Big Data is the title given to datasets that are large, complex, diverse and rapidly growing. Big Data can be incredibly beneficial for businesses by providing key insights with metrics for understanding customers, improving operational efficiency, optimising the supply chain, market intelligence and more.
Big Data can be described using the ‘Six Vs’:
- Volume
- Variety
- Velocity
- Veracity
- Value
- Variability
These show how much data, how many different types and the speed at which it’s generated, along with its usefulness to the business in terms of value, trustworthiness and versatility.