The ever-strengthening relationship between data and business strategies has led to an unprecedented need for efficient data management. A recently published patent from Trigyan Corporation (patent number US20230350862A1) aims to deliver exactly this by refining the way businesses accumulate, curate, and interpret data.
As valuable as data is, gathering it can be quite chaotic. With information scattered across various sources, duplicate entries clutter the data pile, thus watering down its overall quality. Conversely, such disorderly data often result in significant inaccuracies when used to derive business intelligence.
The existing tools to manage data, often referred to as Enterprise Data Management (EDM) tools, struggle to effectively filter and correct faulty entries in the data collected, leading to a vicious cycle of bad data feeding bad analytics. This challenge, combined with the intensive labor needed to gather data from external sources and the creation of isolated data models, results in a considerable amount of data being non-interoperable, triggering syntax barriers, semantic misunderstandings, and structural compatibility issues.
The patent unveiled by Trigyan introduces a comprehensive solution for managing the data, capturing it from multiple sources, filtering out repetitions, and linking it together to unravel valuable insights. The novelty lies in the use of rules for a particular set of data, as well as the implementation of semantic mapping. With this invention, Trigyan provides a practical solution for detecting and addressing data quality issues.
The world would undoubtedly see significant changes if this problem were to be thoroughly addressed. Businesses would be able to make decisions based on more accurate, reliable data, leading to better outcomes overall. Imagine a marketing director deciding how best to spend her budget; with better data, she could accurately target the right demographics, yielding more bang for every buck she spends. Similarly, a supply chain manager could predict disruptions more effectively and thus negate the impact of such a scenario on his company's operations.
By creating a system that links co-related data, the patent offers accessible data first paradigm culture, aids digital transformation, and provides a comprehensive data platform. Additionally, it allows enterprise-wide data accessibility with 360-degree connectivity, enabling real-time data insights viewed graphically.
Remember, though it's potentially ground-breaking, this innovation is currently only a patent. As such, there are no guarantees it will become commercially available in the future. However, if it does, it could mark a significant step forward in the quest for optimal data management.