What is the objective of Project Finance?

The most common structure to carry out Project Finance operations is by creating a Special Purpose Entity or Special Purpose Vehicle (SPV ). Its sole objective is to carry out the investment project and structure its financing. This company is the one that issues the debt and uses the cash flows to recover the investment.

In addition, in this company, the only guarantee that exists for the external resources contributed are the cash flows and the assets of the project.

Therefore, in order to achieve better management and control of project risks, these will be assigned equally among the parties participating in the operation.

Before carrying out the project, it must be ensured that the cash flows generated are sufficient to cover operating expenses and repay the principal and interest on the debt. Until these are not covered, dividends will not begin to be paid to the sponsors.

What types of sponsors are there?

In a Project Finance we can find several types of sponsors such as Industrial Sponsors for which the initiative is usually related to their main business.

The Central, Regional or Local Government, whose objectives are focused on social welfare, would be part of the Public Sponsors .

Those who develop, build or operate the project are known as Contractors, Promoters, Sponsors or Sponsors.

Finally we have the financial Investors , who seek to invest in projects that give them high profitability.

What are the phases of a Project Finance?

Few participants usually collaborate in a Project Finance, which is why some perform different roles. This makes the costs are lower and therefore the return flows are higher.

The cornerstone of this type of project is the risk factor. as it is responsible for unexpected changes in the project’s ability to pay operating expenses, debt, and dividends to shareholders.

Depending on the phase of the life cycle in which the Project Finance is, the risks will be different.

For example, in the construction phase the risks are more associated with the planning of the activity as well as with the construction and technological aspects. However, in the operational phase, the risks that we may encounter are those related to the supply of materials or market risks for the sale of products or services. Although there are also macroeconomic and financial variables that pose a risk regardless of the phase in which the project is at that time.

Risk management strategies

The role of risk is so important that several strategies must be taken into account to try to mitigate its impact.

The company will try by all means to use all its tools to apply its own internal prevention and control procedures before resorting to the third party option which is always more expensive.

Another strategy is to transfer the risk to each of the entities participating in the project. Thus, if each one has to bear the cost of risk, it will be able to control and manage it better.

But some associated risks are so complicated to address that there is no choice but to resort to insurance companies to cover certain possibilities that are difficult to foresee and manage.

Advantages of Project Finance

Since the Special Purpose Vehicle is the one that assumes the debt, the financing is left out of the balance sheet, thus limiting the risks assumed by the promoters. They do not see their debt ratio change and they can maintain their credit rating or rating.

This financing formula can achieve much larger financing amounts and terms than if the promoters independently carried out the procedures.

Financial entities usually participate in these companies because the margins and commissions are usually higher as it is a leveraged structure. In addition to benefiting from advantageous conditions and being able to sell their participation in the project.

What is the difference between Project Finance and Corporate Finance?

Corporate Finance or Corporate Finance is the area that focuses on the monetary decisions made by companies in their financial field and whose main objective is to maximize shareholder value.

Corporate Finance is constantly working to find strategies that improve the profitability of companies.

Therefore, Project Finance is a financing mechanism with which Corporate Finance works to finance large-scale and stable projects. Its main characteristic is, as we have previously indicated, that the main guarantee is the ability to generate income from the asset itself that is being financed.

As we have been able to verify, financial engineering does not stop creating figures that lead and help carry out any imaginable project.

Also Read: RPA Carving Out The Roadmap For The Future-Ready Finance Industry

The post What Is Project Finance? appeared first on Tech Today Reviews.

In this article, we answer all the questions you may have about using ERP software.

ERP software definition

An ERP stands for “Enterprise Resource Planning” which means in French “Management of a company’s resources”. ERP software is in fact a software solution that makes it possible to pilot and manage all of a company’s operational processes on a daily basis.

This kind of software is called in the French language “PGI”, which means “Integrated management software”. Such software centralizes all the tools and functionalities necessary for the management of a company as well as all the data on a single basis.

ERP software then integrates functionalities such as: inventory and product management, supplier management, production management, commercial management, customer relationship management, human resources management or accounting management. . The objective in using ERP software is then to simplify and optimize all of these tasks.

In fact, ERP software can be defined as the backbone of a business.

What is SaaS ERP software?

You may have heard of SaaS software before but only have a vague idea of ​​what it is? So what is SaaS ERP software?

A SaaS solution (meaning “Software as a Service” or “Software as a Service”) is a software solution hosted in the cloud by the software publisher and therefore on a server outside the company using the software.

What you have to understand from this is that SaaS ERP software is seen as a service and not as a product acquired during purchase. It is thus distributed on the Internet in the form of a service. Users opting for SaaS ERP software then pay a monthly or annual subscription. They don’t actually have to buy any licenses and don’t have to install anything on their computer. Users therefore have no paid update to set up. These are carried out by the software publisher itself.

The SaaS ERP software is therefore directly accessible from the web, from any browser and from any terminal (smartphone, tablet, PC or Mac). Users each have identifiers to connect to their space.

Thus, if we summarize “what is ERP SaaS software”, it is software hosted in the cloud and distributed by a publisher who makes it accessible to its customers via the Internet.

What are the benefits of SaaS ERP software?

Today, “traditional” ERP software that is not in SaaS mode is showing its limits. These ERP software which are not in SaaS mode find it very difficult to meet the needs of increasingly large and evolving data exchanges. These traditional software are not as flexible as SaaS ERP software. They do not adapt continuously but very punctually bring heavy modifications. These heavy modifications are accompanied by heavy updates which are your responsibility. If you opt for SaaS ERP software, you will not have to pay for these updates. In addition, the software will be much more scalable and adaptive.

What are the other benefits of SaaS ERP software?

Cost reduction

With SaaS ERP software, you will no longer need to install your software on your own computer (or on a company Data Center). Indeed, SaaS ERP software is available directly online on the web. The fact of having nothing more to install leads to a drastic reduction in operational costs.

You no longer have hardware acquisition costs, software license costs, installation, support, maintenance or update costs. With SaaS ERP software, you actually have the only cost of your subscription.

Great agility and flexibility

SaaS ERP software has great agility and flexibility. First, businesses can organize their budget with greater ease and accuracy. Indeed, a SaaS offer comes in the form of a subscription whose price is proportional to the number of users. Then, a SaaS ERP software is also flexible because it is accessible from any device and from anywhere. Finally, flexibility and agility in the fact that you will be able to customize your SaaS ERP software to your image so that it reflects your business.

High scalability

SaaS ERP software will also be recognized for its high scalability. Scalability refers to the ability to adapt from a dimensional point of view, both towards lower sizes and towards higher sizes. In fact, depending on the needs that the user may have, the latter may have access only to the services and functionalities that correspond to his activity. Users then become more autonomous and productive.

Scalability is an important advantage for an organization planning to expand its scope of activity or for a high or medium growth company. By opting for SaaS ERP software, the company in question does not need additional IT resources and infrastructure. As the organization grows, SaaS ERP software can actually be extended to meet new requirements.

Better scalability

SaaS ERP software will also have better scalability. Every day there are new features appearing and new updates happening automatically. All of these updates increase overall productivity. Thus, an ERP SaaS software can respond much more easily and quickly to new needs that arise in terms of management or to changes that may have in a company. It evolves and adapts continuously unlike traditional ERP software which can quickly become outdated or too old.

Enhanced security

ERP software in SaaS mode also has the advantage of security. Additional security is provided since the data is stored in the cloud. The servers that store the data are very powerful and secure. Indeed, the data is hosted on a remote server through a secure connection which guarantees the protection of your data. With SaaS ERP software, you therefore have almost no chance of losing your data. Finally, access to the ERP software is strictly confidential and reserved only for members who have the necessary authorizations. No one else will be able to connect to your space.

What is ERP software used for?

Using ERP software allows you to simplify the management of your company from all points of view. ERP software makes it easier to manage a company’s activity, improve its performance, increase its productivity and secure all its processes.

Thus, ERP software allows a company to optimize its costs (in terms of inventory management, supplier management, etc.) but also its performance (operational processes, planning, data sharing, collaboration, customer knowledge, etc.) ).

ERP software allows you to perform all management tasks via the following features:

• Accounting and financial management
• Stock management
• Production management (GPAO)
• Human resources management
• Supplier management
• Commercial management
• Customer relationship management
• E-commerce management
• Distribution management

Each module and feature are related. This means that each application communicates with the other and you only have to enter the data once so that it ends up everywhere where it needs to be.

One of the other objectives of an ERP tool is to standardize the company’s information system. Everything is centralized in a single software and companies then avoid dealing with multiple software. This avoids, for example, that you spend your time exchanging files between services. Thanks to ERP software, you can centralize all the company’s information. A gain in productivity will necessarily be felt.

ERP software also streamlines communication. All company employees have access to the level of information they need. And we know this very well: the more transparency there is, the more rigorous the organization and the better the human relations. ERP software makes it easier to manage your company’s human resources. You will then be able to optimize the organization of your business much better and once again gain in productivity.

Thus, an ERP software covers all the needs of a company and allows it to be more efficient, faster and all this in a simplified, flexible and adapted way. With ERP software, you have a complete view of your business and make better decisions faster. All this increases productivity, performance and therefore profitability.

How to use ERP software?

Well since earlier, we have been talking about what is the definition of ERP software or what is ERP software used for. But then, you may be asking yourself the question: how to use ERP software?

In fact, there is nothing simpler, if of course you opt for SaaS ERP software (see the paragraphs “What is SaaS ERP software” or “What are the advantages of a ERP SaaS software?”).

Indeed, if you opt for ERP SaaS software, you have nothing to install on your computer, no license to buy or even no equipment to acquire.

You just need to:

• Go on the internet and type the name of the ERP you have chosen in the search bar.
• Click on the official website link.
• Click on “register” to create your account.
• Pin the link to the taskbar (to create a shortcut for future logins).

And voila, your account is created! Then, you just have to let yourself be guided by the software which will help you to personalize your space, to hide or display the modules which do not interest you or which interest you. You can also import your data in the “Settings” section such as prospect, customer, product and supplier data. You will be able to configure roles for your other users / collaborators and define the accesses (that is to say, what they will have access to and which they will be able to see or modify).

Note that if you have trouble getting to grips with the software or simply want a detailed presentation of an ERP software in question, very often, publishers offer demonstrations (public or private, it depends) of their software. .

Also note that very often, ERP SaaS software publishers offer, in addition to their software available online, a mobile application to download from the App Store or Google Play (depending on whether you are on Apple or Android).

How to choose your ERP software?

Nowadays, many publishers offer ERP software. In other words, you are spoiled for choice! But how to choose your ERP software?

Well first of all, you have to be able to clearly define your needs and your objectives. What is ERP software for you? What do you think ERP software is for? And what needs should it meet? To choose your ERP software, you must clearly define your selection criteria in order to effectively compare the various offers and find the one that suits you best.

To clearly highlight your selection criteria, we advise you to write precise specifications. To better define your needs, you can rely on the following criteria and questions:

• What is the size of your company, the number of employees in the company, the type of activities, the mode of operation of the company and its specificities (production, finance, etc.)?
• Is the solution adapted to your activities and your processes?
• Is the solution modern, flexible and ergonomic?
• Is the solution easy to use and simple to set up?
• Is the solution flexible and customizable to your image?
• What is the quality of customer support and integrated services (updates, guides, advice, customer support, online documentation, etc.)?
• What budget are you willing to spend?
• What are the customer opinions about the software in question?
• What software developments have been made and what is the rate of updates?

Once you have answered these questions precisely, you will be able to establish precise specifications.

You will then have to go on the internet to see the different software publishers and the offers they offer. Publishers very often give demonstrations of their software. You can reserve a time slot to participate in a demonstration. It will be easier for you to form an opinion, to compare each software and to choose the one that suits you best.

If you’re having trouble defining your needs, don’t worry. By dint of research on the internet on ERP software, you will learn more. You will end up better defining your processes, your needs, what you cannot ignore and what is less important to you.

How much does ERP software cost?

The cost of an ERP depends on several criteria such as its complexity, the developments to be carried out or not, the number of users, the infrastructure, etc. The first prices are around 10 € / month, and the highest can approach the hundreds of euros. The prices vary a lot from one company to another and according to the offer that is proposed. It is therefore rather difficult to give a scale. It is better that you define what budget you are ready to devote monthly or annually.

Note that ERP software will allow you to gain productivity. Companies that use ERP software see an often rapid return on investment.

Summarize

Today, an ERP is almost essential for the proper functioning of a company. Using ERP software will allow you to optimize your business management and all of your processes. Your company will become more productive and transform into a great place to work. Staff management will be much better, resource management will be easier and project planning and development will have never been easier.

But be careful, you will have to be careful to choose the right ERP software that best suits your needs and your activities. With the offers that are present en masse, it is better to establish precise specifications before you start researching, otherwise you risk getting lost.

If you are a VSE or an SME looking for software for:

• Quotation / invoicing (commercial management),
• Project management,
• Ticket management (customer support),
• Customer management (CRM),
• Management of stocks, products and suppliers,
• All accompanied by a management and activity analysis module

Also Read: ERP On SaaS To Mitigate The Effects Of Coronavirus

The post ERP Software Definition: What Is An ERP? appeared first on Tech Today Reviews.

These activities in a company do not only mean complaints management, as is sometimes assumed. Complaint management is part of customer care. But it is also part of taking care of general questions and problems or otherwise contacting customers. Even when everything is going perfectly.

The goals of customer care

With your Customer Care Team, you meet the needs of your customers and those of potential new customers. Among other things, they help with the operation, maintenance or replacement of a product. Before that, they may advise you on the purchase and hand the goods over the counter. Customer care also includes looking after existing customers . The aim is to strengthen the bond between them and the brand . This is how you achieve more sales and generate true fans and regular customers.

Customer satisfaction is also to be increased with the help of customer care. At the same time, new leads constantly want to be found and encouraged to convert. Of course, marketing, sales and co. are also involved here – but these departments are not mutually exclusive with the tasks of customer service. Everything goes hand in hand. This brings us to the next point:

Who is responsible for customer care?

First of all, it should be said that systematic customer care is still too much neglected in both small and large companies. Small businesses think it’s a department that will only come along as they expand. This is fatal, because even in small companies, customers have questions and concerns. Possibly even more, since the service or product is still unknown.

Corporations, on the other hand, want to save and assume that they are known and popular enough anyway. They think they don’t need to invest much in customer care. Anyone who creates a customer care concept right from the start can therefore gain a market advantage.

An extra department for customer care?

It is possible to have your own customer care department, especially when it comes to service hotlines and similar points of contact. Basically, however, everyone who is in direct contact with the customer and communicates with them belongs to the customer care team. For example when purchasing or using a service. Other classic customer service situations are inquiries and feedback (regardless of whether it is neutral, negative or positive), complaints, advice or training and existing customer care .

Customer care occupies many employees in the company. However, not all teams are involved: human resources, accounting and controlling, production, research and development or even public relations (because the press is not counted as a customer) rarely have any contact with customer care. That would only be at trade fairs, for example Guided tours of the company or similar.

Also Read: Chat And Voice Bots For A Digital Customer Experience

Capture the status quo in customer care

Before you can improve your care concept, the current status must be recognized. Is there already a customer care concept? If yes, how complete is it? Which contact channels do you offer? What are typical requests? How high is the customer satisfaction? What is your lead count? Capture all important information.

Create statistics

Collect this data both as a subjective impression of your customer care team and in facts and figures. This includes, for example, the number of solved and unresolved problems. A particularly interesting and not so well-known model is the Kano model for calculating customer satisfaction.

When the data is available, the interpretation starts. Does satisfaction relate to your customer care? Or do complaints come from the fact that the goods have defects, or because a cooperation partner is unreliable? Create comprehensive reports on a regular basis and define measures for improvement . This is also one of the tasks of customer care.

The retention rate (customer retention rate)

This number is not a direct representation of satisfaction, but it can be related to it: The retention rate is the percentage of customers who make multiple purchases or remain in the customer base within a period of time.

This is best recorded online, when a customer account is created or data is otherwise recorded. For a small retail purchase, with no loyalty program, the retention rate is harder to measure.

You are welcome to set a fixed goal for the retention rate. If you get bad value, don’t just take it. Rather find the reasons and fight the cause.

Jobs in the customer care area

If you are looking for a job in customer care, you can search for terms such as customer service agent, customer care manager, customer service, waitress, salesperson, consultant, key account manager or call center employee . The demarcations from each other are fluid, there is not one definition or task. But they are all similar.

As a leader in customer care, you would be responsible for optimizing the service processes and taking responsibility for the team. In some cases, the customer service job is outsourced to external service providers. This is an option if you don’t have the capacity for it. However, these service providers are less involved in your company. You don’t get everything that happens internally and your customers’ data is passed on to another location.

Requirements for employees in customer care

In order to select the right applicants or to decide whether you are suitable for the job yourself, we have compiled a list here. These qualities or skills are helpful in customer service:

• Friendliness
• Sociability
• Open to small talk but also in-depth problem discussions
• Confidence
• Patience
• Respect for customers
• Act fast
• Independent decisions
• Expertise about the product, the service, the company
• Knowledge of the departments and responsibilities in the company

Also Read: Online Marketing – Advantages For The Customer

Customer Service Expectations

Depending on the type of contact and industry, customers have different expectations of those responsible for customer care. In general, however, you can remember and prioritize these three requirements

Reachability

Whether you offer an online-only service or run a local business, there must always be a way to get in touch. In recent years, multi- or omnichannel communication has become increasingly popular and proven. It allows the customer to choose the way they want to contact you.

Willingness to help

As a customer, I want to be taken seriously and get a solution to my problem. I want to be able to use my product without interference. Customer care is not there to shift the blame onto the customer, but to help them out of their situation. The service orientation is the most important motto for the customer service team.

Reaction speed

Customers appreciate not having to wait long for an answer. Depending on the issue, a quick response may even be mandatory. So open up a contact channel that enables immediate help. For example, a chat on the website or a hotline with only a few seconds to minutes waiting time.

With an e-mail, you can take a day or two. A social media message should be answered within an hour if possible, but in any case on the same day. If you should receive a letter despite modern methods, the customer expects an answer and a solution in one to two weeks.

The difference between customer care and customer experience

The customer experience is about the entire experience that a customer has with a company. This does not necessarily require an encounter with an employee. The experience includes all touchpoints , including those outside of the actual service. It’s about the overall feel and impression.

Customer care is subordinate to customer experience (when the experience raises a concern that requires customer service) or subordinate to it because it is a subset of the overall experience. For the ideal customer experience, it is advisable to make your company’s appearance as consistent as possible . Use the same tonality, quality, design, comparable offers and service at the same level everywhere.

The connection to customer relationship management

The term customer relationship management is mainly known as a name for software, i.e. CRM systems. These programs are mostly used by the customer care team.

CRM allows your customer service to manage customer data , which in turn helps address each lead by name, or personalize products . You can also use the information in the system to compile offers based on interests and demographic data. The personal approach and care improves the relationship with the customer.

Who takes care of which requests? – Skill Levels

Depending on the type of customer request, you can assign other employees to solve it. One of them may be more familiar with topic A, but with topic B he forwards it to the appropriate department. The aim is to find the best expert for each problem . But be careful: basic knowledge is required from the questioner. Otherwise he will doubt the overall competence of the company.

The classification of the competence levels in customer care is traditionally based on the level of expertise. So level one has basic knowledge and can easily answer frequently asked questions. In the IT industry, this level is called First Level Support . As soon as it gets more detailed or technical and more expertise is needed, the request goes to second level support and so on. Build these steps into your customer care concept.

Customer Care and CES

CES stands for Customer Effort Score . He puts the mirror in front of the customer service. Because the better this works, the less effort (“effort”) a customer has in contact with the company. This factor is often forgotten in feedback questionnaires. But it is definitely relevant how much time, effort and nerves it took a customer to get the service he wanted.

Retaining existing customers

People who are already in your customer base are the top-grossing buyers . It’s also cheaper and easier to retain than it is to acquire new customers. Because neither does their attention have to be won for the first time, nor do they need an explanation of the concept and they already know what to expect. Man likes routine, he likes to buy again from the same source.

For companies, however, it should not be taken for granted that customers will stay. You can always decide to switch to the competition if they make you irresistible entry-level offers. Take care of this target group together with the customer service. Make attractive offers to existing customers and pay attention to them.

Reporting

At the end, when all measures for a better customer care concept have been collected and implemented, you collect data again. Pay particular attention to changes here . The measurement is not an end in itself, but for optimization.

For example, product management benefits when it knows how well individual products are received. For product development, it is also good to know how easy everything is to operate or what additional features might be desired.

Contact the IT department if the web shop is constantly down and thus causing complaints. Or work out a concept with marketing if the advertising for the new features only lands with new customers, but the existing customers just mentioned have been forgotten. Good customer care ensures that you perform better as a company as a whole.

Also Read: Improve Your Customer Service With These Measures

The post Customer Care – Definition And Task appeared first on Tech Today Reviews.

• Linguistic intelligence
• Logical-mathematical intelligence
• Spatial intelligence
• Musical intelligence
• Bodily intelligence
• Intrapersonal intelligence
• Interpersonal intelligence
• Naturalistic intelligence

One of them, the one that concerns us in this text, is visual spatial intelligence , defined as “the ability to perceive reality and its details for the formation of mental models that can be rotated and manipulated in an abstract way, or reproduced graphically”.

In other words, it is our ability to think about objects in different dimensions (two-dimensional, three-dimensional…) and to be able to move them mentally. That is, think in three dimensions . Although the ability to think like this may be an easy task, it is not, since there are several senses that will allow us to do so: as we can imagine, there is sight -as its name suggests-, but also touch and hearing.

Without going any further, blind people, despite not being able to see, can perfectly have a high visual-spatial intelligence. This intelligence is found mainly in the right hemisphere of the brain —although not exclusively— since it has been shown that the right brain is the one that thinks and remembers in images.

8 characteristics of people with visual spatial intelligence

• They learn through observation
• They easily recognize faces, objects, shapes, figures, colors, details, scenes
• They can move objects in space
• They perceive and produce mental images
• They enjoy making all kinds of art: from doodles to origami figures
• They can see real or imagined objects in new ways or new perspectives
• They design visual representations for information
• They have spatial memory

In what professions do we find her?

We are talking about a type of intelligence applicable to both the fields of science and art, as multiple cognitive processes are involved: creativity, visual memory, spatial reasoning, the ability to abstract and spatial orientation. For this reason, designers, astrologers, sculptors, typographers, surgeons, pilots, architects, photographers, engineers and even tour guides are the ones who daily exercise their minds with the help of this type of intelligence.

Why is it important to have this type of intelligence?

Knowing how to locate ourselves in space is essential to survive. How else would we be able to go to a specific place without being aware of the exact place where we are? This type of intelligence is present in all human activity: when it comes to orienting ourselves, giving instructions to another person, driving, distributing furniture at home… The reality is that human intelligence is much more than the IQ of each one.

How to stimulate their development

By incorporating some simple habits into our daily routine, we can develop visual-spatial intelligence. It could be recommended, for example:

• Expand spatial vocabulary. Avoiding referring to something by saying “here” or “there” and implementing more precise descriptions of the location or location.
• Practice orientation. When you go out for a walk, make use of a map – it can be virtual too – to interpret it.
• Observe, memorize and reproduce. Try to notice everyday objects and then mentally remember them.
• Take pictures. Photograph what you are passionate about, placing special emphasis on angles and perspectives.
• Drive. When we go behind the wheel, we need to pay attention to the environment and its elements, distances, movements.
• Play (also virtually). Chess, Rubik’s cubes, 3D puzzles, puzzles or video games amplify this ability to solve spatial problems.

Through school subjects we can also teach and exercise visual spatial intelligence in the little ones. In math, for example, we can teach them to add or subtract with chopsticks, pencils, or fruit. In science, and from home, we can do small experiments so that they understand concepts, or play to imagine all the things that they would like to be invented. To learn geography, they can draw the world map or build mountain ranges with cardboard, paper, clay… Finally, through creating models of man-made tools with clay or painting scenes from the past, we can teach them about History.

Also Read: Is Artificial Intelligence Smart?

The post What Is Visual Spatial Intelligence appeared first on Tech Today Reviews.

In order to properly understand Data Discovery, it is necessary to be clear about the concept of Business Intelligence (BI), or Business Intelligence. Basically, BI can be defined as a process in which the data of a company is analyzed. These data, in turn, are converted into knowledge that will facilitate decision-making.

Today, business users are forced to dive into vast amounts of data. This results in them having to wait for days, sometimes weeks or even months, to obtain from the IT department the reports they have required. Taking into consideration that we are in the era of Big Data, in which the speed of data transmission and analysis plays a critical role, these questions cannot remain unsolved.

Indeed, when analyzing huge amounts of data, information and data must be accessible as quickly as possible, otherwise, it may be too late. This is the challenge that companies have to face when they want to find the information they need efficiently and quickly.

And it is here when Data Discovery has come into play, with the aim of solving these types of situations, which occur frequently. It is a relatively young term, introduced only a few years ago, and it is the solution to this widespread question.

The Data Discovery integrates technologies that are oriented towards the users and is based on the discovery of certain patterns and concrete values. Its objective is, therefore, to find the desired information using the minimum possible time in it. Simply explained, this kind of technology provides users with essential data or statistics for decision making.

All these data, which users will have in front of them transformed into diagrams, graphs, etc., make up the result of analyzing huge amounts of information in real-time, providing true business value.

Also Read: Big Data Marketing Strategy: What It Is, Uses And Challenges

Characteristics

It can be said that Data Discovery is equivalent to its own software analysis service, which has the following characteristics:

• The great speed for the user: It is formed as one of its most relevant features. The process of finding the data must be configured to operate quickly and to be able to find the required information almost instantaneously.
• Ease of use: For this, it is not advisable to involve end-users in the technical details pertaining to the Data Discovery process. Instead, it is advisable to use friendly and simple graphical interfaces that visually show the indications of what to search for, guiding the user through the steps to follow.
• Of a specific nature: The Data Discovery process must be designed for well-defined purposes, that is, it must be focused on obtaining the requested information within a certain scale, which does not involve having to analyze more extensive data than is strictly necessary.
• Flexible: As has already been saying, Data Discovery must be designed with a specific effect, but it can also be applied within the company to any other function, in any other department, as long as said department can access the data you want. are subject to analysis.
• Collaborative: It needs to work seamlessly with other BI processes. which, in this way, will improve the quality of the data and make it easier to access them.

Data Discovery is thus constituted as a tool that enables the end-user all the advantages of integrating Business Intelligence and self-service inefficient coordination.

As an example, a sales manager would have direct access to the data of which are the most profitable products and clients for a period of time, without having to resort to a deep analysis prepared by the Technology department. This, without a doubt, would mean a considerable saving of time, and a greater increase in the productivity of the company.

Transforming Business Intelligence

On many occasions, data discovery falls into the same category as Big Data. since the three elements used to describe this phenomenon come within its scope: variety, speed, and volume. Data Recovery makes it possible for the user claim to be able to handle large amounts of data and obtain results quickly.

The main advantages are:

• The user is able to explore data, whether structured or not, expanding its scope and optimizing and improving the quality of its reports, analysis, work, and decision making.
• The variety of sources becomes limitless.
• Self-service, as mentioned above, is its star motive, which is always enhanced when you have the right tool. Much more when attractive graphic functionalities are available, which offer the possibility of obtaining results extremely quickly.
• IT is no longer necessary. Traditionally, this department was the one that enjoyed power and veto in decisions that had to do with the acquisition by the company of a new computer platform. However, this has changed. In effect, the weight of the company has increased when it comes time to make decisions regarding the purchase of a software solution, even reaching cases in which, as for example when it comes to freelancers, no longer needs approval from TI.

In short, with Data Discovery, Business Intelligence reaches a new dimension, since, although data discovery instruments have existed for a while, the flexibility of its new approach, oriented towards data analysis, makes it possible for to BI reaches the masses more effectively.

“The balance between agility and completeness in business analysis is disappearing as new technologies bring the speed of data discovery to a complete set of BI tools that ordinary business users can easily take advantage of in their everyday lives.” Southard Jones, The battle of Business Intelligence: Data Discovery vs Traditional BI.

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Advantages And Disadvantages

Many businesses have incorporated data discovery into their routine, due to the many pros it offers to businesses:

• Total flexibility in creating dashboards and reports.
• Quick to examine data and reach conclusions. In this way, the business user is able to use these tools and reach their own conclusions, without having to have too extensive training or qualification, and with a very short learning time.
• The user does not depend on the IT, as was the case long ago. “The balance between agility and completeness in business analysis is disappearing as new technologies bring the speed of data discovery to a complete set of BI tools that ordinary business users can easily take advantage of in their daily lives.” Southard Jones, The battle of Business Intelligence: Data Discovery vs Traditional BI. The pros and cons of Data Discovery 7
• Friendly environment. The main characteristics of the interface offered by these tools is its ease of use and its intuitive use, making available to the user a multitude of graphics that can be handled without the obligation to program anything.
• Achieve a broader view of the origin of the data, thus improving its quality and consistency.
• Find key supplemental metadata about core data assets and identify trends.
• Be a support for Business Intelligence and relieve IT of workload, allowing it to optimize its efforts, to focus on governance and data modeling.

Despite its benefits, this tool has not yet reached its maximum degree of excellence, and it continues to evolve. Companies from many different industries are looking to experience the potential benefits of data discovery. However, once they have been implemented, the drawbacks of Data Discovery begin to become apparent:

• The setup time is usually quite long.
• Its applications present limited options.
• It is more difficult to use than you might expect.
• Lack of uniqueness of the data, which, by not being verified, runs the risk of being unreliable or lacking in quality.
• Encourage the creation of silos in the departments, as each one has its data warehouse, with the consequent risk that these do not coincide.
• Absence of the data validation process, so there is no guarantee that the information displayed is valid.

However, four rules of thumb can be considered to overcome these data discovery limitations, which are a drag on data quality, depth of exploration, and reliability:

• Implement fast-cycle iteration mechanisms, increasing the speed of obtaining knowledge with information, as well as value with data.
• Clear search objective.
• Don’t set limits.
• Introduce governance, obtaining independence, flexibility, and speed in the construction of reliable and quality reports.

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