Data Science / Big Data
What Is Big Data?
“Big Data” has become a common term and topic of discussion throughout the world. For our purposes, big data refers to the collection of extremely large data sets that may be analyzed using advanced computational methods to reveal trends, patterns, and associations. Big data can support numerous uses, from search algorithms to InsurTech. The definition of big data generally includes the “5 V’s”:
Volume
Large amounts of data are collected and require processing.
Velocity
Data is available and must be processed at lightning speed, frequently instantaneously.
Variety
The data being used comes in different forms.
Veracity
The reliability of the data is not uniform.
Value
The data being extracted must be usable or be able to be monetized.
