Big Data
The Challenge
“Big Data” is a major buzz phrase in the business world right now and many people wonder what it really means. When it comes to what Big Data actually is, industry experts categorize it with what are called “the four V’s”:
- Volume – Big Data involves terabytes to petabytes (and beyond) of data
- Velocity – Big Data comes in very fast through various sources such as online systems, sensors, social media, Web clickstream capture, and others
- Variety – Big Data is comprised of all types data – structured, semi-structured, and unstructured data
- Value – Big Data holds the keys to making better decisions for smart businesses that make use of it
Should you care about Big Data? If you want your business to be successful, the answer is yes. Consulting giant McKinsey & Company found companies that were leaders in the use of Big Data use grew anywhere from 2 to 20 times faster than their competitors who did not use Big Data well.
The problem is traditional relational databases aren’t designed to capture and analyze Big Data. This is why analyst group IDC defines the type of technology needed to tackle Big Data as: “A new generation of technologies and architectures, designed to economically extract value from very large volumes of a wide variety of data, by enabling high-velocity capture, discovery, and/or analysis.”
