What is Big Data and how does it work?
The world is expanding and along with it the amount of digital data on the web, multiplying every year so rapidly that, according to a Forbes article, it is now estimated that one person creates about 1.7 megabytes of new information per second.
This creation of data comes from the fact that, nowadays, technological development has brought a revolution in the way of communicating, sharing content, data, generating at the same time a traffic of information that has even been the key tool of many organizations to understand and know their markets; this flow of information is known today as Big Data.
BUT... What is Big Data?
According to the technology research consulting firm Gartner Group, they defined Big Data as "high-volume and high-speed or wide-variety information assets that require cost-effective and innovative forms of information processing to enable better understanding, decision making and process automation," which means that, due to their complexity and rapid growth, they must be analyzed using specialized technologies.
Basically, Big Data is made through the collection and processing of large amounts of data, its particularity, which arises from the complexity and large volume of information, makes it difficult to be processed through traditional tools, likewise, what differentiates it from the rest of the instruments is the ownership of the 5Vs of management:
- Volume: this is one of the main characteristics of the Big Data. Volume is translated to size and refers to the large amount of data that is capable obtaining and processing.
- Variety: refers to the various types of data, which can come from different sources. These are classified as structured, semi-structured or unstructured.
- Velocity: it consists of the speed in which data is obtained, stored and processed.
- Veracity: it represents the degree of reliability of the data obtained, for which a cleansing is carried out to ensure that the information obtained is truthful.
- Value: the data must be useful for those who are going to handle it, they have to provide a value or benefit to the company.
On the other hand, based on the development and application of the Big Data in different fields, it allowed the incorporation of other 2Vs, which specialists called:
- Viability: which consists on the feasibility of the data to be handled.
- Visualization: basically, it represents the presentation of how the data is shown to facilitate its understanding.
What is the importance of Big Data for companies today?
The Big Data is presented as a very useful tool for many companies, since they have identified the indispensability of data in business analysis,nd have even concluded that they represent the starting point for making future strategic decisions.
This data collection, processing and analysis represent for companies the maximization of their time, streamlining processes effectively and providing answers to previously unknown questions; this helps organizations to take advantage of their computer data to respond in a timely manner to their customers, generate new opportunities and services and obtain greater profits.