Big data refers to the dynamic, large and disparate volumes of data being created by people, tools and machines; it requires new, innovative and scalable technology to collect, host and analytically process the vast amount of data gathered in order to derive real-time business insights that relate to consumers, risk, pro t, performance, productivity management and enhanced shareholder value. Big data includes information garnered from social media, data from internet-enabled devices (including smartphones and tablets), machine data, video and voice recordings, and the continued preservation and logging of structured and unstructured data. It is typically characterized by the four “V’s”: • Volume: the amount of data being created is vast compared to traditional data sources • Variety: data comes from different sources and is being created by machines as well as people • Velocity: data is being generated extremely fast — a process that never stops, even while we sleep • Veracity: big data is sourced from many different places, as a result you need to test the veracity/quality of the data Read the Full Article Get Our Free Book On Change!

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