What is Data Discovery? How it is Important?

Meaning of Data Discovery

A data discovery process consists of uncovering relevant data insights and communicating those insights to business users.

In business intelligence, a major problem is a mismatch between people who know how to prepare data for analysis and those who are expected to use the insights from those analyses.

It is easier for non-IT staff to access complex data sets and draw out the information they need with the help of data discovery tools. It is possible for anyone to perform this process of knowledge discovery, regardless of their technical background.

Big Data Discovery: Why Is It So Popular?

Let's take a look at the main benefits of data discovery as a trend, now that we have covered the definitive definition of data discovery.

During the previous decade, the big data industry has seen exponential growth. In the last two years, more data has been generated than ever before, and the industry has created around 13 million jobs globally since 2012. Predicting patterns and connections has improved the way businesses work, making it one of the biggest industries worldwide and one of the hottest trends. Let's take a look at why.

Business analysts consider data to be a precious commodity and a kind of currency. Using it, companies can gain competitive advantages by gaining trustworthy insights. By improving the decision-making process, enabling growth strategies, and enhancing customer experiences, organizations are able to drive innovation.

IT or data expertise should not be required to extract business insights in the modern world. The importance of intelligent data discovery in today's context can be attributed to this. Providing the tools for any type of user to understand important data points is at the core of this trend. Providing them with the tools to use data to make important decisions.

Enhanced risk management: Data management isn't without risks. As data volumes grow, so does the need to keep them protected and compliant. Businesses can ensure compliance and spot any potential threats with the help of data discovery tools.

Time and money are of the essence when it comes to analytics. Reports with outdated information used to take days to arrive. Automated features, as well as real-time data access, are available through a data discovery platform. Combining these two functionalities allows organizations to save money and time by using the insights derived from the analysis to optimize their processes.

Why is data discovery important?

It is said that data is the new oil. A key insight into consumer desires is offered by this platform. As we all know, "knowledge is power," so businesses need to leverage data to remain competitive in today's world. A foundational step to ensuring regulatory compliance is data discovery. Ultimately, it determines which data needs the highest level of security and protection and which data can be handled with low to no security considerations. Redundant, Obsolete, and Trivial (ROT) Data elimination is a critical step toward reducing waste and ensuring effective risk management.

As a society, we are living in a digital age where data is everywhere. In order to continue to grow, businesses should leverage the data they have at their disposal. It is expected that by 2025, the total amount of data created will reach 175 zettabytes. By 2025, the global data discovery market is expected to grow by 14.4B, illustrating the interest in data discovery in the business intelligence community.

READ MORE: Establish A Robust Scalable Data Analytics Foundation With Our Data Discovery Workshop