The average individual surfing the internet generates about 2.5 quintillion bytes of data every day. To put that into perspective, that’s 2.5 followed by a whopping 18 zeros. This makes it significantly difficult to even imagine the amount of data being generated by entire organizations. Operating in a digital ecosystem where IoT is the order of the day, vast quantities of new data is constantly being created. Organizations are striving to better manage and analyze their data for improved Business Intelligence (BI), with 95% of businesses struggling with their unstructured data.
Organizations are now finding it imperative to employ Business Intelligence (BI) tools to extract every bit of value from all the data they are both ingesting and generating regularly. Analyzing and understanding the data enables businesses to gain new insights, optimize business processes and gain a competitive edge over its competitors. It is this access to data and a better understanding of the metrics through analytics and insights, that fosters a culture of data-backed decision making. A data discovery process that enhances operations, helps build better business strategies and positively impacts ROI.
Data Discovery is the process of collecting and analyzing data from varied sources, with the objective of identifying patterns, trends and outliers within the data. Analyzing both structured and unstructured data, the process helps to connect the different data sources, offers data visibility throughout the organization, and provides actionable insights through an interactive platform. These insights are leveraged to enhance business processes and gain a competitive edge in an already saturated market environment.
Almost every business collects massive data sets from their production processes, market activities, suppliers, customers; and this is from both traditional and online transactions. Not taking advantage of all this data is foolish, and drowning in data is not an option. This is where Smart Data Discovery comes into play, automating the management and analysis of data, and the subsequent delivery of crucial business intelligence gained.
For the past two decades, organizations have been practicing data discovery without the aid of automation. With the help of Excel sheets and excellent cognitive capabilities, organizations carried out data discovery, documentation and analysis. This was an inefficient process that took up a lot of time and effort, depended on an individual’s understanding of the data and was subject to human errors that would be unavoidable. The insights gained were thus not always dependable and necessitated the shift to a Smart Data Discovery model.
With the introduction of Machine Learning (ML), Artificial Intelligence (AI) and augmented analytics capabilities, Smart Data Discovery has become the pinnacle of a new generation of data technologies. Smart Data Discovery and BI tools help to capture, prepare, analyze and conceptualize the data, and present the insights on an integrated platform. A platform where the data is seamlessly translated into actionable insights, made available through an interactive dashboard, in real-time. Moreover, it promotes better decision-making at every level of an organization; since the data is democratized and every employee irrespective of their technical proficiency can operate these self-service tools. Smart Data Discovery is empowering employees with advanced data visualization capabilities, leveraging actionable business intelligence to bring about real change and optimize the business impact.
Data Discovery offers a new approach to clean, analyze and understand your data, in order to recognize patterns, trends and anomalies that are affecting your business. A comprehensive solution that fits in seamlessly and is user-friendly enough for any employee to operate and generate actionable intelligence. This intelligence gathered is the key to gaining a competitive edge and staying ahead of the curve by anticipating market conditions, consumer behavior and even production processes within the organization.
The following are some benefits of employing Smart Data Discovery tools:
Data Discovery is a process that we can break down into the three essential stages of Data Preparation, Visual Analysis and Guided Advanced Analytics. Any data discovery tool or software that you wish to employ within your organization, should be able to create a robust foundation for the three above-mentioned stages. To have a successful data discovery process integrated into your business processes, look out for the following key features that a smart data discovery tool should be able offer.
Smart Data Discovery delivers the potential of Big Data to everyday businesses and the ordinary employee. Data is no more reserved for the qualified analysts. Explore Augmented Analytics tools such as Course5 Discovery and foster data-driven decision-making. Get AI at scale, with a customized tool delivering relevant and actionable insights through an easy-to-read interactive interface. Build up your organization with data transparency, where everyone can access business data, leverage the tool’s features and promote an insight-first culture. Improve operational efficiency with automation delivering high-quality insights for effective decision-making, improved value and maximized ROI. Request for a demo today and transform your business through automated analytics and insights.
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