Why Big Data presents Big Problems for Analyzing

Posted on 11/14/2013 by Adam Busch in tech trends Big Data
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Have you heard of the term “Big Data”? It’s been around as far back as 2001, yet how to manage big data still presents many problems for businesses. Here’s why.

According to Lisa Arthur of Forbes, big data “is a collection of data from traditional and digital sources inside and outside your company that represents a source for ongoing discovery and analysis.” Thus, big data can come from traditional sources like transaction information, financial records and the interactions your business makes. However, the majority of big data comes from digital data, and it is this digital data that creates difficulties.

Also, first articulated by industry analyst Doug Laney, the three V’s, Volume, Velocity, and Variety, have been used to describe big data phenomena. Volume is the amount of data that streams in, Velocity, the speed of incoming data, and Variety, the different types of data. The Variety can range from structured, numeric data in traditional databases, to unstructured data such as tweets, Facebook comments, text documents, email, video, and audio.

Each of these three V’s present different problems in trying to understand the wealth of data. High volume creates both storage issues as well as difficulties in knowing which information is relevant. The high Velocity of information makes examination difficult since the torrents of data come in near-real time. Meanwhile, the amount of unstructured data within the Variety group is a consistent difficulty to organize and draw meaningful leads out of.

With expanding social media platforms and the constant push for organizations to do business over the internet, big data has come a long way since 2001. What is your company doing to manage big data? Please comment below.

 

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