Big data is a collection of data from many different sources and is often describe by five characteristics: volume, value, variety, velocity, and veracity.
- Volume: the size and amounts of big data that companies manage and analyze
- Value: the most important “V” from the perspective of the business, the value of big data usually comes from insight discovery and pattern recognition that lead to more effective operations, stronger customer relationships and other clear and quantifiable business benefits
- Variety: the diversity and range of different data types, including unstructured data, semi-structured data and raw data
- Velocity: the speed at which companies receive, store and manage data – e.g., the specific number of social media posts or search queries received within a day, hour or other unit of time
- Veracity: the “truth” or accuracy of data and information assets, which often determines executive-level confidence
Theadditional characteristicof variabilitycan also be considered:
- Variability: the changing nature of the data companies seek to capture, manage and analyze – e.g., in sentiment or text analytics, changes in the meaning of key words or phrases
