Let’s decipher the 5 V’s of big data: Volume, Variety, Velocity, Veracity, and Value.
- Volume: it’s the the sheer amount of data that is being generated and collected. This data can range from terabytes to petabytes and beyond. Specifically volume will help us understand if value can be drawn from a data or not and also to determine if the data can be labelled as BIG DATA
- Variety: different types and formats of data that are being generated, including structured, semi-structured, and unstructured data. This includes not only traditional data sources such as databases and spreadsheets, but also data from social media, sensors, videos, images, text documents.
- Velocity: it’s just speed at which data is being generated and processed. Best example is our gaming industry where large amount is data is generated and moved at a very fast pace to provide real-time gaming experiences.
- Veracity: refers to the accuracy, reliability, and trustworthiness of the data being collected. It ensures that the data is free from errors, inconsistencies, and biases.
- Value: the importance and usefulness of the data in generating insights, making informed decisions, and driving business outcomes. For example the search engine data can be analysed to understand user behavior and improve search results.
