The phrase ‘big data’ is garnering a lot of attention nowadays. Every other industry report predicted it to be the next big thing in the last decade. We were reluctant to admit it then, but this year, we have no reason to deny the fact that big data is the current big thing.
We are living in a data-driven world, aren’t we? It is aiming to be a $16 billion worth industry by 2025 in India, according to a recent NASSCOM report.
So, what’s all this hype around big data? This blog intends to decode the phrase ‘big data’ in simple words for beginners who are looking for a data analytics certification.
Decoding big data
Let’s start with a formal definition. Big data is the term used to describe large sets of data. It can include both structured and unstructured data.
Data is mainly understood by three V’s; namely velocity, volume and variety. It was Dough Laney, an industry analyst, who formed the definition of big data using the 3 V’s. The 3V’s are explained below:
- Velocity: To define it in the simplest way, velocity is the measure of how fast the data is coming in. It is the speed at which data processing occurs. In case you need an example to understand the velocity of data, think of Facebook. Imagine the speed and quantity of photographs being uploaded on a day in the platform.
- Volume: Data is everywhere and there are multiple sources by which organizations can collect data. It includes business transactions, relevant social media platforms, information from sensor or machine-to-machine data etc. There are numerous sources for data accumulation, thanks to the present times. Volume refers to the amount of data and it is an important aspect of big data.
- Variety: Photographs, tweets, numbers, encrypted packets, sound, and there are more formats in which data is generated. It ranges from structured and numeric data in traditional databases to unstructured text documents, email, video, audio, stock ticker data and financial transactions.
Taking advantage of data
However, the quantity of data has very little to do for the organisation. What matters is the way you use data to derive useful insights. It is not big data that is the game-changer, but big data analytics. It is all about deriving value from the data accumulated.
Big data analytics opens up newer opportunities for revenue generation and enables better decision-making processes to gain competitive advantage. Hence, BDA is about to rock, and your decision to pursue data analytics certification is right!