In a world where more and more people and things are connected, data can form the basis on which all decisions are made. IBM calculated that 2.5 exabytes - that's 2.5 billion gigabytes (GB) - of data are generated each day arriving from all kinds of sources: posts on social media sites, clouds and mobile devices, log files, sensors used to gather climate data, digital pictures and videos and transaction records to name a few. This information is called big data.
Big data has at least three distinct dimensions: (1) Volume, (2) Velocity and (3) Variety.
Volume: Companies are inundated with more and more data which amounts easily terabytes or even petabytes walk.
Speed : Sometimes it's after three minutes late. For time-sensitive processes, such as the interception of fraud, big data should be used as it flows through your business. Only then is maximized its value.
Variation : Big data consists of all types of data, structured and unstructured, such as text, sensor data, audio, video, click streams and logs. By analyzing all these types of data together, there will be new insights to light.
The cost of IT solutions continue to decline and the computer processing power increases.
This gives the organizations the ability to properlly manage the flood of information and to monetize it. Who excels in the acquisition, processing and management of valuable data will be financially able to perform at least 20 percent better than the competitors.
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