How organizations can benefit from unstructured data
Disparate data is an asset for organizations. According to a TDWI research, organizations that use disparate data for analytics are more likely to measure top- or bottom-line impact from their analytics efforts than those that do not. Fern Halper, Ph.D., director of TDWI Research for advanced analytics, describes three real world use cases where disparate data is being used. For instance, to classify image and sound, input for predictive models, and chatbots in customer experience. In addition, Fern explores what the research has to say about accessing and using disparate data.
According to Fern, a system can be trained to recognize images and sounds by leveraging deep learning. Automotive and the aviation industries are using this learning to find out among other things whether a motor has failed. Similarly, image recognition is being used in medicine to classify mammograms, and in genomics to understand disease markers.
Another use case is building predictive models by leveraging disparate data. Organizations can extract entities (people, places, or things), themes, or sentiment from call center notes. That information can then be combined with other information about customers to build predictive models. In the same way, disparate data can be used for enhancing the customer experience. For instance, the latest versions of chatbots have a better understanding of language and are more interactive. Based on who you are (e.g., whether you have status with the company) and what you asked for (using NLP for text analysis), it will route you to the right customer representative to answer your specific questions. However, the use cases require smart NLP-based search as well as machine learning.
Regarding accessing and using disparate data, the research reveals that using unstructured data (primarily text) is still in the early stages of maturity. When it comes to images and other unstructured data, the percentage is much lower. The research concludes that this area is set to grow as organizations are beginning to see the value in using text and other unstructured data for insight. The growth is also predicted on the fact that today there are more vendors providing innovative solutions for accessing and extracting actionable insights from unstructured data.
Click here to read the synopsis of the report.