The term “big data” refers to data that is too large or complex—or is changing too rapidly—to process using traditional methods. Instead, organisations use more advanced computational methods to reveal patterns, trends, and associations – particularly in terms of how people interact with each other and with their surroundings. These insights enable organisations to improve strategies and make better decisions. Big data is characterised by the “5 Vs”: volume, velocity, variety, veracity, and value.
- Volume refers to the massive amounts of data.
- Velocity refers to the high speed at which data is accumulated.
- Variety refers to the nature of data which may be structured, semi-structured or unstructured.
- Veracity refers to the inconsistencies and uncertainty in the data, as well as to disparate data types and sources.
- Value refers to the importance of being able to convert all of this data into something useful.
In This Report
- What is “big data”?
- Which organisations have been recognised for excellence in big data?
- How have organisations reached high levels of excellence in big data?
- What research has been undertaken into big data?
- What tools and methods are used to achieve high levels of success using big data?
- How can the use of big data be measured?
- What do business leaders say about big data?
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