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“Variety, Not Volume, Is Driving Big Data Initiatives ” – MIT Sloan Management Review

Mar 28, 2016

by Randy Bean – When many executives think of Big Data, they think of large volumes of data. A common notion is that bigger is often better when it comes to data and analytics, but this is not always the case. In their 2012 article, Big Data: The Management Revolution, MIT Professor Erik Brynjolfsson and principal research scientist Andrew McAfee spoke of the “three V’s” of Big Data — volume, velocity, and variety — noting that “2.5 exabytes of data are created every day, and that number is doubling every 40 months or so. A petabyte is one quadrillion bytes, or the equivalent of about 20 million filing cabinets’ worth of text. An exabyte is 1,000 times that amount, or 1 billion gigabytes.” This focus on the rate of data proliferation has sometimes obscured an appreciation of data and analytics value. The result is a myth about Big Data — that Big Data is synonymous with large volumes of data.

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