Enterprises today are faced with an abundance of data. Organizations deal with so much information that now it can be stored in a warehouse system or as a virtual file on a computer.
Volume is the number of data points that you are dealing with. This can be either raw data or processed data.
Variety is the number of different data types that you are dealing with. This can be either real-world data or data that has been processed somehow. Velocity is the speed at which you are dealing with the data. This is usually measured in terms of how much data you can process in each amount of time. Veracity is the accuracy of the data. This is usually measured in terms of how accurately the data corresponds to the real world.
Volume refers to the sheer number of data points being processed. Variety refers to the combination of data types being analyzed. Velocity refers to how quickly the data is being processed. Veracity refers to the accuracy of the data.
The four terms are often used in a similar context and can be summarized as follows:
Volume: The sheer amount of data being processed.
Variety: The range of processed data, including different formats, sizes, and types.
Velocity: How quickly data is being processed.
Veracity: The accuracy of the data.
In the interactive presentation below, we will learn about the statistical view of these V’s.