'Big Data' is a relatively new term being bandied about. It is a concept that is about the exponentially growing "avalanche" of data we generate (and consume). According to the experts, 'big data' describes the growing volume, velocity and variety of information that is generated and used in decision making.  

IBM reckons that we create 2.5 quintillion bytes of data every day from climate sensors, social media, transaction records and cell phone GPS to name a few. 

At .id we are guilty of being data generators through our demographic and economic forecasting and modelling work. As data generators, our biggest concerns are not so much the 3 'Vs' mentioned above but (dare I say it), the fourth 'V' - Veracity. The veracity of data that we produce and publish at .id is one of our two most significant areas of effort (the second is communication).

However I sense a burgeoning risk, that in the era of so-called 'big data' a question arises as to how much decision makers actually care about the veracity of the data they are using.  

I worry that the sheer volume and velocity of data is seen as some kind of substitute for the veracity of the data we are using in decision making.  

You'll note in Glenn's blog about economic modelling, (see below) the effort that goes into ensuring the veracity of the data we present in economy.id.  

Simone's and Esther's recently posted blogs about population forecasting also strongly relate to the theme of the quality of data that we are generating. (Esther's blog is in this newsletter - see below) 

I sincerely hope that quality rules over quantity.

Best wishes,