What Is Data Discovery?
Since the dawn of the digital age, we live in a time where data is all around us. Across numerous industries, the amount of data that is collected and consumed is astonishing. For example, today, businesses collect piles of information on customer buying habits and feedback to supplier lead times and marketing efforts. At the same time, however, it can be nearly impossible to draw conclusions and truths from the massive amount of data a business collects. In essence, there is valuable information hiding in plain sight in the unstructured data.
A company that can extract information from all of the data will win on the commercial battlefield. Data analysis is so important that studies suggest that many executives believe companies that fail to utilize big data in a meaningful way could lose their competitive edge. Data discovery is crucial to reigning in big data and helping companies gain real-time invaluable insights. Let’s take a look at what data discovery is and how it can benefit all businesses.
With companies harnessing this idea, some might ask, “what is data discovery?” Data discovery is a term related to business intelligence technology. The data discovery process involves collecting data from various data sources and consolidating it into a single dataset that can be quickly and easily evaluated. Once the unstructured data is converted, data scientists and others can gain insights by drilling down into the data with just a few clicks. Once trends are identified, data discovery tools empower companies to unearth the contributing factors.
For example, a business intelligence dashboard enables a business to explore data by region and product type. Because of the data preparation, the business has almost instant access to actionable insights. It can make rapid, fact-based decisions in response to discoveries about what products do well in which regions. Without data discovery tools finding specific patterns and trends would be almost impossible.
With data discovery, companies can search for specific items or patterns in a data set. Visualizations like geographical maps, pivot tables, and more make the process easy to use, swift, and intuitive. Extracting value from different data sources in a modern business environment is crucial for any company’s success. The ability to discover and apply analytics to find patterns and trends within data sets enable businesses to remain relevant in the digital era.
Data is commonly seen as the future oil as it provides high value for innovation and success. This new data-driven approach seeks to go beyond reporting and monitoring an organization’s performance. This was the core of traditional BI processes, but more data and competition have increased expectations. The goal of many businesses today is to employ the full value of data to improve decision-making and transform business processes to create new business models.
The recent demand for data discovery tools demonstrates a change to the traditional BI system to reflect increased data usage and the extraction of insights and patterns from data. This means that operational decisions and long-term planning rely on insights gained from the process of data discovery. To be effective, information derived from data sources must be relevant and reliable, and available quickly. The process of data discovery allows for information to be extrapolated from large data sources and provides business users with the means and insights to make needed business decisions.
The most successful companies today are using data discovery tools to inform their strategies and day-to-day operations. Data discovery software helps manufacturers, distributors, and retailers get the maximum quality information from their business data. No matter the data type, data discovery software provides companies with timely business analytics without compromising quality. These tools provide dashboards with impactful data visualizations to help reveal exactly what the data is saying. Data discovery is the collaboration that allows entities to share pertinent discoveries between vendors and other third parties. More than a tool, data discovery is a process that is allowing businesses to transform the way they operate and conduct business.
With relevant insights, companies across various industries are now making the most knowledgeable decisions about effective strategies to conduct business. However, having a mountain of data without a way to interpret it is like drowning in information but being starved for knowledge. Data discovery is the way that businesses are turning data into meaningful information. The ability to discover the story behind the data will go a long way to guarantee a company’s competitive edge.