Data velocity refers to the speed at which data is generated. Some data is high velocity (e.g., daily stock trading activity) while other data is low velocity (e.g., quarterly financial statements).

Finally, data veracity refers to the underlying quality of the data. Is the data truthful, accurate, clean, and worthy of trust?

• Fact vs. estimate. In accounting some data is "factual" (e.g., cash balance) while other data is considered an estimate (e.g., allowance for doubtful accounts).

• Accurate. Some data has mistakes or has missing data (e.g., an accountant records a transaction, but forgets to include the date in the entry).

Data volume, variety, velocity, and veracity all affect the types of analyses we can perform