Unleashing the Value of Insights Gained from Unstructured Data Using AI

We generate more than?64.2 zettabytes of data every year. Between the information we input to social media and the membership barcodes for your local grocery clubs, we are seeing data change hands faster than ever before in human history. Yet, while the insights we can gain from this bevy of information are limitless, the way we can collect, clean, organize, validate, and report on this data is somewhat finite.

Right now, about?80-90% of the data being analyzed?comes from unstructured data sources. This includes information like plain text, images, videos, and anything else not in a predefined format. Structured data is the opposite. That is the cleaned and well-organized databases, spreadsheets, or other information already set for researching by an organization or business.

The more we seek to gain valuable insights from unstructured, the heavier we lean into AI (artificial intelligence) tools and resources. This is because there is simply no way a human workforce could manage the mountains of data lakes, silos, and resources gathered worldwide. We need AI to understand the natural language being used, recognize the images for their value, and identify the patterns critical to our future decision-making.

Understanding Unstructured Data Assets

We gain unstructured data from a wide variety of sources. This can be social media posts about last night's dinner, emails to clients about a future meeting, customer reviews on the value of a shoe, and images of future dig sites for an archeologist. From the moment we started using computers, we have been collecting and managing data at record rates.

The problem is taking all that information and cleaning it up into easy-to-read systems. When you think about it, there are some critical steps this unstructured data must go through to be usable. Organizations and data experts have various resources, but in general, that needs to be:

• Using relevant data sources for acquisition
• Defining the parameters of the unstructured data
• Choosing a collection tech stack to handle the input
• Creating a storage and data lifecycle solution
• Cleaning and validating the data
• Organizing and integrating the data
• Reporting the data based on the models you want for decision making

Beyond that, you also have to consider security, privacy, technology, team capabilities, and more to manage whatever flow of unstructured data you are hoping to gain insights from. However, despite these challenges, unstructured data can be instrumental in creating valuable insights you may have never considered before. This can translate into helpful product features, new client offerings, or business efficiencies that transform your daily operations.???

The Role of AI in Analyzing Unstructured Data

AI is uniquely positioned to help businesses extract insights and value from unstructured data. AI techniques, such as machine learning, natural language processing, and computer vision, are essential in leveraging this data for future decision-making.

Machine learning can be used to develop patterns and make predictive analyses from data assets. This can be beneficial to:

• Image recognition for license plates police use to track dangerous criminals.
• Speech recognition we use in our smart devices for home comfort.
• Medical diagnoses support for efficient and effective treatment.
• Statistical arbitrage of currency markets and the effects of crypto.
• Predictive analytics for companies like Walt Disney in theme park visitation management.
• Data extraction for government public programs designed to improve local support.

The possibilities are practically endless because technology is still uncovering relationships and correlations our human capacities would miss. Natural language processing alone is a revolutionary concept sure to transform our futures based on the various input data we use for everything from requesting our Alexa play a song to asking Siri for driving directions.

Benefits of Analyzing Unstructured Data using AI

The instances we do know where AI can significantly improve our lives and market operations include, but are certainly not limited to:

• Improved Data Accuracy?– AI eliminates many human errors we would typically make and can move through mountains of data volumes at lightning speeds.
• Increased Operational Efficiency?– Automation is changing how we conduct business, and AI is the key to unlocking new efficiencies for daily operations.
• Better Insights –?Using AI allows us to uncover patterns and insights that would have never been apparent to human oversight.
• Personalization –?Everyone from the health industry to ecommerce can create a more personalized consumer relationship with their products and services.
• Scalability –?AI allows us to quickly scale based on market demand instead of waiting for historical data to come after the fact.
• Improved Decision Making –?Probably the most valuable insight gained from AI in unstructured data use is our ability to make better-informed decisions based on the information we need for success.

Conclusion

Unstructured data is becoming increasingly crucial for businesses to analyze. AI offers unique capabilities that enable enterprises to extract value and insights from unstructured data. However, we must pay close attention to privacy concerns and technological issues like hackers, fraudsters, and those wishing to use these tools maliciously.?

As long as we walk a fine line between benefits and potential challenges, we will improve our society and business world based on the power of AI.

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