Big Data

Big data refers to the large, diverse sets of information that grow at ever-increasing rates. It encompasses the volume of information, the velocity or speed at which it is created and collected, and the variety or scope of the data points being covered (known as the "three v's" of big data). Big data often comes from data mining and arrives in multiple formats.

• Big data is a great quantity of diverse information that arrives in increasing volumes and with ever-higher velocity.
• Big data can be structured (often numeric, easily formatted and stored) or unstructured (more free-form, less quantifiable).
• Nearly every department in a company can utilize findings from big data analysis, but handling its clutter and noise can pose problems.
• Big data can be collected from publicly shared comments on social networks and websites, voluntarily gathered from personal electronics and apps, through questionnaires, product purchases, and electronic check-ins.
• Big data is most often stored in computer databases and is analyzed using software specifically designed to handle large, complex data sets.
• Big data can be categorized as unstructured or structured. Structured data consists of information already managed by the organization in databases and spreadsheets; it is frequently numeric in nature. Unstructured data is information that is unorganized and does not fall into a predetermined model or format. It includes data gathered from social media sources, which help institutions gather information on customer needs.
• Big data can be collected from publicly shared comments on social networks and websites, voluntarily gathered from personal electronics and apps, through questionnaires, product purchases, and electronic check-ins. The presence of sensors and other inputs in smart devices allows for data to be gathered across a broad spectrum of situations and circumstances.1
• Big data is most often stored in computer databases and is analyzed using software specifically designed to handle large, complex data sets. Many software-as-a-service (SaaS) companies specialize in managing this type of complex data.