How AI helps create valuable insight from unstructured data

In 2020, the International Data Corporation found that we collectively generated more than 64.2 zettabytes of data — a number expected to increase dramatically in the coming years as digital services become more common. In fact, data creation is expected to grow by a compound annual growth rate of 23% until 2025, when it will reach an estimated 180.74 zettabytes of data. Such a vast amount of information promises incredible value when businesses figure out how to manage all of it. But in the meantime, the sheer volume of unstructured data can slow down existing business processes, preventing further scalability and reducing profits. 

All this data has near unlimited potential to help organizations refine their processes, predict market conditions, and better serve customers and stakeholders. But organizations can only put data to use when it’s properly labeled and organized. Currently, an estimated 80% of all data is unstructured.

Managing such a high volume of data is overwhelming, and the labor it would take to manually process it significantly limits what kinds of data can be profitably used to advance the business. The only way to maximize insight from unstructured data is to leverage artificial intelligence.

What is unstructured data?

Structured data is defined by parameters and labels so machines know exactly what it is. Information collected in forms, like names, birthdates, and phone numbers, are the most common form of structured data.

Unstructured data is all the other information organizations collect that isn’t defined by pre-set data models and can’t be added to a conventional database. The majority of business processes are full of unstructured data — invoices, contracts, emails, social media posts, and even photos, videos, and audio files.

How AI helps process unstructured data

Since the turn of the millennium, automation technology helped workers streamline mundane, click-based tasks but still required their attention for document review and data entry. Artificial intelligence in enterprise technology creates an even more sophisticated level of automation capabilities that let machines take over some of the mental work that humans need to do. One of these capabilities is intelligent document processing, specifically designed to convert unstructured data into usable data. Here’s what it does:

Automates data capture

In intelligent document processing platforms, AI can read any kind of document, understand its content, and even enter it into databases. With documents like invoices, AI can automatically recognize who the sender is, how much they’re requesting, when the payment is due, and what product or service is being billed. Then, with a capability called data extraction, it can automatically copy this information into databases and other systems for further processing. This virtually eliminates the need for both manual document review and keyed data entry.

Detects message intent

Another capability of AI is natural language processing. This allows it to read and comprehend large blocks of unstructured text, like the kind found in emails and other messages and actually decipher what the sender wants. Deploying this capability can save customer support teams an incredible amount of time and effort, enabling faster response times. Once you know what the customer wants,  the AI can automatically handle a whole range of routine requests, such as updating addresses or modifying orders.

Streamlines data analysis

AI also makes it easier for users to analyze the wealth of data. With data extraction, workers can query specific information, automatically extract it from documents, and visualize it to look for patterns and new opportunities. This has a variety of benefits, such as helping procurement teams identify the best suppliers or helping project managers better allocate resources for more efficiency. AI can organize and use virtually any type of data. 
Data is becoming an increasingly important asset, but companies can only realize its potential when humans have the time and energy to leverage it. Using AI with a platform like Automation Hero to capture, process, and manage unstructured data does more than improve efficiency — it helps unlock the true value of human capital by freeing workers from mundane work. Learn how Automation Hero can help your organization make the most of unstructured data.