If you’re like most people, then you’ve probably recently had a conversation about data analytics where you or someone else had to stop the conversation and ask what a term meant. The world of business intelligence seems to move faster these days than ever before, and data discovery is quickly playing a big role in that radical transformation.
Analytics professionals have claimed that data discovery is going to be the end of traditional business intelligence as we know it, but such lofty claims aren’t grounded in reality. Rather than surrounding yourself with a ton of hype that might never come true, take a look at these five facts and decide for yourself just how much data discovery is going to change the way you run your business.
At its core, the term data discovery refers to any process that gives people the facts they need to do their job and make better decisions. You might want to think of it as traditional business intelligence at the speed of light as you check out these fast facts.
1) Data Discovery Is More Than Manual Searches
According to one set of statistics, automated data discovery tools are upwards of 50 percent faster than searching through a data set by hand. A majority of businesses still parse their information either by authoring simple scripts or looking through spreadsheets.
Over time, the amount of time wasted on this kind of search methodology can really add up. Worse, however, is the case of a company that has to look through individual documents by hand while trying to find a single bit of contact data or the time that a particular transaction took place.
As a result, these streamlined data discovery workflows can go a long way toward simplifying your company’s customer relationship management experience and even help to make sure you stay in touch with your clients and vendors on a more regular basis. After all, those who can find contact details and other pertinent pieces of information are more likely to actually use them in the course of a regular business day.
2) Data Discovery Technology Has Become Easier to Use
At one point, it was relatively difficult to put structures on top of otherwise unstructured data. This normally meant authoring some kind of database or spreadsheet cell routine and migrating all your information to a single document. Once you did, you had to make sure every single formula was right.
This is almost impossible to deal with. If you had any kind of error, then it was hard to track it down. Those who remember authoring stackware for HyperCard engines back in the day or dealing with the old fashioned Windows Cardfile app remember how hard this is.
Keep in mind that it’s 2020 and a number of businesses still rely on this kind of technology as well as other antiquated ways of structuring data like COBOL.
Modern data discovery tools are simple to use. If you know how to use a web browser or maybe a couple of mobile apps, then you know exactly how to use them already. Best of all, if you run a business that’s currently stuck using some outdated technology one of these modern tools can serve as a drop-in replacement.
You’ll never have to worry about compatibility issues again.
3) Data Discovery Tools Can Lighten Up So-called Dark Data
Unstructured, untagged and untapped information is often referred to as dark data by experts, and it represents a revenue stream that you’re not taking advantage of. If you have data lying around that you’re not using, then you’re simply wasting money on having it stored.
At the same time, you might find that some data is unnecessary or even dangerous.
4) Privacy Concerns Can Be Assuaged by Data Discovery Tools
Business owners who are concerned about whether they have potentially privacy-compromising data stored in a server that they don’t even know about can use a data discovery tool to look through everything and tag it. They can also look into an anonymization tool, which will examine these tags and shred any remnants of personal information that are no longer needed. European businesses have been using this to ensure compliance with the General Data Protection Regulation, and the technology has really started to take off on an international scale.
It’s even getting to the point where slow hardware can handle the task.
5) Data Discovery No Longer Requires Deep Learning
While artificial intelligence might be all the rage right now, computer scientists estimate that 95 percent of tasks won’t require deep learning any longer. That makes it easier than ever for businesses to invest in this technology and deploy it.
Even if you’re a small business owner without a dedicated IT department, you’ll still be able to find a data discovery tool that fits your company’s particular use case.