What if we told you that your business was sitting on a mountain of untapped business intelligence or that hidden away in archived emails, documents, and customer survey results are the very insights you need to drive growth and improve your bottom line? These types of text-based documents are a form of “unstructured data” and (alongside image libraries, data streams, and similar data deposits) account for nearly 80% of all the data that an enterprise company generates and stores.
How do you analyze all of this data to identify the specific insights that can drive change and improve performance in your organization? Through Document Understanding.
Understanding Document Understanding
Document Understanding is one of the three core AI capabilities fueling the unstructured data analysis industry (the other two being Computer Vision and IoT analysis). This system leverages the power of natural language processing and machine learning to analyze text-based documents (PDFS, notes, reports) to uncover actionable business insights.
8 Benefits of Analyzing Your Company’s Unstructured Data
The fact that the market size for natural language processing is estimated to reach over $16B by 2021 proves that organizations large and small are investing in tools and systems that analyze their unstructured data. This means that these companies are confident that the benefit of this work will outweigh the costs of these new systems.
While these benefits differ between industries, some of the key benefits to mining unstructured data includes:
1. Finding Opportunities to Improve Your Customer Experience
Retain more customers (and win over new fans) by using Document Understanding to analyze customer surveys and reviews to identify where your company can provide better customer service.
2. Discover New Opportunities in The Market
What is the “next big thing” in your industry? How will you ensure your company will stay relevant to consumers over the next 20 years? Turn your data lake into a blue ocean by mining your unstructured data for relevant insights and consumer trends.
3. Know Your Audience Better With Sentiment Analysis
Use these systems to gain a deeper understanding of internal and consumer audience sentiment around your brand or a specific product.
4. Make Key Decisions Faster and More Accurately
Quit getting bogged down with analysis paralysis. Get the data you need to identify and take action on the “right” decision when it counts most.
5. Improve Team Productivity and Reduce/Remove Outdated Data Processing Techniques
Through automation, you can eliminate data processing bottlenecks and instead focus your employees on more high-value tasks.
6. Identify and Eliminate Unnecessary Cost Centers
Get a handle on your waste by understanding what areas of your business are costing you money (without providing a correlating ROI).
7. Gain a Better Understanding of Your Customer Behavior and Buying Triggers
Improve the performance of your marketing campaigns and customer retention efforts by gaining more in-depth insight into what makes your customers your customers in the first place.
8. Avoid Costly Regulatory or Compliance Issues
Uncover regulatory or compliance issues before they negatively impact your company.
Start with The End in Mind
Ready to get started analyzing your unstructured data, but not sure where to begin? We recommend starting with the end goal in mind. What is your highest unstructured data analysis priority? Are you sitting on a mountain of customer surveys? Are you curious about where your hidden costs centers are?
Understand which aspects of your unstructured data analysis will have an immediate impact on your business’s bottom line. Then work backward to develop the tools and systems you need to discover this intelligence.
If you are not sure where to begin, we can help. We’ve helped companies across a myriad of industries turn their unstructured data into business growth rocket fuel. Contact us today to learn how we can do the same for you.
If you’d like to learn more about how to unlock value from your unstructured data? Download our free eBook, “9 Steps to Unlocking Value from Your Unstructured Data and Content.”