In today’s business world, processing and mastering data is the make or break for any organization as it scales and evolves. Managing the volume, variability, and authenticity of data can reap countless benefits for any business.
Data not only helps us predict sales, increase lead conversions, and find reasons for failure, but also enables us to optimize our processes, detect fraud, and enhance our products.
Unsurprisingly, the vast majority of businesses understand this. Accenture and HfS Research has found that more than 90% of senior executives believe that data-driven decisions help them achieve their business goals. What these executives claim is backed by data too, as research shows data-driven organizations, on average, grow 30% annually.
Despite that, businesses are slow to leverage data-driven solutions. Because they don’t understand the true power of data, they can’t wield it properly.
Intelligent solutions offer businesses a way to use data effectively and revolutionize their existing business strategies. In this article, we will discuss 5 ways intelligent solutions allow us to harness the power of data.
Leveraging the Power of Data
As we discussed, most companies understand the importance but fail to use it effectively. This trend has remained the same even after the reshuffle caused by the recent pandemic. Executives stick to the status quo and hesitate to scale their businesses through digital transformation.
To wield the power of data, you must formulate a technology-driven strategy and use a data-driven approach across the board. Wrangling vast amounts of structured data are long enough because it shows an incomplete picture and doesn’t integrate all facets of your business.
According to Accenture, for almost 80% of companies, 50% to 90% of data is unstructured and inaccessible. This is why only 13% of companies have managed to completely automate the processing of unstructured content.
So, if you feel that your company has struggled to make most of its data resources, then you are not alone. Even technologies like Optical Character Recognition (OCR) that were once considered groundbreaking, are no longer sufficient.
OCR alone can’t extract data from handwritten notes, non-standard documents, and formats such as images and PDFs. As companies seek data from suppliers, industry clouds, social media, and third parties, things become even more complex.
This is why to gain a considerable edge over your competition, it’s essential to leverage the latest intelligent solutions in the market.
5 Ways Intelligent Solutions Make Most of Your Data
Data is the backbone of intelligent solutions. For those who don’t know what an intelligent solution is, it is a technology that harnesses the true power of infusing insights with intelligence.
These systems gather unstructured and structured data across a number of internal and external processes and connect them to a particular business process. Once we connect a business process to data sources from all corners of our business, we can gain breakthrough insights we need to improve our performance and increase output
By throwing Artificial Intelligence (AI) into the mix, these solutions develop a mature intelligent automation platform fueled by data that delivers us predictive and prescriptive insights. With help from these solutions, we can meet the future needs of our business and customers more effectively.
Here are five ways these solutions can help us.
Machine learning is what makes an ordinary solution intelligent. Unsurprisingly, it is a constant feature in all intelligent solutions. One of such machine learning algorithms known as Natural Language Processing (NLP) allows us to analyze and contextualize data from our business processes.
We can examine text around one word to understand what it means in a certain context. For instance, if we type in the word ‘rose’, the software will tell the computer whether you are referring to the past tense of ‘rise’ or talking about the most romantic flower in mankind’s history.
Sentiment analysis is the process of analyzing the mood, feeling, or emotional message present in a block of text. This technology is especially helpful in understanding feedback from different aspects of your business. Here too, NLP plays a key role in helping us gain these insights.
Through sentiment analysis, we can find out the effectiveness of an ad campaign, learn what our customers feel about our services, and determine how much customer support we should offer.
Since most data is unstructured and inaccessible, we need an intelligent tool to verify, classify, extract, and organize information effectively. Machine learning enables us to do every one of these things and utilize data that was not available to us before. Additional information gives us useful insights and makes decision-making more efficient.
Cognitive capture is an intelligent solution that leverages OCR and artificial intelligence (AI) to automate the understanding, and integration of documents we need.
Incorporating cognitive capture helps organizations optimize business processes, and engage & empower customers more effectively. The purpose of CDA is to automate the processing of unstructured data saved within emails and various forms of documents. It helps employees understand the information within an email or document, extract it, and send it to the right user.
CDA allows businesses to work on every type of unstructured information, regardless of its source or origins. You can use the information to train your robots on how to handle claims, contracts, enrollment forms, sales orders, and even correspondence. The system is so robust that it can handle any document that’s essential for your business process.
That said, cognitive capture is often used for invoice extraction. This intelligent software is mostly embedded with pre-configured features implemented by keeping best practices in mind. This is why CDA systems can automatically identify and extract data from invoices regardless of the currencies and countries involved.
Users only have to enter data in the field data to provide initial samples for supplier invoices. Once you do that, the system uses AI and machine learning to embed the design in the machine’s memory and recognize those invoice fields in the future.
Robotic Process Automation (RPA)
Data-driven and intelligent solutions are useless if they can’t help your organization automate. This is why many of these solutions leverage Robotic Process Automation (RPA) to automate manual, repetitive activities.
RPA plays a key role in driving efficiency and lowering costs across various industries. It not only accelerates reliable acquisition and third-party web-based systems, allowing us to execute business processes faster. At the same time, it boosts our understanding and integration of information from legacy.
Collectively, CDA and RPA automate both physical and electronic document & data capture. This means that it minimizes operational costs and improves the productivity of your employees, generating more ROI for you, as a result.
In a time where technology is rapidly changing what’s normal, intelligent solutions outline the path that leads to success. Adopting intelligent solutions may feel overwhelming to some of us, but it is the only way to power through the wave of change.