Value of big data

 

To begin talking about the value of big data we need to talk about the 5Vs of big data before anything. 


Volume- Stands to the amount of data that actually exists, volume is the base of big data as its the initial size and amount of data that is collected

Velocity - refers to how quickly data is generated and how fast it moves, this is important aspect for organisations that need their data to flow quickly.

Variety- Refers to the diversity of data types, An organisation might obtain data from several data sources, which might vary in value

Veracity- Veracity refers to the quality, accuracy, integrity and credibility of data, data that is gathered could have missing information, could be inaccurate information, or could turn out not to be real, veracity, overall refers to the level of trust there is in the collected data

Now that we have discussed the 4Vs we can talk about the final one which is value!


Value- Value refers to the benefits


that big data can provide, it relates directly to what organisations can do with that collected data, A great example of good value in big data is when company's are able to profile its customers and give them a personalised experience



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