Imagine if you could hire a financial analyst who could easily access, read, and extract insights from every financial statement that ever existed for a company in seconds. The real power is the combination of human-like reasoning matched with the computational power of a machine.
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To attack the problems of unstructured data, artificial intelligence (AI) experts are trying to achieve artificial general intelligence (AGI), or a machine capable of understanding the world as well as any human, with the same capacity to learn how to execute a huge range of tasks. By analyzing millions of client emails or phone calls, companies may be able to detect specific client actions, such as if a client is likely to default or close their account, and implement proactive measures to retain the business. Similarly, a financial institution that harnesses unstructured data could leverage machine learning to better understand customer behaviors. A machine learning solution would help the portfolio manager identify which stories are most relevant to their needs, and based on nuanced phrasing, give the most important news articles the highest priority. For example, a portfolio manager may have thousands of pieces of news to read about their portfolio over the course of a month. 3īusinesses that are able to leverage automation to critically comprehend unstructured data will have significant competitive advantages, and recent inventions in the field of natural language processing (NLP) will have a massive impact on this challenge area. However, as recent estimates show, 80% of business data is unstructured, creating a critical need for tools to help business users better understand and extract insights from this type of data. Unstructured data has become known as the blind spot of business insight. With the global data sphere estimated to reach 175 zettabytes 1 by 2025, business users will need to rethink how they analyze businesses and sectors, including the mental and time capacity for reading, comprehending and scrutinizing data. Unstructured Data is a Business Blind Spot
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