Before we start getting on the nitty-gritty details of why big data is important for businesses today, let’s take a brief look at the definition of the term itself. To put it in simple words, big data refers to humongous sets of data that can be both structured and unstructured in nature. In industry, big data is explained and handled with a 3V model, so we will start with understanding the model first.
The 3V Model: Volume, Velocity, and Variety Volume – This is the methods involved in the storage of collected and accumulated data. Velocity – Velocity is how we use real-time data that is time-sensitive and must be utilized immediately. Variety – Big data comes in a variety of text and media (image, audio, and video) formats, so the arrangement of the data accordingly is important to processing it for results. The Relationship Between Interpreting Big Data and Understanding Market Conditions
Author: Carol Trehearn