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.

BPIR Categories

1.1.6 Analyse customer data
1.2.3 Identify new innovations that meet customer needs
1.2.5 Predict customer purchasing behaviour
10.1.4 Select information technologies
10.2.2 Acquire & collect information/knowledge
10.2.3 Store information/knowledge
10.2.4 Use analytical techniques on data
15.6.10 Information, knowledge management, & IT
2.1.2 Identify economic/industry trends

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