How To Unlock The Potential Of Unstructured Data

by CXOtoday News Desk    Jul 17, 2014

data and analytics

Unstructured content accounts for 90 percent of all digital information, says a recent IDC report which states that while this content is locked in a variety of formats, locations, and applications made up of separate repositories, when connected and used properly, such information typically can help increase revenue, reduce costs, respond to customer needs more quickly and accurately, or bring products to market faster.

“Unlocking information from the content is not a trivial task, and many organizations face roadblocks because of a lack of appropriate technology and processes,” said Dave Schubmehl, Research Director, Content Analytics, Discovery, and Cognitive Systems. It is important for business leaders to understand how efficiently they can combine new technology, processes, and empower staff to unlock the hidden value of information.”

To understand what organizations were doing to extract value from their unstructured content, IDC surveyed 2,155 organizations across six countries and then identified how some of the leading organizations have a high Knowledge Quotient (KQ) – a score developed by the research firm that identifies an organization’s ability to unlock the hidden value of information.

“This analysis revealed that organizations with top KQ scores, which represent 10 percent of our sample, are five times more likely than others to experience benefits from information access, analysis, and sharing projects that exceed expectations,” noted Dan Vesset, VP - Business Analytics and Big Data at IDC and he added that unlocking the hidden value of information can yield immediate and tangible results.

The study also found that most organizations need to overcome both technology and organizational challenges to become a KQ Leader. One of the key challenges organizations face is the ability to measure project benefits. IDC found that 63% of the organizations surveyed had not quantified the benefits from their information access, analysis, and sharing projects.

Sumeet Tandure, Regional Head (South) Platforms, Solutions & Services, Hitachi Data Systems believed that  while traditionally business has looked at smaller, business driven structured data systems such as CRM, ERP, and SCM to achieve these results, a large amount of information today resides within unstructured data generated from social media, weblogs from human activity and also images, video and audio from machine activity such as satellites and sensors.

The challenge is to determine where to look for the right data sets, how to extract meaningful insights from the glut of information that exists and how to interpret this in the right context in order to gain a competitive edge.