Understanding Big Data

During the Digital Skills Fest we caught up with Kirstin Duffield of Morning Data who educated us on Big Data, in this guide, learn what Big Data is and the 4 V’s it consists of.

To understand what big data is, first you have to know what data is – and what it isn’t. Data is constructed of elements, values and context, for example collecting names and addresses, professions, birth places, etc. can create a very large data set. Data is not by its nature ‘the truth’, but a tool from which you can build information, and from information you can create knowledge, which is ultimately the path to wisdom, says Kirstin: “That’s why those with the most power control the data.”

So what is ‘big data’? Well, it’s best understood by looking at the ‘4 Vs’ it consists of:

1 Volume: the scale of the data. By definition, big data involves a lot of data, but what this actually looks like is relative depending on the context. For example, by 2020, it was expected that 40 Zettabytes of data would be created, which is 300 times more than in 2005.

2 Variety: different forms of data. For instance, when looking at social media use, you can see that more than 4 billion hours of YouTube videos are watched every month, 400 million tweets are sent a day, and 30 billion pieces of content are shared on Facebook every month.

3 Velocity: analysis of streaming data. The New York Stock Exchange captures 1 TB of trade information during each trading session.

4 Veracity: uncertainty of data, or the ‘truth card’. Unfortunately, humans are a notoriously bad source of data. Poor data quality costs the US economy around $3.1 trillion a year!

Key takeaways

• Big data has at least 4 Vs

• What is big data today may not always be big

• Data reference lists are imperative for analysis and meaning

• Humans are a poor source of data

• Big or not, if you don’t think about your data, continually critique it, update it, keep your foot on the pedal, your data loses veracity and value

If you’re interested in learning more about digital skills or you’d like to read the full digital skills guide you can download the full 35-page guide here. The Digital Skills Guide Covers:

• What AI is and what it means for your future career

• What blockchain is and why you should upskill in it

• Expert tips for a career in digital marketing

• What you need to know about big data

• How to optimise your social media content and profiles

• How to use social media effectively for your business

• How to get started with SEO

• An introduction to UX Design

• And so much more!