However to fully optimize the use of these new richer sources of information, a visual data discovery environment is often times needed. These next generation analytical environments allow the information to be discovered at a very granular level through the use of high impact interactive graphics.
By deploying this type of environment users can quickly traverse large volumes of data to identify anomalies and outliers in their businesses. Today’s next generation analytical tools allow users can incorporate real-time data feeds into their solutions.
For example, by taking feeds directly from message buses, CEP engines, tick database and a host of other real-time sources, visual data discovery applications can be deployed that provide users a historical perspective on their business that provides context for a real-time operational view. This allows for comparative analysis and real-time tuning of any operational area.
The ROI of Optimizing Information
The ability to integrate and analyze any type of data at true real time velocity has resulted in return-on-investment measured in days for many organizations. For example, a major financial services used Information Optimization technology to avoid the time and expense of a multi-million dollar warehouse deployment. It now provides its 100+ brokerage clients with secure daily commission and settlement statements mined directly from legacy mainframe systems.
Similarly, one of the nation’s largest independent beverage bottlers dramatically reduced DSOs (Days Sales Outstanding) and improved the effectiveness of its collection agents with the technology.
And a leading credit union saved well over 2,000 hours of annual process time with an information optimization system on its way to launching an efficiency branch. The company also saved more than $350,000 in annual direct costs
These examples, like many others, show that every company needs to start acting like a data company, regardless of their line of business. To fully exploit the power of their information, they have to uncover the content blind spots in their enterprise that holds so much underutilized value. Leveraging structured, unstructured and semi-structured content in a visual discovery environment can deliver enormous improvements in decision making and operational effectiveness.
About the author
Ben Plummer is chief marketing officer and vice president, Strategic Alliances for Datawatch Corporation.