The promise of data-driven working is great: risk-based inspection, finding new revenue models, reducing costs and delivering better products and services. Every company wants this, but it often fails.
The most important business data cannot be fully unlocked by traditional analysis tools. Why does it go wrong and how do you manage to convert all data into insight?
The more you know, the more efficient and better you can make your products and services. That is why data-driven working is high on the agenda of many organizations. But an Artificial Intelligence or BI tools deliver, only partially or not at all, on the promise of data-driven work. That’s because they can only analyze part of the entire mountain of data. And what is an analysis worth if you can only examine half or a quarter of the data you have.
Insights are hidden in unstructured data
Many organizations started measuring processes in ERP and CRM systems over the past 20 years. They store financial data, machine data and all kinds of sensor data. These measurement data are easy to analyze, but do not tell where things go wrong during the entire operation.
This so-called structured data provides only partial insight, while you look for answers in the analysis of all data. It is estimated that 80% to 90% of all data from organizations is unstructured: we are talking about uncategorized data that stored in systems, notes, e-mails, handwritten notes on work-drawings and all kinds of documents across the organization. This valuable resource remains unexplored.
The unexplored gold mine of unstructured data
Organizations have terabytes of it: project information, notes, invoices, tenders, photos and films that together can yield an enormous amount of insights. This fast-growing gold mine is more of a data maze. Over the years, digitization took place step-by-step, process-by-process and department-by-department. During this digitization in slow motion, no one thought that it was useful to coordinate all information in such a way that you can easily analyze it later.
Artificial Intelligence and BI tools get lost
Departments of factories, offices or government agencies created their own data world through this so called ‘island automation’. Separate silos of application data, process data such as spreadsheets, presentations, invoices, tenders, and texts in all kinds of file formats. Moreover, departments and people all categorize information differently, and not structured like a computer would. Not everyone administers equally neatly, or categories are missing, so that colleagues simply write a lot of data away in the “other” field. The problem is that BI and AI tools cannot properly look into this essential and unstructured information. They lack signage, so they get lost in the maze of unstructured data.
Turning archives into accessible knowledge (and skills)
For many companies the future lies in the past. Because most organizations have boxes full of archived material from the pre-digital era, they are now digitizing at a rapid pace. Decades of acquired knowledge and experience are stored but hidden in these archives. Because, like many digital files, these are not well structured. Who categorized their project notes or files neatly into different categories, if they were available at all? If you want to use this unstructured data now, it will take you hundreds of hours of manual work to analyze. SynerScope’s technology searches terabytes or petabytes of data within 72 hours and provides immediate answers from all data.
Unstructured data harbor new revenue models
How that works? A non-life insurer did not know exactly where 25% of their insurance payments went. That is why SynerScope automatically examined the raw texts of millions of damage claims of the last 20 years. The word broken screen came up immediately for claims above 100 euros. The graph showed that screen breakage was rare until 2010, but then grew explosively. What happened? The insurer had never made the category of smartphones or tablets. As a result, they missed a major cost item, or to put it positively: for years they overlooked a new revenue model.
Turn data into progress
Thanks to the power of cloud computing in Azure, SynerScope is able to analyze large amounts of data in real time. And it doesn’t matter what kind of data it is. Spreadsheets, meeting minutes, drone images, filing cabinets full of invoices, you name it! Do you have hundreds of terabytes or even petabytes of satellite or drone data? Then it will be in the model tomorrow! Thanks to the analysis of the present and the past, organizations with SynerScope’s software live up to the promise of data-driven working. Leading companies such as Achmea, ExxonMobil, Stedin, VIVAT and De Volksbank are converting their data into progress with the solution from SynerScope.
Do you also want insight into your present & past to get a grip on the future?
Then request a demo!