Data discovery describes the process through which businesses collect data from a variety of sources and apply it towards generating real business value. Businesses can benefit from an improved data-driven decision-making, enhance their business models, easily share insights across departments, and propel intelligent strategies.
Being a data-driven organization starts with understanding your data. Whether they are an IT specialist, or a CIO, or a Project Manager, in the modern, digital world, all business users need to be able to access and understand data.
It is an approach to data that supports business success and ensures that all the people within an organization can make the most of their information by understanding data in a seamless, interactive way.
What Is Data Discovery?
Let’s say that you are a business owner, an analyst, a CIO, or a program manager. Everyone employed in the organization needs a way to read, understand, and glean value in a better manner from all the information that is coming in in the form of data.
Deriving value from data in a modern business environment is crucial for its success. Being able to discover and analyze patterns and trends within data enables businesses to provide themselves with a competitive edge, meet business goals, ensure success, and remain relevant in the digital era.
As mentioned earlier, it is not a tool or a platform, but more of a term that can be used to describe the process of collecting data from various sources, and then using it to generate business value.
It can be characteristically described and categorized by:
- Data preparation
- Visual analysis
- Guided advanced analytics
The following sections, with the help of BI-Survey’s guide, give an in-depth analysis into the working of data discovery and explains why business enterprises are using it so successfully.
Data Discovery: A Popular Trend
So why are organizations using data discovery? Why is it one of the hottest trends in the internet market? Well, data is considered a valuable commodity and “currency” for businesses. It helps companies derive trusted insights that can be applied to competitive advantage, enable improved decision making, power strategies, improve the customer experience, and enable organizations to innovate with their business models.
But how do you begin adopting such method and mentality? How do you implement this type of strategy into your organization, and what tools are available for you that can help facilitate this process?
First of all, the whole point of it is that you can track your business performance thanks to specific metrics – the infamous Key Performance Indicators – and get everything you possibly can out of your data. You then apply the information that you glean from your data across all teams and departments, thereby being able to make decisions that are going to solve challenges and create solutions.
Are data discovery tools available in the market?
Indeed, there are tools related to data discovery that exist in the form of buiness intelligence software that have been designed to improve traditional BI capabilities.
People need tools that help them read and interpret data patterns, and not only just for analysts and IT experts. Data discovery tools should be:
- Simple to implement: People do not need statistical degrees and an analytical background to use it.
- Adaptable: Anyone can gain insights from data across all departments without relying on IT experts for information.
- Quick: You can understand exactly what you need to improve your decision-making abilities without waiting for lengthy amounts of time to get the right kind of information that you need.
- Easily work with massive amounts of data: Visual data discovery is helping expand traditional business intelligence, and improve efficiency.
What software and attributes should I look for?
Remember the beginning of this article when we briefly mentioned the three data discovery steps: data preparation, visual analysis, and guided advanced analytics? Well, the software that you need to provide the foundation for data discovery is going to support these steps.
Here are the attributes that data discovery tools have:
- They zero in on business users, offering an environment that is free of code.
- They enable businesses to obtain a variety of data sources.
- They supply data preparation and modeling capabilities, like combining data from disparate sources.
- They provide simple-to-understand depictions of data via visualizations.
- They can enable visualizations that are interactive for the user.
- They support statistical analysis through guided advanced analytics attributes that are ready immediately upon implementation.
- They provide various choices to facilitate insight sharing among peers.
- Analysis, analytics, and data preparation are streamlined and integrated.
To sum it all up, you don’t have to be an analyst or read programming code to understand and derive value from the data within your organization. Data discovery tools make it possible for people to read and understand data patterns across all departments, and share this information with each other.
To truly develop a modern business environment within your organization, you have to implement data discovery so that you can remain relevant, successful, and facilitate a culture of data. Otherwise, you will not be able to keep up with the demands of the digital world. If you cannot learn how to understand ways of getting the most from your data, your business will fall behind.
But data discovery is evolving even further as our technology advances, and we have to delve deeper into what exactly is happening within our business as we implement it. Where is it taking us, and how is it affecting the future of our organizations and the ability to make valuable decisions?
Smart Data Discovery or Augmented Intelligence: The Next Stage in Business Analytics
Organizations are adopting the use of data discovery tools that are helping improve the decision-making capabilities of businesses. And, we’re now seeing the concept evolve into what’s called smart data discovery, or Augmented Intelligence.
Augmented Intelligence improves business intelligence by using machine learning algorithms and artificial intelligence capabilities to automatically find trends and likenesses in data. This greatly improves the speed at which decisions can be made and also improves the ease at which you obtain your information-driven insights.
Gartner is responsible for recently introducing the term smart data discovery, and they define it as “a next-generation data discovery capability that makes insights from advanced analytics accessible to business users or citizen data scientists”.
But later on, Gartner decided to further enhance the term smart data discovery and give it a more accurate representation of its capabilities, terming it as Augmented Intelligence.
Augmented Intelligence: Augmented Analytics and Augmented Data Preparation
Augmented Analytics uses machine learning algorithms and natural language processing to automate the insights that you receive from your data. Basically, it’s simplifying the process of arriving at your insights by automating data preparation and further facilitates data sharing across the enterprise. It speeds up the process of deriving value from your data based information in your organization.
Augmented Data Preparation grants people within a business gain access to more purposeful data so that they can test all assumptions and approaches to information-based decision making with more confidence and ease. It promotes data quality management and governance and allows for transparency of data.
Why are they important?
Here are some of the reasons that make us think that both, augmented analytics and augmented data preparation, are important:
- You can make more accurate predictions and solutions across departments.
- It frees up more time for strategic decision making.
- Improves data accessibility.
- It positively impacts ROI (Return on Investment) and TCO (Total Cost of Ownership).
These are just some of the few benefits you can receive from Augmented Intelligence solutions for your business. With technology advancing so rapidly, there are new analytical solutions introduced all the time. As a professional, staying up to date on all the latest business intelligence trends and information is well worth it.
Data discovery isn’t just an option in a world where businesses survive or fail by their data innovation. It is a necessity. To become truly data-driven and drive decision-making capabilities towards a successful outcome, organizations must adopt a process of data discovery that facilitates collaboration between users and departments and enables the understanding of data for even those who are not data specialists.