Article by HRBoss
on 26 Feb 2014
Big Data is revolutionizing business without many people knowing what it actually means. So…what exactly is Big Data?
Gartner introduced the 3V model in a seminal 2001 MetaGroup research publication, ‘3D data management: Controlling data volume, variety and velocity’. The 3V model is still widely regarded as the definitive explanation of Big Data.
Big Data entails large & rapidly increasing amounts of information. Previously, employees were solely responsible for creating data but now data is generated by machines, networks and countless human interactions on systems such as social media and blogs.
So, how ‘Big’ is ‘Big Data’?
The flow of data is now streaming in realtime continuously. Our data now flows in and out of sources such as business processes, machines, networks and human interaction with other platforms such as social media sites, mobile devices, etc.
So, how fast is Big Data?
In the past, decoding the human genome took ten years the first time it was done, but now analysing all 3 billion base pairs can be completed in just a week.
Big Data stems from a variety of data types and sources. Previously, data was found in sources such as databases and spreadsheets.
So, how varied is Big Data?
Today, data types and sources include photos, emails, videos, PDFs, audio, monitoring devices …and include structured and unstructured data.
It is important to note that Gartner’s definition of Big Data states that it requires ‘new forms of processing’ to reap the benefits of analytics and improved decision making. It is not just about the data- it’s about how you interpret the data and apply these insights to your business.
Together, the 3 Vs – Volume, Velocity & Variety describe a set of data and a set of analysis conditions that define the concept of Big Data. Click here to view ‘What Is Big Data? Infographic’.
Data Analytics today means not just being able to connect previously disjointed data sets, but performing in-depth analysis with accurate data. Hence, for traditional analytic tools, “Veracity” brings to the field a unique challenge. Big Data now leverages sophisticated algorithms that can handle inaccuracies inherent in data.
Big Data means that you can now have answers to ALL your workforce related questions – including those which were previously too expensive to pursue or impossible to answer. Why? Because until recent advances in hardware and Cloud-based technology, the amount of data was too enormous, too fast & too varied to handle, let alone leverage for historic or predictive analysis. Improvements in technology have made it quicker, simpler and more affordable to manage and interpret Big Data. It is no surprise that Big Data is now accessible and available for every sector, including HR.
So how exactly can Big Data help HR?