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How Can Smart Data Discovery Tools Generate Business Value?

Data discovery tools by datapine“Data is a precious thing and will last longer than the systems themselves.” – Tim Berners-Lee, the official inventor of the World Wide Web

We live in a time where data is all around us. In the digital age, those who can squeeze every single drop of value from the wealth of data available at their fingertips, discovering fresh insights that foster growth and evolution, will always win on the commercial battlefield.

Studies suggest that 79% of enterprise executives believe that companies that do not leverage big data in the right way will lose their competitive position and could ultimately face extinction. Moreover, 83% of executives have pursued big data projects to gain a competitive edge. Without a doubt, the best way to drive maximum value from the metrics, insights, and information is through something called data discovery.

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Fundamentally, this is a term that describes the process through which businesses collect data from a variety of sources and apply it practically to generate real business value. Businesses can benefit from improved data driven decision making as well as enhanced business processes and models and share insights across departments more fluently while propelling intelligent businesses strategies.

Being a data-driven organization starts with understanding your data. Whether you’re talking about an IT specialist, a CIO, or a project manager, in today’s digital age, all business users need to be able to access and understand data.

This methodology is an approach to data that supports business success and ensures that everyone within an organization is empowered to make the most of the information in front of them by understanding data in a seamless, interactive way.

So, what is discovery of data? What are the tools used for such a task? What is a data discovery platform? What is a discovery model, and how do you use it in a real-world business context? Here, we explore all of these themes and more, starting with the most important question of all.

What Is Data Discovery?

Data discovery is a term used to describe the process for collecting data from various sources by detecting patterns and outliers with the help of guided advanced analytics and visual navigation of data, thus enabling consolidation of all business information.

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 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 any company’s success. The ability to discover as well as analyze patterns and trends within data sets enables businesses to provide themselves with a competitive edge, meet business goals, ensure success, and remain relevant in the digital era.

As mentioned, the concept itself is not a tool or a data discovery platform; it’s more of a term that can be utilized to generate business value. That said, there are data analysis tools that you can use to enhance your efforts.

This level of discovery can be described and categorized by:

  1. Data preparation
  2. Visual analysis
  3. Guided advanced analytics

The following sections, with the help of BI-Survey’s guide, offer an in-depth analysis into the inner workings of the trend and explains why business enterprises are using it so successfully.

Data Discovery: Why Is It So Popular?

Now that we’ve explored the definitive data discovery definition for your reading pleasure, let’s delve into this innovative concept as a trend.

Why are organizations using this approach and tools? And why is it one of the hottest trends of the moment? Well, data is considered an invaluable commodity and “currency” for businesses. It helps companies derive trusted insights that they can apply to their competitive advantage. Data improves the decision-making process, powers growth strategies, significantly boosts the customer experience, and enables organizations to drive innovation with their business models.

But how do you begin adopting this mentality? How do you implement this type of strategy into your organization, and what visual analytics tools are available that can help facilitate this process?

First of all, you can track your business performance thanks to specific metrics – Key Performance Indicators – and get all the insight that your data has to offer. There are many KPI examples you could choose from, depending on your industry and/or department. Then, you can apply the information gleaned from your data across all teams and departments, which will enable you to make collective decisions that will ultimately solve challenges and create sustainable solutions in a number of key areas.

Are Data Discovery Tools Available In The Market?

There are tools that currently exist in the form of business intelligence software – platforms that have been specifically designed to improve traditional BI capabilities.

People require discovery tools that can help them read and interpret key data patterns – and not just for analysts and IT experts. These tools should:

  • Be simple to implement: People do not need statistical degrees or an analytical background to use it.
  • Be adaptable: Anyone can gain insights from data across all departments without relying on IT experts for information.
  • Be quick: You can understand exactly what you need to improve your decision-making abilities without waiting to get the information that you need.
  • Easily work with massive amounts of data: Visual discovery is helping expand traditional business intelligence and improve efficiency.
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What Software And Attributes Should I Look For?

Previously, we mentioned the three data discovery steps: data preparation, visual analysis, and guided advanced analytics. The software for discovering your data, that you use, should provide the very foundations for these three crucial stages.

Here are the attributes that you should look for in a data discovery software:

  • 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 easy-to-understand depictions of data via online data 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.

In summary, you don’t have to be an expert analyst or read programming code to understand and derive value from the data within your organization. A solid data discovery tool should make it possible for people to read and understand data patterns across all departments and share this information with one another. Whether you’re extracting and evaluating HR KPIs or preparing specific retail performance metrics, the right tool must be able to adjust to your specific organizational needs.

To develop a real modern business environment within your organization, you must implement the discovery of data so that you can remain relevant, successful, and facilitate a data-driven culture. If you fail to do so, you won’t be able to keep up with the demands of the digital world. If you can’t learn how to get the most from your data, your business will fall behind.

But this branch of business intelligence is evolving even further as technology continues to advance, and we have to delve deeper into what’s happening within our business as we implement it. Where is it taking us, and how is it affecting the future of our organizations and our ability to make valuable decisions?

Smart Data Discovery Or Augmented Intelligence: Discover The Next Stage In Business Analytics

Data discovery illustratedOrganizations are adopting the use of data discovery tools that are helping improve their decision-making capabilities. 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, data alerts, and artificial intelligence capabilities to automatically find trends and likenesses in data. This greatly improves the speed at which decisions can be made and makes it easier to 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.”

Later on, Gartner – a company that is a big influence when it comes to software, platforms, and tools – decided to further enhance the mentioned term and give it a more accurate representation of its capabilities, terming it as Augmented Intelligence.

To see what data discovery tools Gartner has helped to inspire as well as their insights into the field, explore this case study.

Augmented Intelligence: Augmented Analytics And Augmented Data Preparation

Gartner recently released a full report discussing the importance of Augmented Analytics in the future. Let’s take a further look into it.

Augmented Analytics uses machine learning algorithms and natural language processing to automate the insights that you receive from your data. Essentially, it simplifies the process of arriving at your insights by automating data preparation and further facilitating data sharing across the enterprise. It speeds up the process of deriving value from your data.

Augmented Data Preparation grants people within a business 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 data transparency.

Why are they important?

Here are some of the reasons that make us think that both augmented analytics and augmented data preparation are vital:

  • You can make more accurate predictions and solutions across departments.
  • They free up more time for strategic decision making.
  • They improve data accessibility.
  • They positively impact 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.

The discovery of data isn’t merely an optional activity in a time where businesses live and die by their commitment to data innovation. In the modern age, it is a necessity. To become truly data-driven and drive decision-making capabilities towards a successful outcome, organizations must adopt a process of discovery that facilitates collaboration between users and departments and enables the understanding of data even for those who are not data specialists.

There are essential discovery steps that you should take to ensure that your efforts become ingrained within your company culture. Let’s explore them in more detail.

Exclusive Bonus Content: What is data discovery & why should you care?
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How To Discover Your Data?

“The real innovation here is that we can ask questions and get the answer back before we have forgotten why we asked the question in the first place.” – Hilary Mason

a) Identify your pain points

The first step to company-wide data enlightenment comes in the form of discovering your pain points, or the obstacles that prevent you from becoming a smarter, more intelligent business entity. While every organization is inherently different and one size certainly doesn’t fit all, there are a host of pain points that often cross over from one organization to another. Here are a few examples:

  • Access to large sets of information within your organization is somewhat limited and sluggish.
  • A wealth of data from varied sources makes it seemingly impossible to gather, understand, and apply non-traditional information effectively.
  • The complexity of your current systems and platforms means that users spend too much time curating, understanding, and reporting data and less time using it to drive progress and innovation.

Does this sound familiar? Implementing new and innovative business intelligence or dashboard tool within your organization will help solve a great deal of these roadblocks (something that we will explore in more detail later), as will working your way through these data discovery steps.

b) Mix diverse data sources for deeper insights

As you know by now, data comes from a variety of sources, both structured and unstructured. By gathering data from your existing structured and unstructured, or diverse, data sources and looking at them in a different way, you stand to discover fresh insights that will drive the business forward.

By integrating your data from various diverse sources and gathering it with key members of your business in a collaborative environment, you will be able to blend these metrics and insights to piece together a puzzle of knowledge that will unlock the door to advanced organizational success.

Doing so will give you a clearer understanding of what you need to do to meet your business goals (or even uncover new ones) and set the KPIs that will help you get there as a collective pulling together, rather than separate departments working alone. For example, the process of financial reporting can be utilized by different stakeholders, be it internal (in cross-departmental communication) or external (other companies, investors, shareholders, etc.)

c) Develop a data discovery model

What is a data discovery model? Fundamentally, a this kind of model is a strategic approach to using your data. They typically involve the collection, curation, and analysis of data as well as the data-driven actions an organization takes upon the discovery of new insights that prove essential to the development of the business. Choosing the best report tool for the job is also a big factor.

The “modeling” of these varied systems and processes often involves the use of diagrams, symbolic references, and textual information to represent the way the data flows through the business. Examples of discovery models in terms of approach include entity relationship diagrams, data mapping specifications, data matrices, and data flow diagrams, many of which are outlined in this tutorial video:

https://www.youtube.com/watch?v=RJ9TpkWKyU0

We’ve considered the question “What is a data discovery model?” and explored examples of these kinds of models, but the takeaway here is: To tread the path to company-wide data-driven enlightenment, you must understand your flow of information and have an organizational strategy in place to ensure it’s handled in the most cohesive way possible.

d) Tell stories with your data

One of the most effective ways of ensuring your organization is an entirely data-driven entity by being able to create an easy-to-follow, inspirational narrative with your data – one that everyone within the organization can get on board with, regardless of their technical competency.

To achieve this, the adoption of data visualization is a must, and to help you get started, here are 3 questions you should explore:

If you’re able to tell a story and paint a picture with your data, you will ensure it is accessible throughout the organization, helping you build a far more cohesive and prosperous company as a result.

Data Discovery Tools For The Modern Age

A person using dashboard software to visualize data.These discovery tools provide visual presentations including geographical maps, charts, graphs, and color-coded elements to catalyze the data discovery process as well as the uncovering of patterns or trends within the data, not only in past and predictive sense but also in real-time. This organized, streamlined, and visual data typically comes in the form of real time dashboards, reports, charts, and tables in one centralized, easy-to-navigate location.

Data discovery products and tools are the gateway to cultivating a more productive, efficient, insight-rich, discovery analytics-smart organization. Any business intelligence platforms or tools worth their salt will offer all of the key attributes outlined earlier in the guide while helping you successfully cover every one of the steps necessary for ongoing commercial success in this cutthroat digital age.

Exclusive Bonus Content: What is data discovery & why should you care?
Learn the basic and main points with our free executive summary!

At datapine, we have the products and tools for the job. Regardless of your department, industry, or current level of digital maturity, our dashboards, tools, and templates will help drive your business towards a bright and prosperous future.

To see examples of what we have to offer and how we can improve your data discovery process, explore our range of dashboard examples or sign up for a 14-day trial completely free!

And remember, data is power – use it wisely, and you’ll have the world at your fingertips.

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