Provide examples of big data used by businesses

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Reference no: EM133498950

Question: Provide 3 examples of big data used by businesses to make forecasting decisions highlighting the importance of the 5 pillars in the choice and use of the data.

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Definitions of the Five Pillars of Big Data (Volume, Velocity, Variety, Veracity, and Value).

Volume. The volume of data refers to the size of data sets that an organization has collected to be analyzed and processed.

Velocity. This refers to the requirement to be able to transfer large amounts of data in a reasonable period of time.

Variety. Big data can come in many formats such as structured and unstructured data.

Structured data: Any form of data that can be organized into columns and rows.

Unstructured data: Include the various kinds of files you might have on your computer.

Veracity. Data veracity is defined as the accuracy or truthfulness of a data set. In many cases, the veracity of the data sets can be traced back to the source provenance. In this manner, many talk about trustworthy data sources, types, or processes.

Value. With the ability to capture data from so many sources, how do organizations determine what data is of value and what to ignore? More valuable data can be given greater attention so that it is gathered with less error. This is one area where artificial intelligence can help to determine how data can be arranged and analyzed, and consequently what data is more useful.

Reference no: EM133498950

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