Every day, we create 2.5 quintillion bytes of data — so much that 90% of the data in the world today has been created in the last two years alone. This data comes from everywhere: sensors used to gather climate information, posts to social media sites, digital pictures and videos, purchase transaction records, and cell phone GPS signals to name a few. This data is big data.
Big data spans four dimensions: Volume, Velocity, Variety, and Veracity.
Volume: Enterprises are awash with ever-growing data of all types, easily amassing terabytes—even petabytes—of information.
- Turn 12 terabytes of Tweets created each day into improved product sentiment analysis
- Convert 350 billion annual meter readings to better predict power consumption
Velocity: Sometimes 2 minutes is too late. For time-sensitive processes such as catching fraud, big data must be used as it streams into your enterprise in order to maximize its value.
- Scrutinize 5 million trade events created each day to identify potential fraud
- Analyze 500 million daily call detail records in real-time to predict customer churn faster
Variety: Big data is any type of data – structured and unstructured data such as text, sensor data, audio, video, click streams, log files and more. New insights are found when analyzing these data types together.
- Monitor 100’s of live video feeds from surveillance cameras to target points of interest
- Exploit the 80% data growth in images, video and documents to improve customer satisfaction
Veracity: 1 in 3 business leaders don’t trust the information they use to make decisions. How can you act upon information if you don’t trust it? Establishing trust in big data presents a huge challenge as the variety and number of sources grows.