Intelligence Pathways - Business Intelligence and Competitive Insights

By: Intelligence Pathways Team 26-Jul-2018

With the advent of technology and modern applications, data has become predominantly unstructured in the form of text, video files, social media posts, and emails. As a result, it has become harder to manage since it does not have a specific format and does not fit traditional database models.(1) By 2022, it is forecast that 93% of all data in the digital world will be unstructured.(2)

Unstructured data can help businesses deepen their understanding about customers’ opinions about their products and services. While unstructured data is a valuable source of relevant information, many businesses face a challenge in gathering and storing it. About 80% of companies have little visibility into what is happening with their unstructured data.(3)

One of the reasons why businesses find it difficult to manage their unstructured data is its sheer volume and many businesses’ inability to keep up with it.(4) Due to the lack of sufficient infrastructure, businesses do not have the capacity to store the growing amounts of unstructured data and they might collect information they are not aware of. Furthermore, there is plenty of information that is not verified and that could lead companies to make decisions based on inaccurate data which is usually very costly.

Some helpful steps in analyzing and managing unstructured data include:
• Understand what kind of data you need for your analysis and find the relevant sources of information that serve your company’s goals(5)
• Choose a good business management tool so that you can ensure that no real-time data is lost and that the results of the analysis are available for access
• Eliminate data that you don’t need or that takes up too much space(6)
• Prepare the data for storage by deleting duplicate results
• Create data backup, save all the data until it is stored and maintain a recovery platform
• Organize the data and create statistics so that it can be easily used
• Analyze the statistics and make conclusions that are relevant to your business’ needs
• Build a strategy for combining structured and unstructured data in order so that it can be more beneficial to your business(7)

Sources Referred:
(1) Unstructured Data Management
(2) Big Data And The Challenge Of Unstructured Data
(3)Big Data And The Challenge Of Unstructured Data
(4)Big Data And The Challenge Of Unstructured Data
(5)Big Data: 9 Steps to Extract Insight from Unstructured Data
(6)10 Steps for Analyzing Unstructured Data
(7) Solving the Unstructured Data Challenge

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