Big data is an exciting idea, but I find little agreement about what the phrase means in concrete terms, and how to make use of it. Could big data be the next nanotech, a field that was hyped enormously in the last decade but produced disappointing practical value? (I concluded that nanotech is basically the 21st century name for the mature science of chemistry.) Or is big data more like the PC or the smartphone, platform technologies that unlocked huge user value and a stream of valuable innovations?
First, what does big data mean? Here’s my try at a definition. “Big data” is a set of technologies that enable collection and analysis of very large data sets that yields valuable results, commercially or otherwise.
We know data is omnipresent in our world; that’s no secret. By now, most are familiar with the “Vs” of big data – volume, variety, velocity and veracity. Organizations are finding innovative ways to harness big data for competitive advantage. But if you stop and think about it, what we are really doing is looking through vast volumes of data to find the one tidbit that is going to mean the difference between success and failure. This tidbit might only be available for or a few minutes or less. So it’s really not the size of data that matters – it is the speed or motion of the data!
via The Big Data Hub.
There is nothing magical about this data. It is just income data. The magic comes from the excellent visualizations, and the story being told. If you need to make your data come to life, this video is an excellent example.
via Data Science 101.