There has been a continental shift in the amount of data businesses can tap into for fortune changing insights. This treasure trove of data comes in fast and in many forms. Whether customers suddenly drop off your sales radar or complete their buying journey with you, your data provides rich insights for improving customer relationships.
Business fortunes are now directly tied to how efficiently data from productivity and measurement systems can be analyzed and consumed. In a July’16 study by IDG Enterprise, 78% of respondents agreed that collection and analysis of big data has the potential to fundamentally change the way their company does business over the next 1 to 3 years.
Unstructured data is fast outpacing structured data and contributes towards the data mine that holds ground breaking insights. However, managing unstructured data is a growing challenge. According to IDG, unstructured data concerns grew from 31% in 2015 to 45% in 2016.
Made up of social media interactions, call center notes, emails, images, open-ended surveys and other marketing forms, unstructured data is believed to be growing at a staggering 62% every year. Some suggest that nearly 80% of new data is unstructured.
IT systems built on relational databases are inept at processing unstructured data. Email communications between clients and internal teams alone are a rich source of actionable insights. A solution that can break through the chaos of hundreds of millions of messages and CRM updates to give an overview for every region and team is the need of the hour.
While big data systems can accommodate structured as well as unstructured data for synthesis, they need to be easy to use. Although there is a growing big data adoption trend, the burden for insights currently falls on the IT department.
IDG’s survey of 724 respondents found that organizations are aiming to solve the following challenges –
- Finding correlation across multiple disparate data sources – 60%
- Predicting customer behavior – 47%
- Predicting product or services sales – 42%
- Identifying computer security risks – 33%
- Analyzing high-scale machine data from sensors, web logs etc – 30%
- Predicting fraud or financial risk – 28%
- Analyzing social network comments for consumer sentiment – 26%
- Analyzing web click streams – 19%
- Other – 6%
Baring computer security risks, all the above challenges can be met effectively only through automation.
Let’s consider the biggest challenge of identifying correlations across multiple data sources. For a human to sift through millions of rows and hundreds of columns of data is an impossible task that cannot be solved on a best guess basis. Dealing with unstructured data is another humungous task. That’s exactly why it takes months for IT to get back to you with insights you need today.
The fundamental problem with IT specialists is that since they do not have the business context, they are not ideally placed for identifying correlations, but we can program business intelligence solutions to accomplish such tasks.
Moreover, businesses intelligence solutions should make insights accessible for business users when needed. And that’s the primary goal we set out to achieve when we started building DataScout.
DataScout is programmed with NLP (Natural Language Processing) and machine learning algorithms to nullify your business intelligence woes. It cleans and joins data from disparate sources (structured to unstructured) to give you a contextual overview of your business.
You can even add industry data acquired from marketing intelligence vendors to see how your company stacks up in the race. There is no complicated process to be followed, just upload the spreadsheet and DataScout does the rest.
What’s more, DataScout lets you drill down to the lowest denominator of insights. Go from regional to individual performance insights in a few clicks. DataScout stays true to its promise of self-service insights by never requiring you to pick up any IT skills.
If you can use a mouse or a laptop trackpad you are good to go. Insights are displayed on dynamic dashboards with an array of visualization options for you to choose from.
We know it sounds too good to be true, that’s why we would like you to avail our free trial and try it out for yourself.