One of the key elements nowadays for the management of companies is Big Data. Currently, more data are generated within two days than in the entire Contemporary History.
Big Data aims at extracting valuable information from data. It refers to methods of processing large volumes of data, distant from more traditional analyses. Currently, Big Data is an essential source of knowledge for companies and plays a major role in their strategies. Thanks to Big Data, the company is able to know information about customers, its competitors, its environment, etc.
Big Data has five essential features, its five V’s:
Volume
The first characteristic of Big Data revolves around the amount of data. Each day, the companies need to learn how to manage the large volume of data they receive by using new processes. The volume of data to be analysed is massive nowadays.
Variety
The second feature corresponds to the way of structuring data. The fact that such a great number of data exists makes it necessary to split them into groups. There are structured, semi-structured and unstructured data. The way these data are interpreted affects the result we want to achieve; a wrong interpretation of the data may cause deviations in the result.
Velocity
Another characteristic of Big Data is associated with velocity. A good analysis may take hours, or even days (the latter is more probable). It is essential to take the time needed to process information, as this is what will make a difference between a good analysis and a bad one.
Veracity
One of the challenges of Big Data is to find out whether, among all the data processed, there are some which are false. It is precisely that volume of data that generates doubts about their veracity. Due to its large amount, many might be incorrect or incomplete, and there may also be misunderstandings over how other countries proceed. The companies need to undertake a comprehensive analysis in order to check the veracity of the data, which allows them to make use of the data so as to achieve their goals.
Value
This is a feature similar to the previous one: the data analysed not only need to be reliable, but also need to add value. During the analysis, it is necessary to do research and get rid of those data which do not add value and retain those that do, as long as both are reliable.
In León we have a thriving technology sector and distinctive tools which will allow you to successfully implement and develop your Big Data strategy in the city. Contact LeónUP by filling out this form.