4 ways to capitalise smart discovery tools using software developers

4 ways to capitalise smart discovery tools using software developers

Merely possessing data means little to your business since it can be incredibly valuable, but only if it is utilised in the right way. The right smart data discovery tool provides sophisticated and cutting-edge features within a simple and easy-to-use interface for data discovery. This helps you understand trends, patterns and the root cause of issues before sharing data and making critical decisions. 

Data Discovery Tools allow businesses to leverage advanced analytics to swiftly and effortlessly prepare and analyse data and to visualise and explore data, notate and highlight and share data with others. Business users can leverage advanced analytics tools to identify important ‘nuggets’ of information, buried in traditional data and connect the dots, find exceptions, identify patterns and trends and predict results. Smart Data Visualisation allows users to gather data components and clarify a problem, identify an opportunity or make a decision.

There are tools related to data discovery that exist in the form of business intelligence software that has been designed to improve traditional Business Intelligence (BI) capabilities. People need tools that help them read and interpret data patterns and not only just for analysts and IT experts.

Here is how you can capitalise smart discovery tools in your business. 

1. Involve seasoned analytics professionals

Don’t just bring a tool into your organisation before ascertaining its ease of adoption and the soundness of its ‘smarts’. This will help to get a head start on the best practices needed for the tool to avoid ‘bad or magical math’. 

2. Seek transparency and audit-ability

As much as the aim of a smart data discovery tool is to automate the analysis process in the organisation, you should insist on one that can be governed and audited. It should be able to explain what data changed and why inconsistencies might have been experienced. This is especially important in industries whose information are highly regulated, for instance, banks and hospitals. Seek to know precisely how specific figures were arrived at to gain insights.

3. Document your questions and assumptions 

Smart data discovery ought to be as interactive as possible to explore various business questions. It could be done in narratives or with chats. Typically, the questions should deviate from the original one as users seek to understand their data. Also, document all assumptions when presenting the data for the consumption of data.

4. Track actionability of the results

As your business changes, you will need to adjust your analysis process to suit the business outcomes. Ensure that you gather feedback from consumers of the analytical results to gauge if the insights provided are indeed actionable. Also, check whether the predictions made by the tool were accurate

The right smart data discovery software can help you see interdependencies and identify opportunities, to decrease total cost of ownership (TCO) and improve the return on investment (ROI). Website design and software development companies like iFactory can help you democratise analytics and sustain competitive advantage. Call us today and our software developers can make your data analysis smart, easy and aligned with your business objectives.

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