Many business executives ask if Big data is just another fancy alternative to analytics. They are related, but there are a few major differences.
Originally, big data was defined by the three V’s, but today it has grown to seven V’s. Let’s discuss each of them in detail.
The Original V’s:
i. Volume:
As of 2012, about 2.5 exabytes of data was created each day, and that number has doubled and will continue every 40 months. More data across the internet every second than were stored in the entire internet 20 years ago. It gives companies access to a lot of data and an opportunity to gain insight from the data. ii. Velocity:
Velocity defines the speed at which data is generated from various sources. Real-time information makes it possible for a company to stay ahead and be much more agile than its competitors. Organizations such as MIT Media Lab used location based data from mobile phones to infer how many people were in Macy’s parking lots on Black Friday. It was possible to estimate the retailer’s sales on that critical day even before Macy’s itself had recorded those sales. Rapid insights like this can provide an obvious competitive advantage to Wall Street Analysts and Main Street Managers. iii. Variety:
Data can from millions of different sources. Text, image, audio, video, readings from sensors, etc are all
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But, by 2012, it had more than 155. Every 4.6 seconds a wide range of information about every plane was collected. It yielded a large amount of data which the company could use for future scheduling and decision making. RightETA would compare similar situations of a plane’s ETA in the past under similar circumstances and predict the ETA. The airline was able to eliminate time gaps between ETA and actual time of arrival. PASSUR determined that, with the use of RightETA airlines could save millions of dollars at each airports by determining ETA and planning