Check-Out 3 V’s of Big Data!
In today’s scenario, every business, legal firm, and organization across the world is getting into the full spectrum of contracts. The life cycle of contracts doesn’t end only with its execution as some key aspects need to be taken care of. The same goes for contract management as well wherein document review plays a vital role.
In Document Review Service, we need to identify the documents that are responsive and non-responsive. Extremely enormous amounts of data are difficult to process by traditional systems. An immense amount of data falls under big data. Moreover, capturing, storing, and analyzing big data is usually the biggest challenge that companies face these days. Managing such complex and massive data requires skills and lots of effort and time. Thus, these should be dealt with efficiently and accurately. With big data analytics, you can perform better and faster decision making, modeling and it will also help you predict future outcomes. To acquire the best document review, we have to deep dive into big data solutions. We have to take care of these 3 v’s of big data namely Volume, Variety, and Velocity. Let’s take a quick look:
As the name goes, it’s simply clear that we are talking about the amount of data like MB, GB, etc. The volume of data determines whether it should be considered big data or not. According to the volume of data, strategies should be made to grab the whole data in the best form.
It is the type of data where we have structured to semi-structured to unstructured data. This data is diverse as it is inclusive of texts, pictures, videos, emails, recordings, and many other forms. Approximately, 80% of data in the world is unstructured which needs to be structured to reap the best out of it.
It basically translates to data that is generated and stored per second. Transmission of any data at a constant rate also increases the number of units with time.
Nowadays, outsourcing and legal firms engaged in dealing with this huge amount of data to get an advantage or making people rid of their problems. To meet ever-growing demands, needs and competitions, it is necessary to use proper algorithms, reports, and advanced technology