Where’s the Insight?
Structured data analytics has been around for quite a while. Unstructured? Not so. Yet Gartner reports that 85 percent of information in a company is unstructured, and that a company’s information doubles every 18 months. IDC predicts that by 2025 just 15 percent of useful data created in the global datasphere will actually be correctly tagged and be capable of being analyzed. That’s a wow! How much useful data will we miss? On a scale of 1-10, that probably puts your content at a value of 0, with no ability to derive insight let alone actionable intelligence.
One of our more creative clients has been using our software to create finely-tuned data sets for text mining and analysis. The beauty of our technology is that it can be used with any reporting tool, even artificial intelligence. Knowledge professionals can perform a detailed analysis of the content, providing insights for decision making, and slice and dice it any way they want.
The client’s project objective was to analyze and extract relevant information to improve geological decision making in the selection or abandonment of drilling sites. Project access was needed for 5,000 geophysicists globally, and the integration of 52 taxonomies was required. The end result of the analysis represented millions of dollars in savings to the company.
Not quite as exciting, this client also used the technology to validate financial claim losses, for scientific research, and to align contracts with multiple subcontractors.
We have a recorded webinar you may want to look at, on the ins and outs of gaining insight into your content. Our guest speaker was Russ Stalters, Information Management Strategist at Clear Path Solutions, who examined the nuts and bolts of text analytics projects.