Goldfire - The Future of Search : Cognitive Search Engine to Unlock Insights from Dark Data

Goldfire - The Future of Search

John Moyles, General Manager, Goldfire The Future of SearchJohn Moyles, General Manager
Businesses collect and store an enormous amount of data during regular business activities, and have been accumulating that data for years. This data has the potential to provide them with valuable insights into their business, processes, and projects. However, surfacing this information is a task easier said than done. Data is often spread across multiple locations, systems, and often on individual users’ workstations. The same data can be on multiple systems. Highlighting this challenge is an IDC report revealing that 90 percent of data is never analyzed, and ultimately turns into “dark” data—not seen. To tap valuable insights from such underutilized data sets, organizations need to put into place the right solution.

This is where Goldfire excels!

“Goldfire utilizes a state-of-the-art Artificial Intelligence search engine combining Natural Language Processing with Semantic Search. We connect, index, and enrich data from a multitude of sources, wherever they may be. This allows users to search that data to gain highly relevant answers and just as importantly—meaningful and actionable insights,” stated John Moyles, General Manager of Goldfire.

In an interview with CIO Applications, John Moyles shared his insights on how Goldfire enables enterprises to shine a light on their dark data.

Please give us a brief overview of Goldfire?

Goldfire is a product from the Engineering and Product Design division of IHS Markit—a global leader in driving efficiency and growth solutions for businesses by combining information, analytics, and our domain expertise.

Our mission is to enable our user communities to leverage their data regardless of where it lives to gain actionable insights and help streamline decision-making. We have long experience with and partner extremely well with engineeringfocused companies in industries such as aerospace, oil and gas, automotive, food, medical devices, and many others. IHS Markit is also the market leader of engineering information— we have the world’s largest collection of continuously updated engineering and technical reference documents.

Combining this with the customer's content, Goldfire cognitive search capabilities, and our industry domain experts creates an unparalleled value proposition that no other company can match.

Could you elaborate on the features and functionalities of Goldfire?

Goldfire integrates with your systems, document repositories, publicly available information, and our content to intelligently ingest and understand business data.

Goldfire reads, understands, enriches, and catalogs information from multiple sources – corporate, public, and IHS Markit data to deliver highly relevant and actionable answers to clients questions

Out-of-thebox, it is capable of connecting to almost any data source, and where we can’t, in almost all cases, we can build a connector that can. Clients don’t have to try to consolidate their data into a single System—Goldfire goes where their data lives, and in the systems they live in. After connecting to these data sources, Goldfire reads, understands, enriches, and indexes the data, without altering the data or systems, all while preserving the customer’s security and access models.

As an enterprise search engine, our patented technology allows for natural language queries to understand the full context and intent, and delivers highly relevant information that includes summaries, cause and effects, properties, concepts, and other relevant lenses to help clients see the query through.

For example, if clients search on “What is the freezing temperature of carbon fiber rods”, Goldfire delivers robust and detailed search results that presents a wealth of information relevant to the query—documents with auto generated abstracts, as well as additional insights and lenses that allow the user to focus on the insights they seek—cause and effect, advantages and disadvantages, related concepts, and even solutions from other industries that might be of value.

Goldfire also has a very robust API and developer expertise that allows integration with existing information systems you have in place—Microsoft Teams, SharePoint, Chatbots, etc.

Could you share a few customer success stories with us?

An international oil and gas company was under tremendous pressure to position cost-effective carbon capture technologies for its refineries on aggressive timelines to meet green energy regulatory requirements. They had been spending significant time conducting substantial research into the topic but were still struggling to uncover crucial high-quality insights. Working with our experts and Goldfire, they surfaced their data in a way that they never could before. As a result, the client reduced the time spent on conducting basic research by over forty percent and quickly created a list of inputs required to meet cost expectations and the conditions needed to complete the project successfully. Using the powerful insights and lenses functionality, the client also identified additional ways to capture waste past those initial requirements.

In another case, a US Government department focusing on space initiatives approached us to help them address their organization's engineering and knowledge retention challenges. They were trying to build next-generation rockets, but most of the engineers that worked on the last generation had retired. Secondly, their data was on microfiche, paper, and punch cards. They were spending a tremendous amount of money, time, and human effort to convert that data and make it readable. They needed a strong partner to lead them through a digital transformation effort. Our experts were brought in and moved their data into a digital format, and then we combined that with our solution and additional content. This enabled their engineering teams to complete their work in weeks that otherwise would have taken thousands of person-hours and potentially years of effort.

What does the future hold for Goldfire?

We have always listened to where the market is and where our customers want to go. We have a strong investment in R&D that allows us to listen and act on those signals, as well as drive our solution’s vision for what a world-class enterprise search solution can and should be. We’re always enhancing our unique AI technologies in indexing, data enrichment, semantic search, and highly relevant search results, insights, and lenses. IHS Markit continues to develop and launch state-of-the-art products in the AI space, with our next major solution being released within the next two years.

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