How to Leverage Enterprise Text Data in Executing Successful BI
There have been many debates and confusions between vendors of business intelligence (BI) tools and their customers on how to read and analyze unstructured text data. In today’s organizational scenario, about 80 percent of the text data in businesses are unstructured. Decades ago, analysis was done over structured data or documents. Many businesses out there found it difficult to leverage BI tools as there had been no software or product that is designed to read unstructured documents or texts.
Prior deciding the solutions and tools that are necessary to process unstructured text data to best utilize BI, it is important to understand the difference between structured and unstructured text data.
Structured vs. Unstructured Data:
Structured data are a type of data which are written with high degree of organizational manner where it becomes easy for machines to understand. The format of structured data is readily searchable with simple search engine algorithms or operations. Unstructured data is similar to human language which makes it difficult to fit onto relational databases. Unstructured documents can be drafted through Microsoft Word whereas structured data can be developed with Adobe FrameMaker. CIOs need to implement tools which will convert all the text data of enterprise to machine readable format.
How to Read and Analyze both Unstructured and Structured Text Data:
BI utilized by organizations across industries consumed lot of time and manpower in processing unstructured data. This reduced the work efficiency of enterprises, leading companies towards downside. After innovation and development in big data management solutions, IBM brought-in its BigInsights platform. IBM’s BigInsights platform integrates enterprise capabilities and industry-standard Hadoop components onto a single platform.
Many enterprise experts today leverage BigInsights advance features and analytics capabilities—managing and analyzing large volumes of structured and unstructured data; Big SQL, which enables data in Hadoop cluster to be accessed by SQL. Recently, IBM BigInsights released version 4.1 showcasing Open Platform with Apache Hadoop.
Organizational Text Data Which are Open for Use in BI Applications:
Organizational Concordat: IT companies have nearly about more than thousand contracts to be analyzed at a time. Some of the text and data are not identified by the machine due to its structure. It becomes necessary to incorporate those texts and data in BI and analytics process. With the introduction of IBM’s BigInsights, business analysts are now able to answer quickly about contracts that are to expire, the savings from each contract and past cleared contracts.
Patient’s Data: The actuation of electronic methods in healthcare continuum has improved the work efficiency of healthcare employees. But in terms of analyzing healthcare business through BI, data fed through electronic system required some tweak in architecture i.e. from unstructured to structured data. But now such laborious work is eliminated through new IBM’s platform.
Banks Loan Applications: There are about thousands of people who apply for loan and banks draft the entire detail of the applicant in their database. All these data stored onto the repository are unstructured data. When executing BI in the organization it becomes very difficult to analyze these important documents, and files which results in the expenditure of spending an extra capital for converting those data to a high degree organizational manner which is easily readable by the machines. The recent developments in applications have led machines to read both—unstructured and structured documents.
Claims Data: Claims data can be warranty or insurance application information. In automobile sector, applications of claims put forth by customers like are compiled with each and every required detail of the issue the consumer had with the product or services offered by the industry. With proper analysis warrant or any other forms of claims can prove helpful for the service provider, enabling them to minimize the flaws and upgrade the product to serve customers better.
The above importance of text data helps in smooth execution of BI computer software solutions, every SME’s today can achieve their business milestones by easily implementing BI applications and tools. So, CIOs need not worry about deploying extra manpower or text management tools to convert data into readable organizational manner from unstructured format. This ease in reading and analyzing data helps CIOs gain better insights of business critical operations and processes.