Unlocking Value from Data: Elevate Business Decisions with Enterprise Data Discovery

Nomad Data
June 12, 2023
At Nomad Data we help you find the right dataset to address any business problem. Submit your free data request describing your use case and you'll be connected with data providers from our nearly 3,000 partners who can address your exact need.
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In the previous article in this series, we dove into the world of Data Relationship Manager (DRM) and how it helps organizations maximize their data value by establishing a detailed understanding of all data interactions and relationships.

But once we have a firm grasp on our data relationships, what's the next step? How can we leverage this knowledge to make more informed business decisions, drive revenue growth, and reduce costs? In this article, we're delving into the next chapter of our data journey – Enterprise Data Discovery (EDD).

The enterprise data challenge

In an ideal world, every business user within an organization would have immediate access to the data they need to make critical decisions. However, the ubiquitous nature of today's data landscape represents a different reality. The data is out there somewhere, often within the organization, but locating it is a monumental task that requires data expertise. Even when you've taken the critical step of building out a DRM to log all interactions and relationships, finding the right data often feels like searching for a needle in a haystack for business users.

Without the right data at your fingertips, critical decisions are frequently based on intuition and assumption rather than hard facts. As a result, organizations risk making misguided decisions that could lead to lost revenue and increased costs. This challenge intensifies as organizations scale and their data becomes more complex and siloed, making it even harder to find the proverbial needle.

The EDD solution: empowering every knowledge worker

EDD is a pioneering solution in the data management and discovery field. It transcends the limitations of a static data catalog that requires painstaking hours of sifting through unrelated data. Instead, it offers a single interface designed to pair specific business use cases with internal and external datasets that fulfill those requirements.

It functions through a unified portal, a single access point where anyone in your organization can submit a request for the data they need, without needing to know where or how to find it. In minutes they are connected to the right data that addresses their need.

EDD is a game-changer for addressing this data dilemma, as it’s designed to empower every knowledge worker within an organization and place the power of data directly into their hands. This means that data isn't confined to a select few data experts; instead, it's readily accessible to anyone who needs it to solve business problems.

In essence, EDD democratizes data within an organization, bridging the gap between business users and the data they need. With EDD, business users can easily find relevant data to address their business problems, improving decision-making efficiency and accuracy. It's not just about providing access to data but delivering the right data to the right people at the right time.

Connect users to the right data in minutes

One of the key features of EDD that makes it so powerful is its ability to connect users to the right data swiftly.

Submitting data requests in EDD is akin to submitting a request in a ticketing system. Users don't need to be data experts or have any technical knowledge. They just need to describe their problem or information need in plain English, as if talking to a colleague. This user-friendly approach removes barriers and encourages more employees to engage with the data discovery process, but also gets the whole organization thinking about how they can use data to solve various challenges.

The EDD system allows for the central data team, who act as a gatekeeper for data requests, to  triage requests and quickly connect users to existing solutions, ensuring that business users aren't left waiting for the data they need. EDD uses language models to suggest matches to the central data team, making the process even more automated and frictionless.

But what happens if the data required by the user isn't already available within the organization?

That's where Nomad Data’s extensive network of external data providers comes into play. If a needed piece of data isn't already within the organization's data assets, the central data team can release the request to be matched with over 2,000 data providers. This process significantly cuts down on the time spent searching for data and conducting initial due diligence on data providers, allowing employees to focus their energy on data analysis and decision making instead.

Build a database of every use case across the firm

Another key benefit of this collaborative functionality between business users and the central data team, is the cumulative database of use cases that is built over time.

With EDD, central data teams can query against every past interaction with both internal and external data across the organization. By maintaining a detailed record of past data interactions and use cases, organizations can save time and avoid duplicative work. Furthermore, this use case database becomes a valuable resource for identifying and eradicating duplicate spend, and  flagging when data subscriptions are set to expire or autorenew. It becomes easy to find and evaluate the value teams are getting from a subscription, and then make a call as to whether you want to renew or cancel. It’s shocking how much data budget is wasted at renewal on datasets that no longer provide commensurate value to the organization.

How it Works: The EDD Process

So how does EDD work in practice? Let's break it down:

  • Data Request: It all starts when someone in your organization needs data or research to solve a business problem. They log into the unified EDD portal and submit a data request.
  • Reviewer Evaluation: A central Reviewer receives and evaluates the request

    • DRM Search: The Reviewer searches the organization’s DRM to confirm if the firm already purchased or created the needed information. Nomad's system can even suggest matches with internal and external datasets populated in the DRM.
    • Past Requests Search: If the data isn't readily discoverable, the Reviewer can search against all of the firm's past requests for similar use cases. This step leverages the power of the use case database we discussed earlier.
    • Informed Decision: The Reviewer can see exactly what happened in the past to inform how to proceed. Did someone else in the organization request similar data before? If so, how was it handled, and what was the outcome?
    • Reviewer Response: The Reviewer responds to the initial request, letting the user know where the information they need exists.
  • Data Provider Network: If the firm doesn't currently possess the necessary data, the Reviewer can, with a single click, send the request into Nomad Data’s network of over 2,000 data providers.

The Synergy of DRM and EDD

When combined, DRM and EDD create a formidable data management and discovery toolset. DRM helps you understand all interactions around your data, providing context and understanding of how the data has been used. This understanding is crucial when deciding how to proceed with a data request – knowledge of past interactions and outcomes can inform current decision-making.

On the other hand, EDD allows central data teams to break down the language barrier between data and business outcomes, and become powerful partners to business users.. EDD leverages the knowledge you've gained from DRM to connect users with the data they need to make informed decisions. In essence, DRM and EDD work in synergy, each enhancing the effectiveness of the other.

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