Volume, variety, and velocity. How many times have you heard this when looking for a definition of big data? But what does that really mean, and how is big data actually changing the way we make decisions? A recent LinkedIn article by Don Peppers, gets down to the core of big data and answers that very important question. According to analyst Doug Laney, big data, "refers to things one can do at a large scale that cannot be done at a smaller one.” This is the core of big data. And once this concept is universally understood, we begin to see how volume, variety, and velocity fit into this analysis.
These days, data is the new trending topic of discussion. According to Peppers, 90% of all data that is in use today has been curated just in the last two years. And this data seeps its way into various fields such as web browsing, social media, financial transactions, etc. Therefore, we have a "variety" of data measures being generated at such an extensive "volume", at a "velocity" speed of 33,000 ordered trades per second.
Big data means big changes, in terms of industry practices, government, and our lives. We can predict that in the very near future, most job descriptions will include having a general sense of how to use and relate to data. This is because data surrounds us, influences our decisions, and allows us to make strategic conclusions based on what we've deciphered from the vastness of it all. At Context Matters, our data does just that and we are able to delve deeper into it, pulling out its relevancy, and truly gaining insights, which after all is what data is supposed to do – help us make better and more informed decisions.
Check out the full article on LinkedIn