Jo Why Lee

London - United Kingdom

    Business Intelligence and the Future of Data Discovery

    October 28, 2013

    Big Data

    Over the past ten years, the internet and the availability of information has increased exponentially. The internet has fostered a type of global online community, dramatically influencing the way people and businesses interact together. This change has affected business strategies globally, and in order to be successful, businesses must keep up with the changing tide. One of the most important issues for successful businesses today is to make the right decision at the correct time. This type of issue creates a niche for improving significant business decision making via data/fact-based systems.

    Large Amounts of Data Create Challenges

    There is a huge challenge in the business world today in dealing with the massive amounts of data that need to be stored and analyzed rapidly to assist in informed business decision making. Businesses also have to learn how to use and adapt to the new technologies (like remote access and cloud computing) that could help them streamline and improve their marketability and competitive nature. Social networking and interaction has also dramatically changed the communication between people and business, as well as the way businesses develop and are branded. Data Discovery—business intelligence that is user driven—is a new way that businesses manage, review and present their data.

    Filling the Niche

    Data discovery is filling a brand new business niche of user-driven data analysis that greatly exceeds conventional business intelligence platforms. Business process discovery (BPD) is a set of techniques that automatically construct a representation of an organization’s current business procedures and its major variations therein. These types of techniques use data that can be found in the technology systems that are already in place within an organization. BPD exemplifies the following properties: emergent paradigm, automated process discovery, accurate information, complete information, and standardized process.

    Effective Decision Making

    Data Discovery and its Business Intelligence (BI) platform provide a type of self-service business intelligence which helps drive business management and decision making creatively and effectively. Business intelligence is a relatively new movement among businesses to collect and effectively use data to assist in streamlining and improving business processes. Business intelligence is a sort of broad term referring to an assortment of software applications that collect, organize and analyze raw data. The types of activities that fall under the broad term of business intelligence include online analytical processing, reporting, querying, and data mining.  Companies implement this type of protocol to help improve company decision making, find new business opportunities, and cut costs. Such programs allow for businesses to analyze data without any third party interaction. This type of data collection and usage has been described as the ‘democratization of information access.’

    Many different businesses have implemented BI systems. They utilize business intelligence to make different types of strategic decisions, like adding and removing products. Data Discovery is also used tactically, by aiding with contract renegotiation as well as deciding which locations are more fruitful and which are not.

    Bottom-Up Approach

    An interesting fact about Data Discovery is that unlike traditional business intelligence platforms, it isn’t bound in the functionality of its search. Users are able to examine and explore data in any way they please and to answer whatever questions they might have without having to follow a specific data analyses path. It also enables all users (from the bottom to the top) to create specific and individual data discoveries that would be unobtainable otherwise. Business Discovery's bottom-up approach is the new face of business intelligence.

    Flexibility

    Since 2010, there has been a battle between IT’s and business users. This battle between the need for flexibility and the need for control was finally put to rest after the launch of Data Discovery. This BI platform provides extreme functionality without sacrificing the data control and standards. This new platform has been rated as one of the more user-friendly data discovery tools available, satiating both ITs and business executives.

    In the rapidly changing world of business intelligence, it is no surprise that user-driven business intelligence platforms are taking hold of businesses everywhere. It is only a matter of time before Data Discovery and other user-driven platforms become the rule, rather than the exception. 

    Related Reading: 

    Getting the Most Use Out of Business Analytics | Chartered Management Institute 

    Big Data Changes How Business Is Done | THE Tech Scoop

    How to Prioritize Big Data: It's A Big Part of The Picture, Not the Whole Picture 

    Read Jo's other blog entries >

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