This concept is related to the amount of information that is daily produced in today’s world and to the fact that for analyzing it there is a need for different technologies from those traditionally used for data management. Gartner defines Big Data as “high
volume, velocity and variety information assets that demand cost-effective, innovative forms of information processing for enhanced insight and decision making” (Higginbotham, 2014). The demands on the market today make these technologies to be a necessity for the companies wanting to be up to the rhythm of businesses in information age. For that reason, Big Data can be seen more appropriately as “Right-Time Business Insight and Decision Making At Extreme Scale” (Higginbotham, 2014).
There are five essential characteristics for Big Data, known as the five V’s: velocity, veracity, variety, volume and value. This means that a suitable usage of Big Data must bring value to companies, and that value must come from the ability of taking the huge variety of data, the immense volume of it, and manage all that with velocity and veracity.
It is necessary that organizations seek for solutions for Big Data management that are suitable for their needs and their technological architecture. If this is well made, information in no longer a potentially valuable asset and becomes a concrete form of income.