What does 3Vs criteria of Big Data tell us?

What does 3Vs criteria of Big Data tell us?

If you see yourself working within a digital industry or perhaps you are already there, the challenges surrounding Big Data may be unclear. There has already been research of key issues in data analysis solutions. Those summarized in 7Vs criteria of Big Data, which can ideally be utilized by companies deal with large sets of data.

Data analysis vs Big data characteristics

Source: aadamov.wordpress.com

Data analysis is the process of compiling, processing, and analysing data so that you can use it to make decisions (Kendal N., 2020). 

Big Data characteristics have been originally defined by the 3Vs such as Volume, Velocity and Variety (Faroukhi, A. Z. et al., 2020). Understanding those play a significant role in order to produce meaningful insights.

What does 3Vs in big data represent?

According to Doug Laney’s in early 2000s definition (SAS Ireland, no date):

Volume is quantities of data that reach almost incoherent proportions from business transactions, IoT devices, videos, social media, etc. For example, possible solutions to store it are data lakes and data warehouses.

Velocity represent challenges about speed in which data has to be collected and analysed. It can be real-time, near real-time or streaming (reviews about new app, deals on stock exchange, etc).

Variety means that data comes in all types of formats such as structured (traditional database), semi-structured (internet browser cache deletes user data after some time) and unstructured (emails, videos).

Source: SAP, 2019

3Vs criteria of Big Data according to Adnan, K. and Akbar, R., 2019 ‘have also changed the paradigm of computational capabilities of the systems.’ Nevertheless, if more than 2.5 quintillion bytes of data are generated every day will it be enough using only data analysis solutions known for us now?

References:

1.Adnan, K. and Akbar, R. (2019) ‘An analytical study of information extraction from unstructured and multidimensional big data’, Journal of Big Data, 6(1), p. 91. doi: 10.1186/s40537-019-0254-8.

2.Faroukhi, A. Z. et al. (2020) ‘Big data monetization throughout Big Data Value Chain: a comprehensive review’, Journal of Big Data, 7(1), p. 3. doi: 10.1186/s40537-019-0281-5.

3.Kendal N. (2020) ‘Data Analytics - Volume, Velocity, Variety’ [PowerPoint presentation]. B9DM105: Data and Digital Marketing Analytics. Available at: https://elearning.dbs.ie/pluginfile.php/1124115/mod_resource/content/1/Week%2002%20-%20Data%20Analytics%20-%20Volume%2C%20Velocity%2C%20Variety.pdf [Accessed: 4 February 2020]

4.SAS Ireland (no date).  Big Data: What it is and why it matters. Available at: https://www.sas.com/en_ie/insights/big-data/what-is-big-data.html [Accessed: 5 February 2020].

5.SAP Blogs (no date). What is Big Data and Why do we need Hadoop for Big Data? Available at: https://blogs.sap.com/2019/06/24/what-is-big-data-and-why-do-we-need-hadoop-for-big-data/ [Accessed: 7 February 2020].