Big data is still data, but it is large or massive. It is a collection of data that is complex, massive in size and continues to increase with time. It is challenging to process big data if a person or institution uses traditional methods. Due to its size and complexity, traditional methods of managing data become inapplicable for storage and processing. Some common examples of big data include social media, NY stock exchange, jet engines, and satellites.
There are three critical types of big data.

  1. Structured data – It is called structured because it is processed, kept, or retrieved in an organized format. Big data can be stored in names files, memory cards, hard drives, or hard disks. Nevertheless, data continue to grow exponentially, and this is posing a considerable challenge to its storage, processing, and retrieval. Fundamentally, data needs to be appropriately structured for it to be processed with ease. Data can also be quickly retrieved if it is structured appropriately. In addition, structured data can take a format that includes rows and columns.
  2. Unstructured – This is data that does not have a fixed format. It is the opposite of structured data. Unstructured data can contain various text files, videos, images or audios that are just mixed up. If big data is stored in an unstructured format, it poses significant challenges, especially during retrieval.
  3. Semi-structured big data – This kind of data has both a structured and unstructured format. The best example of semi-structured data is the one in an XML file. This structure is somewhat organized, is less complicated than unstructured big data that, in most cases, poses serious challenges, especially during retrieval.

Nonetheless, several characteristics can help one recognize particular data as big. These characteristics are:

  • Voluminous
  • Variety (heterogeneous source of data, its nature, and format)
  • Velocity, the speed at which data can be generated
  • Availability, inconsistent at some point.

Other articles

WHY DO YOU NEED FLASH REPORTS?

WHY DO YOU NEED FLASH REPORTS?

Simplify your decision-making process and your life will get simpler. Insight: In many organizations, the production of any quick management report is very difficult. The creation of these reports may require a considerable amount of labor time as well as tedious...

HOW TO DEVELOP THE BEST PRICING STRATEGY?

HOW TO DEVELOP THE BEST PRICING STRATEGY?

Having a rock solid strategy is easier than you think. Insight: There are multiple pricing structures and strategies available to implement. For instance, a smaller company with hopes of integrating a larger market may engage in price penetration strategies. With this...

DIRECT vs. INDIRECT COSTS EXPLAINED

DIRECT vs. INDIRECT COSTS EXPLAINED

The cooperation between Water and Sand is why we love the beach. Many organizations use erroneous formulas or the wrong approaches when classifying which costs are direct and which are indirect (overhead/fixed). This creates a significant managerial problem because...

DEVELOPING ACCOUNTS RECEIVABLES COLLECTION SYSTEM

DEVELOPING ACCOUNTS RECEIVABLES COLLECTION SYSTEM

Every company survives because of the income it receives from selling its products or services. Sounds obvious, right? Perhaps not. Many companies are in such a hurry to “make the sale”, that the correct amount of preparation and forethought is not undertaken when...

INVESTMENT ANALYSIS EXPLAINED

INVESTMENT ANALYSIS EXPLAINED

The Investment Analysis provides the answers to support an infusion of new of capital. It also determines your capacity to repay it if it is incurred as debt. FACTS: Most businesses do not possess the required tools and resources to evaluate properly their...

UNDERSTANDING FINANCIAL RATIOS

UNDERSTANDING FINANCIAL RATIOS

Ratios are the Key Performance Indicators (KPIs) of a company and are divided into four sections: 1. Liquidity Ratios 2. Profitability Ratios 3. Financial Leverage Ratios 4. Efficiency Ratios Liquidity Ratios Working Capital Definition: The amount of capital available...