This is something I’m often asked, and in truth, there is no set definition (yet). The definition I hear most often is that Big Data relates to Volume, Variety and Velocity (the 3Vs). This definition comes from Doug Laney and was used to describe the challenges of data back in 2001. Since then, more Vs have been added, and in some cases taken away – but many definitions relate to the form of the definition – and they are very subjective. One industry’s large volume is another industry’s small fry. What was big last year is very manageable now.
More recently, definitions have arisen which describe the outcome of the data – if it’s transformative, it’s big. Or if it provides new opportunities or can combine data in new ways, then it’s big. I find these functional definitions more exciting – they really focus on the opportunities that data can bring in the modern world.
But perhaps we need a definition that can combine both these elements – the form and the function. Since 2015, these kinds of integrated definitions have started to appear. My favourite is the one provided by Akter and Fosso Wamba in 2016 (1):
“A holistic process that involves the collection, analysis, use and interpretation of data for various functional divisions with a view to gaining actionable insights, creating business value and establishing competitive advantage! (Akter and Fosso Wamba, 2016, p178)
There are lots of elements in this definition; the fact that it describes a whole process, not just the data and the fact that it mentions “various functional divisions”. This is one of the biggest challenges for many organisations implementing big data projects – the fact that these project cross functional boundaries and require the breaking down of traditional silos – but that’s a topic for another day!
Importantly, for me, this definition of big data allows us to think in much broader terms and for organisations it puts the emphasis on the competitive advantage to be gained – this is not data for data’s sake, but gathering and using data with a purpose.
I hope you might find this definition useful and enlightening.
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References
(1) Akter and S. Fosso Wamba, “Big data analytics in E-commerce: a systematic review and agenda for future research,” Electron. Mark., vol. 26, no. 2, pp. 173–194, 2016.