As the name implies, “big data” refers to data sets that are too large or complex to analyze using traditional methods. Big data is typically defined by three features: 1) volume (the sheer size of the data); 2) velocity (the speed at which it is generated); and 3) variety (the various media and formats that data assumes). What has brought the phrase “big data” into the public vernacular over the last several years are advances in technology that enable human institutions (corporations, government agencies) to manipulate and utilize big data. The IRS has made no mystery of its intent to rely heavily on big data and data analytics to help it plug these gaps. Big data enables IRS enforcement to be forward looking, using sophisticated algorithms and AI to analyze the data at its disposal.

Source: Wall Street Journal October 26, 2021 18:55 UTC