You are a leader at your company. It is your responsibility to grow it in the most predictable and capital-efficient manner possible. It is paramount for you to minimize risk. However, you have a vision of your business being the next leader in your industry. Being a leader requires calculated risk. How do you approach that mountain climb? What can you do that is special and worthy of your vision? What strategy fulfills each of those competing requirements?
To grow your company, you need to tap into something new. As the saying goes, “If you always do what you’ve done, you always get what you’ve always gotten”. The status quo will not do if you are a visionary that wants to lead.
What can your company afford to invest to achieve industry leadership?
Almost as important, what can you afford to lose if it doesn’t work? A company with a solid foundation can suffer setbacks. It doesn’t mean that there aren’t consequences to decisions that don’t generate the planned results. No organization has endless capital or patience. A large strategic play that doesn’t pan out also consumes the calendar from other opportunities. Time is a finite resource, and that loss of time is permanent. A strategy that doesn’t achieve its planned results can impact your career.
It is well established that the most reliable way to reduce strategic risk is to use data in your decision-making processes. Unfortunately, if you have a vision the cost-of-entry has already been paid by most of your competition in the form of business intelligence systems, reporting, and dashboards. You’ve got to do more than just that.
So, what strategy can you employ that is impactful…worthy of a visionary’s personal capital? What is worth investing your company’s future in? What has the most attractive risk profile?
Like I mentioned in my previous article, Content Analytics is a field that leverages Unstructured Data. This includes documents, emails, sensors, images, and even voice by using Text Analytics. By combining Text Analytics with Artificial Intelligence, Natural Language Processing, and Robotic Process Automation, text can be processed into structured data,
knowledge, and even understanding. That understanding can be integrated into your existing systems for immediate, innovative, and vastly improved decision-making.
Content Analytics gives you access to the 80-90% of your company’s data that you didn’t even know you had. It is your data, so it is a valuable asset. It informs on your company, your market, partners, vendors, and customers. You’ve made decisions based on data for years, but you never had access to all of your data. As a matter of fact, you had access to very little of it.
Imagine what you can do if you could leverage 10 times more data than you had before? Imagine what you can do if that data was integrated into your systems-of-record and decision support systems. Your company could react to situations in real-time informed by your own Unstructured Data.
Does the free-form text entered by your Customer Service department into your Operational Support System reveal dissatisfaction with the response time of your online service today? Imagine what you can do if that data informed your IT department in real-time to investigate the customer-facing infrastructure for performance issues. Further, that Customer Service data can initiate automatic performance monitoring that checks against a baseline and report those results transparently.
Is your Sales Department receiving emails from prospects and customers reflecting a trend of a strong interest in a legacy product? Perhaps that product is garnering renewed interest due to a pandemic or work-from-home related issues. Imagine what you can do if those emails could be automatically read, understood, correlated with current news, and forwarded to specific personnel in Sales and Marketing.
Is your Business Development area missing opportunities in M&A and partnerships? This can be due to Business Development having too many financial reports and analyses to read on their own. Imagine what you can do if everything was read, and trends were mapped to growth strategies.
There’s an Imagine what you can do with every functional area of your business. These areas benefit from access to Unstructured Data…Human Resources, Accounting, Legal, etc.
Implementing Content Analytics is a strategy that leverages your data (predictable and capital-efficient) but is also impactful and can launch your business into a leadership position. Your company could be the Next First in your industry.
In my next article, I’ll review the various perspectives of Content Analytics that you may encounter in the C-suite.