Big data has many definitions and many different implementations across various sectors. However, there are four common elements of any big data definition, which are popularly referred to as the V's of big data. They are as follows:
- Velocity: This refers to the speed of data accumulation
- Volume: This refers to the scale of data or the phase that data storage grows
- Variety: This refers to the diversity of the data, such as structured, semi-structured, unstructured, and so on
- Veracity: This refers to collected data's accuracy and its reflection of facts
The latest addition to the V's group is value. This refers to our ability and needs to turn accumulated data into things of value. That is not just business value, but it can also be any significant added value for social, medical, and common causes.
