August 29, 2017
It should come as no surprise that there are valuable business insights contained in the data that is generated by organizations and individuals on a daily basis. Through a stream of daily interactions with users and partners, from transactions and invoices to content creation, data paints a portrait of an organization.
When used effectively, that data can provide priceless insights into where an organization is being really effective and where it needs work.
Yet unlocking that value and transforming the data into actionable insights remains a big challenge for most companies, according to new study commissioned by AI Foundry entitled Transform Content Into Insights.
The problems reported in the study range widely; from collection to classification, extraction and analysis. Over half the respondents find it difficult to aggregate data from multiple systems, while more than a third claim the data is inaccessible to them.
As a result, the quality of the insights generated suffers greatly, which affects employee confidence and how much trust and effort they are willing to put into using the data.
Still, data is the key ingredient into getting actionable insights out of everyday processes, so it’s important to understand the problems before one can get at the solutions.
Let’s take a closer look at 5 of the most frequent and problematic challenges encountered by decision makers in the financial services, healthcare and insurance sectors when it comes to extracting and utilizing data.
1. Fewer than 10% of respondents use more than half the information available.
Data is the lifeblood of the digital economy and the key to a more efficient business environment. So why do so few employees make use of it? The report found that “much of this data is unused or its value is unrealized because the data is locked away in archives, in different file formats, and has various levels of access (especially regarding sensitive data). As a result, insights lie untapped.”
Stripping away the barriers that prevent users from accessing data which would be useful to them came up repeatedly amongst respondents.
There’s a huge frustration around formats and permissions for companies who know their data is valuable but are not really using it effectively.
2. Only half the respondents are confident that the data they use is trustworthy.
There are two aspects to this troubling insight. First, employees do not express much confidence in the data that they are using to drive insights. Second, they express even less confidence that they will be able to find the data that they need to justify making a decision.
Only 19% of people are very confident that the data they are using is trustworthy, and only 18% are very confident of where to go to find the right data and where it has been sourced from.
A trust deficit is a debilitating mindset and it can erode all the value and the efficiency that good data can bring to your company.
3. For more than 1 in 3 respondents, core processes that could be automated still require 40% manual input.
“Data has a shelf life,” claims the report. The fresher it is, the more relevance and meaning it has to both consumers and employees. So it’s very frustrating when basic processes that require over 40% manual work in the capturing process (such as customer onboarding, document review, and claims processing tasks) can be automated but aren’t.
Not only is that work time-consuming, but it also greatly increases the chances of errors creeping in, which then renders the data even more untrustworthy. The report clearly showed that there was an inverse relationship between manual work and efficiency, and that decision makers place a high value on automation and intelligent tools to save time and improve accuracy.
In the process, “firms that shift to digital engagement are better positioned to quickly mine the data that resides in these core processes and systems.”
4. On average, teams spend more than 25% of their time validating incoming information.
Due to the fact that nearly 50% of respondents experience the data they receive as being untrustworthy, they feel obligated to validate the incoming information before using it.
“When valuable data sits in poorly connected, disparate systems, the business processes that involve this data can be inefficient,” explains the report. “Highly manual processes can lead to squandered opportunities, particularly when employees lack confidence in the data or their abilities to use it.”
5. Validation tools that ensure documents are complete and capabilities around full text search across all document types were described as “very valuable” features.
Employees who have access to tools that automatically and accurately find and deliver the right data for analysis, at the right time, are consequently freed up to focus on satisfying customer needs and to innovate in other areas.
What type of automation would be most valuable to them? Features that can “push relevant data to targeted business processes, extract target data in documents based on visual characteristics, and automatically classify documents based on their appearance.”
The Transform Content Into Insight study concluded that decision makers were frustrated by knowing that they were missing out on key operational data they could be using to create actionable insights.
They expressed a need for automated processes that can capture data, make it searchable, and dramatically reduce the numbers of inaccuracies that creep in during the manual capture process.
More accurate data handling and processes would naturally lead to increased levels of trust in the data and reduce the time needed for validation. It stands to reason that this would grow into an improved customer experience, increased revenue, and the kind of business efficiency which can transform an organization.
Download the report to learn more about how data insights can help firms improve both externally, with their CX strategy, and internally, through operational excellence. Gain deeper insight into the challenges firms face like
This report can help you understand where value exists for automation and extraction to improve efficiencies and insight. Complete the form on the right to download the study now!