More Data, More Problems 5 adding more Vs, we should ask, “Do they reflect new characteristics or just overlap with the other Vs?” Hence the following Vs are the most common and should be used when describing Big Data: Volume: Data volume refers to the large data set generated by science and education and by business and human interaction records. Data volume plays a significant role in storage and processing. Velocity: Data velocity refers to the speed at which data is generated. Variety: Data variety refers to the degree of data organization. Unstructured data lacks a sufficient degree of organization, while structured data has a high degree of organization. In simple terms, diversity in data types. Veracity: Data veracity focuses on data quality and accuracy and defines how far the data can be trusted when an important decision needs to be made based on it. Data is categorized as good, bad, or undefined, depending on inconsistency, incomplete- ness, ambiguity, latency, deception, and approximations (Elragal and Klischewski, 2017). Value: Data value refers to its usefulness in decision making. How Big Data Works Big Data tends to work on the important principle that the more we know about any event or specific situation, the more accurately we can draw new and valuable insights and make predictions regarding what would happen in the future. If we compare more data points, gradually relationships will start to emerge that were previously hidden. Also, these relationships allow us to learn, as well as to make more informed decisions. In most cases, this is achieved through a comprehensive process that entails developing useful models on the basis of the data we can gather, then running suitable simu- lations to tweak the value of data points every time it is necessary (depend- ing on the situation), and carefully monitoring the way it impacts our results. Problems with Having Too Much Data Data is important to marketing or supply chain success nowadays. So the more data you have on your customers and prospects, the better. Right? In fact, the answer is no. The only thing that really matters these days is having the right, or appropriate, data. Too much of the wrong type of data is essentially useless. Too much will bog you down, confuse and overwhelm you, and data tends to degrade so fast that before you have a chance to utilize it, it has become inaccurate or obsolete. Data and Information Are Different Many people find themselves in meetings where they’re bombarded with graphs but are not really sure why. Others try to analyze data in order to
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