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02.08.2021 | Blog When companies don't listen to their data

Data competence shapes the success of companies. However, most companies do not make enough use of their most valuable asset, and thus do not always make the best decisions, thinks IntraFind CEO Franz Kögl.

Most companies have no idea of the data treasures that lie dormant on their premises. And so it happens that they drown in data overflow instead of using Big Data profitably for themselves: They waste valuable time finding and preparing their data and forget to link and analyze their valuable resource. But only data-driven companies are successful today because they are more informed and thus make better and faster decisions. They can recognize risks and changes in the market earlier and react to them in a targeted manner. They can optimize their processes and use their data to build new business models more efficiently.

Strictly speaking, Big Data already begins when companies get lost in the multitude of applications, systems and file storage structures and - to put it bluntly - can no longer find anything. But if employees can't use valuable, data-based knowledge, they reinvent the wheel over and over again. That's why many IT departments are looking for solutions and tools to exploit their data assets in a meaningful way. At the same time, they face a major barrier because the data is usually in different formats and source systems, it is not quality-checked, it is incomplete or it contains errors. Without a so-called data integration layer, those responsible cannot get any further. Such a layer is provided by an enterprise search solution, which helps to break down location- and department-related information silos and to provide all employees with rights-checked, fast and holistic access to the company's complete database. Modern enterprise search software is also AI-based and can therefore not only find information, but also analyze it and link it in a meaningful way.

Nevertheless, medium-sized companies in particular believe that enterprise search is not for them. The common prejudices are that it is too expensive and too time-consuming. This is incorrect: professional enterprise search software can be installed in just a few hours for lean requirements and can be connected to the desired data sources very quickly thanks to its standard connectors. And even if the acquisition of the solution initially means an investment, ROI calculations show that the acquisition costs are quickly amortized through the increased efficiency of the employees. The central added values of enterprise search lie in enormous time savings, better use of existing knowledge and thus more efficient work.

Information about customers and processes is an important raw material for business. But many companies find it difficult to evaluate their data treasures. Yet data and its meaningful analysis and use are a crucial differentiating factor: If you don't master its use, you can't achieve competitive advantages. And with AI, data becomes smart data, which can be used to generate new offers, new products or even a new customer base and thus more revenue.


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The author

Franz Kögl
Franz Kögl is co-founder and co-owner of IntraFind Software AG and has more than 20 years of experience in Enterprise Search and Content Analytics.
Franz Kögl