We keep hearing this phrase but it got me thinking – what is big data and how big is big?
Big data has come about as a result of organisations and individuals passing huge amounts of data between themselves rather than storing it privately as in the past.
Every time I use my phone, laptop, tablet, etc etc I create data. This data is available to others. It is estimated that on average a smart phone user generates somewhere in the region of 40 Exabytes of data every month and that’s a lot.
Traditional processing systems are unable to handle the amount of data that is floating around from intelligent and “dumb” devices and so a new approach and definition of data are required.
Big Data (as against any other kind of data) must satisfy the requirements of the so called 5 V’s
VOLUME, VELOCITY, VARIETY, VERACITY & VALUE
If you want good definitions then please look them up.
The two that are of interest to me are veracity and value. Unless the data is accurate, trustworthy and can add value in an effective way then the whole exercise is a waste of time.
Before you leap into the unknown and start using Big Data in your business or your personal life then make sure it satisfies the 2 V’s of Veracity & Value. Without that any data is not only going to waste your time but may lead you down the wrong path altogether.
Remember effectiveness is always more important than efficiency or productivity and this applies to Big Data as much as anything else.
If you want to look at this further we have both manufacturing and service simulations to enable everyone to be more effective then please contact us for details – https://www.wellsassoc.co.uk/contact/
If you want to be kept up to date with blogs and other matters please subscribe to our newsletter http://www.wellsassoc.co.uk