Fundamental Concepts of Big Data

“Big data refers to the large volumes of structured and unstructured data generated at high velocity from multiple sources” (MacAfee&Brynjolfsson,2012). The three essential characteristics of big data involve:

• Volume: This indicates to the large quantity of data gathered from transactions, customer commitments, and digital platforms. For example, Argos collects and stores large data from both online and in-store purchases to analyse shopping patterns.
• Velocity: This pertains to the speed with which data is created and processed in real-time. Argos employs real-time analytics to dynamically control inventory levels, thereby improving supply chain management.
• Variety: This involves the diverse forms of data, such as text, images, videos, and structured databases. Argos leverages product reviews, sales figures, and customer feedback to improve its marketing approaches.