Big data is data that is so large, fast, and/or complex that traditional methods cannot process it. As technology has improved, so has the need for better and more specialized data. The sheer amount of data that can now be produced requires specialized techniques to find and analyze insights from the data. Those insights can then be used to optimize future business plans and strategies, create forecasting models, or quickly analyze client information.
Big Data is characterized by the Three Vs:
- Volume: refers to the massive amount of data needed for a dataset to be considered big data
- Variety: refers to the different types of data present in big data
- Velocity: refers to the high speed which data must be produced and processed at