Big Data Fourth Dimension

We knew that Big Data has 3 pillars namely Volume, Velocity and Variety.  I learnt a new (4th) dimension namely Veracity.  What does it mean?  Accuracy: conformity with truth or fact (or) truthfulness: devotion to the truth.

1. Volume:
Enterprises are awash with ever-growing data of all types, easily amassing terabytes—even petabytes—of information.

• Turn 12 terabytes of Tweets created each day into improved product sentiment analysis
• Convert 350 billion annual meter readings to better predict power consumption

2. Velocity
Sometimes 2 minutes is too late. For time-sensitive processes such as catching fraud, big data must be used as it streams into your enterprise in order to maximize its value.

• Scrutinize 5 million trade events created each day to identify potential fraud
• Analyze 500 million daily call detail records in real-time to predict customer churn faster

3. Variety
Big data is any type of data - structured and unstructured data such as text, sensor data, audio, video, click streams, log files and more. New insights are found when analyzing these data types together.

• Monitor 100’s of live video feeds from surveillance cameras to target points of interest
• Exploit the 80% data growth in images, video and documents to improve customer satisfaction

4. Veracity
1 in 3 business leaders don’t trust the information they use to make decisions. How can you act upon information if you don’t trust it? Establishing trust in big data presents a huge challenge as the variety and number of sources grows.