The five V’s of Big data is as follows:
- Volume: Volume represents the volume i.e. amount of data that is growing at a high rate i.e. data volume in Petabytes
- Velocity: Velocity is the rate at which data grows. Social media contributes a major role in the velocity of growing data.
- Variety: Variety refers to the different data types i.e. various data formats like text, audios, videos, etc.
- Veracity: Veracity refers to the uncertainty of available data. Veracity arises due to the high volume of data that brings incompleteness and inconsistency. Data available can sometimes get messy and may be difficult to trust. With many forms of big data, quality and accuracy are difficult to control. The volume is often the reason behind for the lack of quality and accuracy in the data.
- Value: Value refers to turning data into value. By turning accessed big data into values, businesses may generate revenue. By turning it into value I mean, Is it adding to the benefits of the organizations? Is the organization working on Big Data achieving high ROI (Return On Investment)? Unless, it adds to their profits by working on Big Data, it is useless.