Data is the lifeblood of modern organizations. It is the new currency. Organizations collect data from many sources like operational and transactional systems or even scanners. All this information can then be analyzed to help companies make business decisions. These data sources provide insights into consumer habits, so companies know what people want.
The value is in the data, but it must be analyzed well. Data alone will not profit any organization. Effective methods are needed to analyze the data well. The tell-tale stories of consumer wants and buying must be mined form the ore of data. There needs to be good strategies and procedures in place that will enable access. There also needs to be a way for integrating different sources so they can be cleaned up appropriately when necessary. Storing all information securely where it belongs is necessary until an analyst has time to analyze what has been collected.
Data Value Across Industries
Many major enterprises are seeing the value of analyzing data. The insights harvested from the well-analyzed data can stimulate intelligent decisions for business development and success across many industries:
Data privacy, compliance, and digitization are challenging for banks. But with a secure data foundation they can gain customers’ trust while pursuing forward-looking digital transformation efforts towards more modern technologies. Secure techniques for data governance and personal data protection along with a sound and expansive view of all their data can ensure their banking customers’ trust. Effective data analysis can help toward this goal.
In the retail industry, you need to know what your customers are doing. You need to know what their shopping behavior is. This demands accurate data that is current. Up-to-date data can be gathered from streaming, cloud, or data lake sources. Good data analytics is essential for successful marketing and merchandising.
In today’s world, data management and quality are key to managing product inventory effectively. This goal is accomplished by integrating structured as well as unstructured information from all sources into an enterprise view of performance. Manufacturers are then able to drive better outcomes for their business’ decisions with more efficient use of resources in mind too.
The Government’s data management technologies are there for every good effort — from fighting fraud and improper payments to ensuring citizen safety, overseeing population health outcomes, economic development initiatives, or smart city projects.
For many small and midsize businesses, the journey towards digital transformation starts with implementing data-driven business models. These companies need to modernize legacy IT for them be competitive since other larger counterparts are able achieve these goals on a bigger stage. Using a robust software platform empowered with Artificial Intelligence (AI) and Natural Language Processing (NLP) can help with this necessary digital transformation of the small to medium businesses.
Automated Data Management
Data quality, metadata management, and data integration can be a challenge. But with the help of Artificial Intelligence (AI) or Machine Learning (ML) techniques, these processes become more easily realized.
A smart solution to this challenge is to take advantage of a data content management platform that is powered by Artificial Intelligence (AI) and Natural Language Processing (NLP). The Content Analytics Platform (CAP), developed by Scion Analytics, can help in many customizable ways to unlock valuable data from both structured and unstructured textual data.