| | July 20168CIOReviewIN MY OPINIONData are flooding in at rates never seen before--dou-bling every 18 months--as a result of greater ac-cess to customer data from public, proprietary, and purchased sources, as well as new information gathered from Web communities and newly deployed smart assets. These trends are broadly known as "big data." Technology for capturing and analyzing informa-tion is widely available at ever-lower price points. But many companies are taking data use to new levels, using IT to support rigorous, constant business experimen-tation that guides decisions and to test new products, business models, and innovations in customer experi-ence. In some cases, the new approaches help companies make decisions in real time. Big data is generating an intense amount of attention among businesses, media and even consumers, along with analytics, cloud-based technologies, digital channels and data visualization.What is big data?Big data involves the data produced by different devices and applications, like data from Black Box, Social Media, Stock Exchange, Power Grid, Transport, Search Engine etc. Thus Big Data includes huge volume, high velocity, and extensible variety of data and thus could be of three broad types ­· Structured data ­ Relational Data· Semi Structured Data ­ XML Data· Unstructured Data ­ Word, PDF, Text, Media LogsIt also could be typically characterized by the four "V's":· Volume: the amount of data being created is vast compared to traditional data sources · Variety: data comes from different sources and is being created by machines as well as people· Velocity: data is being generated extremely fast -- a process that never stops, even while we sleep· Veracity: big data is sourced from many different places, as a result you need to test the veracity/quality of the data By Sandeep Kothari, VP-IT, Travel Food Services Pvt LtdTechnology Megatrends Big data is generating an intense amount of attention among businesses, media and even consumers, along with analytics, cloud-based technologies, digital channels and data visualization
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