What are the V's?
Big data – and the business challenges and opportunities associated with it – are often discussed or described in the context of multiple V’s:
- Value: the most important “V” from the perspective of the business, the value of big data usually comes from insight discovery and pattern recognition that lead to more effective operations, stronger customer relationships and other clear and quantifiable business benefits
- Variability: the changing nature of the data companies seek to capture, manage and analyze – e.g., in sentiment or text analytics, changes in the meaning of key words or phrases
- Variety: the diversity and range of different data types, including unstructured data, semi-structured data and raw data
- Velocity: the speed at which companies receive, store and manage data – e.g., the specific number of social media posts or search queries received within a day, hour or other unit of time
- Veracity: the “truth” or accuracy of data and information assets, which often determines executive-level confidence
- Volume: the size and amounts of big data that companies manage and analyze