You probably know about big data, but how are you managing it? As the amount of data that flows into your company from various business processes continues to grow, how will you reign it in and use it to understand your current and potential clients better?
An article by Broadsuite president Dan Newman stated that, “In its simplest form big data is defined as the entire pool of digital information available to an organization.”
If you’re like us, you know that's A LOT of information!
This data is then broken down into two types of data – structured and unstructured. Structured data is organized in a format that is easy to analyze and is searchable by search engine algorithms within a database. Unstructured data is data that does not reside in fields in a database and is in a raw format. This includes media, word processor documents, emails, videos, photos and most other business documents. This is the data that keeps growing.
According to Newman, 90 percent of the world’s big data has been created within the last two years. Studies also show that the amount of new data will grow by 60-80 percent in the next year. That's enough to make many professionals shudder.
All of this data may seem like an overwhelming burden, especially if you work in your company’s financial or human resources department that receives invoices and other financial documents on a daily basis. However, there are some ways that you can tame the unruly unstructured data coming in through different channels.
Document management solutions deploy tools that turn unstructured documents into searchable, structured ones that you can easily run reports and analytics on. When information is coming in from vendors in various formats, you need intelligent technology that will read the document like a human would. Document management reads unstructured documents, pulls out important data and then sends the document through a workflow process, cataloging and then indexing it within your ERP solutions. This makes it easy to find and analyze data and to make business processes more efficient and to give you an inside look at your prospects and customers.
How does your organization utilize or manage big data?