What is Big Data:

"Extremely large data sets that may be analysed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions"

Industry analyst Doug Laney (currently with Gartner) articulated the now mainstream definition of big data as the three Vs of big data: volume, velocity and variety¹.

Volume. Many factors contribute to the increase in data volume. Transaction-based data stored through the years. Unstructured data streaming in from social media. Increasing amounts of sensor and machine-to-machine data being collected. In the past, excessive data volume was a storage issue. But with decreasing storage costs, other issues emerge, including how to determine relevance within large data volumes and how to use analytics to create value from relevant data.
Velocity. Data is streaming in at unprecedented speed and must be dealt with in a timely manner. RFID tags, sensors and smart metering are driving the need to deal with torrents of data in near-real time. Reacting quickly enough to deal with data velocity is a challenge for most organizations.
Variety. Data today comes in all types of formats. Structured, numeric data in traditional databases. Information created from line-of-business applications. Unstructured text documents, email, video, audio, stock ticker data and financial transactions. Managing, merging and governing different varieties of data is something many organizations still grapple with.

At SAS, we consider two additional dimensions when thinking about big data:

Variability. In addition to the increasing velocities and varieties of data, data flows can be highly inconsistent with periodic peaks. Is something trending in social media? Daily, seasonal and event-triggered peak data loads can be challenging to manage. Even more so with unstructured data involved.
Complexity. Today's data comes from multiple sources. And it is still an undertaking to link, match, cleanse and transform data across systems. However, it is necessary to connect and correlate relationships, hierarchies and multiple data linkages or your data can quickly spiral out of control.

Source: SAS

Examples of Big Data Projects

Here’s another way to capture what a Big Data project could mean for your company or project: study how others have applied the idea.

Here are some real-world examples of Big Data in action:

Consumer product companies and retail organizations are monitoring social media like Facebook and Twitter to get an unprecedented view into customer behavior, preferences, and product perception.
Manufacturers are monitoring minute vibration data from their equipment, which changes slightly as it wears down, to predict the optimal time to replace or maintain. Replacing it too soon wastes money; replacing it too late triggers an expensive work stoppage
Manufacturers are also monitoring social networks, but with a different goal than marketers: They are using it to detect aftermarket support issues before a warranty failure becomes publicly detrimental.
Financial Services organizations are using data mined from customer interactions to slice and dice their users into finely tuned segments. This enables these financial institutions to create increasingly relevant and sophisticated offers.
Advertising and marketing agencies are tracking social media to understand responsiveness to campaigns, promotions, and other advertising mediums.
Insurance companies are using Big Data analysis to see which home insurance applications can be immediately processed, and which ones need a validating in-person visit from an agent.
By embracing social media, retail organizations are engaging brand advocates, changing the perception of brand antagonists, and even enabling enthusiastic customers to sell their products.
Hospitals are analyzing medical data and patient records to predict those patients that are likely to seek readmission within a few months of discharge. The hospital can then intervene in hopes of preventing another costly hospital stay.
Web-based businesses are developing information products that combine data gathered from customers to offer more appealing recommendations and more successful coupon programs.
The government is making data public at both the national, state, and city level for users to develop new applications that can generate public good.
Sports teams are using data for tracking ticket sales and even for tracking team strategies.

Source: Acquia