Value of data

 Value of data


We watched a fascinating video on YouTube which explained the 5 Vs of Big Data.

The 5 V's of big data allow data scientists to obtain more value from their data. They include:
- Velocity
- Volume
- Value
- Variety
- Veracity

Velocity covers the speed at which the data is created and how fast it moves. Companies will have large continuous flows of data that must be analysed. For example, many medical devices today are designed to monitor patients and collect data. Whether it's hospital medical equipment or smart devices, data needs to be analysed quickly to offer a solution, especially when a person's health is at risk.

Volume is the amount of data that exists. This includes the initial size of the data and the amount of data that is collected. It may often be measured in gigabytes, terabytes, petabytes, exabytes, etc. For example, a business that operates across the Unites States of America generates data for millions of transactions per day.

Value refers to the benefits that big data can provide. Therefore, it is what the organisation can gain from its analysis and what insights it offers.

Variety covers the diversity of data types. An organisation could obtain its data from multiple data sources. This could come externally or internally to the company. An example could be a company gathering data about its customers from their purchases from the website, their IP geolocation, and their cookies. 

Veracity is claimed to be the most important in the video. It means the accuracy and trustworthiness of the data. If the data isn't accurate, it would not be possible to make conclusions and predictions from the data.



















Comments

  1. DanielMay 7, 2025 at 5:38 AM

    Good post Harry! I thought this was a good artcile about the cost of data as well as its value. https://aicadata.com/the-power-of-clean-data-exploring-the-1-10-100-rule-with-aica/

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