What every college should know about Big Data and analytics

2) Velocity – The speed of data is even more important that the volume. Real-time or near real-time information access enables organizations to be quicker in making decisions and executing moves than their competitors.

For example, a group of researchers from the MIT Media Lab used location data from mobile phones to determine how many people were in the Macy’s parking lot on Black Friday – the start of Christmas shopping in the United States. This enabled them to estimate the retail company’s sales on that day even before Macy’s was able to record its sales.

3) Variety – Big data comes in many forms. It can come in the form of images posted on Facebook, email, text messages, GPS signals from mobile phones, tweets and other social media updates.

eCampus News Staff