Data is Often termed as "Gold Nugget" or "Oil of the Future"
Data is commonly seen as the oil of the future providing high value for innovation and success.
This new data-driven approach aims to go beyond mere reporting and monitoring of the organization’s performance, which has been the core of traditional BI initiatives. The goal is to exploit the full value of data to not only improve decision-making but to directly impact the optimization of business processes and to fuel new business models.
The high demand for data discovery tools reflects a huge shift in the BI world towards increased data usage and the extraction of insights and patterns from data.
This means operational decisions and long-term planning are based on data and insights. In order for this to work, employees need relevant and reliable information in a timely fashion.
Digitalization demands the democratization of data usage to enable as many employees as possible to reveal insights in corporate or external data. To ensure a closed loop of information usage, data discovery tools should first of all be regarded as complementary to traditional BI.
Concepts such as governance are important to ensure the re-use of insights gained from the data discovery process and user-oriented solutions are needed to provide business users with a proper toolkit for data analysis.
Business users require software that ……
… is easy to use, code-free and not dependent on deep technical or statistical knowledge.…
is agile and flexible, so users can find answers to their questions ad hoc without relying on the help of IT to set up a complex environment prior working with the data.…
reduces time to insight since users need to gain insight as quickly as possible and act on it to stay ahead of the competition.… allows
easy handling of a high volume and variety of data as the large amount and increasing variety of data require more efficient and user-oriented methods of presentation to make sense of them.
Because visual data discovery software meets these demands far better than most traditional business intelligence software suites, it comes as no surprise that it is currently capturing the attention of BI professionals, and that the major BI suites are now being extended to cater for these requirements.
Tools to support the data discovery process There are several software solutions that support one or all of the aforementioned steps of the data discovery process. Most tools support more than one category.The following overview of tools for data preparation, visual analysis and guided advanced analytics reflects the main focus of the software and not its full functional spectrum.However, all of the data discovery tools have the following characteristics in common:
They target business users and provide a code-free environment for data discovery.They support access to a good set of data sources.
They often provide data preparation and modeling capabilities such as join data from different sources.
They often support visual and easy-to-digest representations of data.
They often allow interactive navigation within visualizations.
Some of them provide out-of-the-box guided advanced analytics features to support statistical analyses.
They offer options for sharing insights with other colleagues.Seamless integration of data preparation, analysis and analytics.