Big data features also highlight the challenges in managing it efficiently in real-time.
- Value: The benefit that can be extracted from data in terms of context and contribution to the analysis. The value of big data is evident only after it is efficiently organized, managed, and made accessible for analysis in real-time.
- Volume: By definition, big data volume is enormous and growing by the minute. Storage, organization, and management of such volume need advanced technologies of AI.
- Velocity: Data keeps arriving fast, from modern enterprise applications, people engagement, and also from machines. Tracking and capturing big data in real-time, as well as organizing and managing it in near real-time, is a huge challenge.
- Variety: Coming from diverse sources, big data can be of any and every type. Internal sources from various applications like CRM, ERP etc. External sources such as data providers, social media, now generate enormous quantities of unstructured data – emails, photos, audio, and video. Making sense of such data increasingly needs AI capabilities.
- Veracity: Insights from data can be trusted only if the data powering them is trusted. Comprehensive data governance capabilities are required to assure data quality and reliability.