Data discovery involves collecting and analysing data from various sources and is often used to identify trends, relationships or outliers between various data items. This process can be actioned from a single database or across multiple disparate data processing systems, allowing organisations to turn data into actionable insights and make informed decisions.
From identifying outlier data to analysing trends and spotting dependencies between data items, the process of data discovery includes four key components:
The first step in the data discovery process is to gather all relevant information from various sources such as databases, websites, applications and reports. No single data stream tells the complete story, therefore, gaining an overall picture of the available data from multiple sources enables organisations can gain a comprehensive view of the patterns and trends within their data.
The cleaning process can include removing duplicate, inaccurate or irrelevant information that may have been collected as part of the initial data collection phase, providing a more precise direction. This is a crucial step to identify only relevant and accurate information, as any discrepancies can lead to misinterpretations or incorrect conclusions. Data cleaning also involves the identification of outliers, which are data points that lie outside the central trend of the data set and may be presented due to errors in data entry or measurement.
The next step involves analysing and understanding any patterns or relationships in the data. This can include various mathematical metrics such as mean, median and mode to gain insight into how the numbers interact with each other and detect. By identifying and understanding patterns, data visualisation techniques can be applied to assess the quality of the data collected, and hypotheses can be tested for further analysis.
Another critical stage of the data discovery process is effectively communicating the findings and insights to relevant team members. This may involve presenting the data in a form that key stakeholders can quickly visualise and understand, highlighting trends, patterns or relationships that have been identified. Data communication enables organisations to make decisions based on their data, improving the accuracy of their decisions and leading to better results.
Data is at the heart of every organisation, but to get the most value out of available data, it’s crucial to understand the existing patterns and relationships. When you have the agility to find and interpret data insights quickly, you can make smarter and faster decisions with greater precision. Data discovery allows organisations to uncover trends and patterns that may not have been noticed, which can help improve efficiency and make informed decisions. Data discovery provides a clear picture based on accurate insights, from the shift to hybrid working and cloud-based solutions to the many users visiting your websites and applications.
More businesses are treating their data like their most prized asset. The information businesses collect about their customers and operations can provide a competitive edge by uncovering new opportunities and giving them an understanding of the market. When you transform this intelligence into a competitive advantage, you can enhance customer experiences and elevate efficiency.
Here at Data Privacy Group, the OneTrust online platform is at the core of our solution. Companies of all sizes face increasing pressure to comply with complex regulations, meaning data discovery is now more critical than ever. Whether you’re looking to quickly and easily understand how your data is being used, wish to create an easy-to-comprehend, holistic view of your data items or want to eradicate manual data discovery, which can often be time-consuming and yield incorrect results, we can help you unlock the power of AI-driven Data Discovery, ensuring you have a readily accessible, visual and well-classified data landscape.
To learn more about The Data Privacy Group and how we can help you, please contact us today.