The Search for Data Truth
In a survey conducted by Accenture, 79 percent of executives agree that organizations are basing their most critical systems and strategies on data, yet many have not invested in the capabilities to verify the truth within the data.
The repercussions can be costly. An interesting comment by Accenture, “by transforming themselves to run on data, businesses have created a new kind of vulnerability: inaccurate, manipulated, and biased data that leads to corrupted business insights, and skewed decisions with a major impact on society.” Wow, that gets right to the point.
Since the majority of ‘data’ in an organization is unstructured content, it is often subjective or of undetermined value, for example, emails, scanned content, images and, sad to say, even my blogs. These are all subject to evaluation in the search for truth.
Once managed properly, these knowledge assets become part of corporate memory and can be used effectively for decision making. The requirement for finding one truth spirals us down to the technology level. Your organizational truth is based on the quality of your metadata.
Many software packages collect metadata, some even create it, but we still offer the only solution that can extract concepts, subjects, and topics in the form of multi-term metadata. This provides one truth, so to speak.
You can read about a military client needed to transform raw information into actionable knowledge, and in so doing was able to determine the veracity of information and improve decision making. Another client, a multi-national oil and gas company used it for text mining, links thousands of contracts to the correct sub-contractors, for payment and scientific analysis. Both organizations were seeking one truth and the integrity of data. Are you?
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