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PAPER OVERVIEW Every day, we create 2.5 quintillion bytes of data — so much that 90% of the data in the world today has been created in the last two years alone. Data comes from everywhere and we are generating data more than ever before. This white paper will explain what Big Data is and provide practical examples, concluding with a message how to put data your data to work.
What is Big Data? Well, what is Big Data? Is it something big regarding data size? The term seems to be a bit of misnomer given the word "Big" seems to simply that the challenge is primarily in terms of data size. In short, Big Data applies to information that cannot be processed or analyzed using traditional processes or tools.
Let's review on a high level, the four Vs of Big Data - Velocity, Volume, Variety and Variability
Volume We are producing more that Twitter users average over 100,000 tweets per minute, 2 million searches are performed in Google per minute, online shoppers spend an average of $272,070 every minute of slowing, the data keeps growing. The data is real and wherever they go – whether a hospital visit for pick up, shopping via an online ecommerce site for a loved one's birthday or broadcasting your mood via a social site.
Velocity In a real time world, where everything is needed and actions happen in micro seconds, businesses are challenged more than ever before to consume, process streams of data and turn them into meaningful actions in a fraction of seconds.
Variety Companies are not only generating high volumes of data faster but also storing in different types of format – such as images, text, and numbers.
Big Data a big hype Before we further deep dive into Big Data, let's try to clarify one common question that revolves lately in the technology space around "Is Big Data a big hype?” Below is a Gartner's 2012 hype cycle, which purports to "highlight the common pattern of over enthusiasm, disillusionment and eventual realism that accompany each new technology and innovation".
Conclusion Today a successful company is not measured by the data that is produced or stored. Gone are the days where companies boast how much data is being stored or generated in terabytes or zettabytes. Today, really successful companies are determined by their ability to put data to work - meaning analyze data and generate valuable insights and optimize their actions based on those insights.
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