emotional expressions contributing to its variety. To sum up: if there is something big, hard to comprehend at the first sight and it comes at us with a big speed it might be Big Data, or a fat badger just escaped from trashcan it was stuck in for past 2 days.
While researching 3 Vs as a part of exam preparations I stumbled upon publications treating about 4, 5 and even 7 Vs of a Big Data. Things started getting messy, like it is expected with Big Data.
The next 2 Vs are for Veracity and Value.
Veracity refers to if we can trust the data, if information coming from it is true, if it validates, is trustworthy. So, while it might be very beneficial to collect big amounts of data, we have to ask ourselves if this will generate any value. Maybe data is produced by something totally out of scope of our interest/ business. Value – says that term “Big Data” is not just about data. It is a concept providing an opportunity for finding a new insight into already existing data, ways to capture, and analyse data to come. All to bring profit to businesses.
Another 2 Vs:
Visualization – in other words making a chunk of big data readable information for benefit of knowledge or profit; to support decision making process. Variability – it is like hipsters serving food on wooden boards instead of plates and making normal latte undrinkable. The meaning of data is constantly changing, like meaning of words in different situations (like using a word great to express content as well as dissatisfaction in a sarcastic way).
Nowadays the phenomenon of Big Data seems to be more or less “domesticated”. It is turned into value, how much money can we make of it. From my experience of working with it, its main attributes, 3 Vs will now be:
Veracity Visualization Value
Is this trustworthy data, what does it say, how can we benefit from it.