As we have seen in other posts, the widespread use of smartphones, social media, online shopping, and so on has made it necessary to develop new technologies capable of managing and analyzing the vast amount of data that is generated.
That is why Big Data has emerged to to address the immense amount of data to which companies have access, and which, once analyzed, can help them gain a competitive edge.
For this reason, and to better understand its fundamentals, we will explain the key characteristics that define it—commonly known as the 7 V’s of Big Data.
Volume
This is undoubtedly the best-known aspect of Big Data and the very reason for its existence: the sheer volume of data to be processed. According to forecasts, the current trend is for the data generated to reach the order of zettabytes (10 to the 24th power bytes) by 2020, and it will continue to grow in the future.
That is why the technology behind the Big Data must be capable of handling this volume of information which will later be used by companies.
Variety
Data generated by the internet comes from a multitude of sources, each of which has different characteristics; it can be either structured or unstructured. Data produced by sensors, text posted on social media, and videos uploaded to specialized platforms are not all the same.
Speed
In today's world, where everything is available instantly, just a click away, the speed of data processing is another key characteristic of big data.
In many cases—such as global events and elections, among others—it is necessary to obtain information from real-time data, since that is when it is truly needed. That is why the speed at which information can be processed is essential.
Variability
As we have seen previously, data can take many forms, and sometimes we may draw different conclusions depending on how it is interpreted.
Variability refers to the variations that arise based on, for example, the double meanings a particular type of expression may have, irony in sentences, etc. Consequently, it is necessary to understand the context and the true meaning of the information.
Accuracy
Given the immense amount of data we work with, not all of it will be equally reliable or provide us with valid information. Therefore, we need to find solutions that allow us to focus primarily on data that provides us with value.
Value
The ultimate goal of Big Data is not to collect data, but rather the creation of business value by analyzing them. Therefore, most efforts should be directed toward transforming the collected data into valuable information for the company.
Display
Once the data has been collected and processed, it is essential to make it easier to read and understand by using visual representations that make it more accessible, so that the key insights behind the data can be uncovered.
