Time to tap into your business Data Goldmine
The other day, I was looking for some documents that I needed to share with my team. It’s an old habit of mine to keep documents in well labelled folders so that it can easily be accessed at any given point in time.
Over the years I have gathered tons of word documents, presentations, pdf files, images and the list can go on.
Have you ever wondered the tons of data that every company, big or small is sitting on? Starting from the raw data that comes in, in the form of customer feedback, feedback collected by frontline staff, internal research data, data received in the form of formal reports from external marketing research organizations, financial data, legal documents, consumer surveys etc.
All this data although available with the company, more often than not, goes unnoticed into folders across departments, across reporting structures and across the organization.
There is a clear value in business data, all that needs to be done is the value has to be magnified, by looking at it across functions. To stay ahead of the ever-changing business environment, an organization needs to have data driven strategies.
Getting the signal from the noise and turning the data into transformative business insights aids the organization in strategy, planning and data governance. From segmentation to predictive modelling and from data analytics to getting insightful dashboards, there is an untapped goldmine out there.
What can organizations do?
For one, they can unite data across functions and have a structured data infrastructure. For example, there is tons of data available in order forms. Thanks to deep learning extraction solutions, the data can be extracted from such sources to convert them into tangible insights.
Computer vision solutions on the other hand help extract data from images and videos.
Businesses are now looking at machine learning algorithms to identify patterns in the data and generate predictive models.
Harnessing the power of Artificial Intelligence will help unlock the potential that data beholds.
