Little Big Data

Little Big Data

November 3, 2014
WealthEngine

The potential business value of big data continues to grow. Advocates claim that many industries and businesses, including wealth management, are just starting to tap into the wealth of “actionable intelligence” that is available as the amount of data keeps growing. The usual definition of big data (BD) cites three common criteria known as the “three Vs.” In a May 2013 report, “Big Data in Wealth Management: The Search for Customer Insight,” the consulting firm Celent “defines big data on three dimensions (volume, velocity, and variety), and the process includes capturing and gathering data, analytics, and visualization.” In addition, data can be structured (securities market data, for instance) or unstructured, such as email content.

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