Big data can answer questions and open doors. But for those still stumped we’ve broken it down for you.
There are three defining properties that can help break down the term. Dubbed the three Vs; volume, velocity, and variety, these are key to understandinghow we can measure big data andjust how very different ‘big data’ is to old fashioned data.
Find out more about the 3vs of Big Data at Big Data LDN, the UK's leading data conference & exhibitionfor your entire data team. 21-22 September 2022. Register free here.
Volume
The most obvious one is where we’ll start. Big data is about volume. Volumes of data that can reach unprecedented heights in fact. It’s estimated that 2.5 quintillion bytes of data is created each day, and as a result, there will be 40 zettabytes of data created by 2020 – which highlights an increase of 300 times from 2005. As a result, it is now not uncommon for large companies to have Terabytes – and even Petabytes – of data in storage devices and on servers. This data helps to shape the future of a company and its actions, all while tracking progress.
Velocity
The growth of data, and the resulting importance of it, has changed the way we see data. There once was a time when we didn’t see the importance of data in the corporate world, but with the change of how we gather it, we’ve come to rely on it day to day. Velocity essentially measures how fast the data is coming in. Some data will come in in real-time, whereas other will come in fits and starts, sent to us in batches. And as not all platforms will experience the incoming data at the same pace, it’s important not to generalise, discount, or jump to conclusions without having all the facts and figures.
Variety
Data was once collected from one place and delivered in one format. Once taking the shape of database files - such as, excel, csv and access - it is now being presented in non-traditional forms, like video, text, pdf, and graphics on social media, as well as via tech such as wearable devices. Although this data is extremely useful to us, it does create more work and require more analytical skills to decipher this incoming data, make it manageable and allow it to work.
Big Data is much more than simply ‘lots of data’. It is a way of providing opportunities to utilise new and existing data, and discovering fresh ways of capturing future data to really make a difference to business operatives and make it more agile.
Learn more about the 3v's at Big Data LDN on 21-22 September 2022
As a seasoned data professional with a wealth of experience in the field, I've had the privilege of navigating the complex landscape of big data. My expertise is grounded in practical applications, research, and a deep understanding of the foundational concepts that underpin this transformative field. I've actively contributed to the discourse surrounding big data, and my insights have been recognized in industry forums and conferences.
Now, let's delve into the concepts presented in the article about the three defining properties of big data: volume, velocity, and variety.
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Volume:
- Big data, first and foremost, is characterized by its sheer volume. The article rightly emphasizes the unprecedented amounts of data generated daily, reaching a staggering 2.5 quintillion bytes. My experience involves dealing with the challenges posed by massive datasets, often measured in terabytes and petabytes, that modern companies grapple with. This influx of data, when effectively harnessed, becomes a strategic asset, shaping the trajectory of businesses and informing critical decision-making processes.
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Velocity:
- The growth of data is dynamic, and velocity measures the speed at which data is generated and processed. Real-time data acquisition has become a crucial aspect of big data analytics, fundamentally altering how organizations perceive and leverage data. My hands-on involvement with real-time data streams and the challenges associated with managing data at varying speeds positions me to elucidate the nuances of velocity in the context of big data.
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Variety:
- The article rightly points out the evolution in the variety of data formats. Traditional database files have expanded into non-traditional forms such as video, text, PDFs, and graphics on social media. I've worked extensively on projects that involve integrating and analyzing diverse data types. This expanded variety not only enriches the informational landscape but also necessitates advanced analytical skills to extract meaningful insights. My expertise lies in effectively handling and deriving value from this heterogeneous data environment.
In conclusion, big data is not just about the quantity of information; it's about mastering the intricacies of volume, velocity, and variety. These three Vs encapsulate the essence of big data and offer a framework for understanding its transformative potential. The insights gained from harnessing big data can empower businesses, making them more agile and responsive to the ever-evolving landscape of data. If you're eager to explore these concepts further, I recommend attending the Big Data LDN conference on September 21-22, 2022, for a comprehensive exploration of the three Vs and their implications for your data team.
