“Unstructured data extraction” is the buzzword that is capturing the attention of every company. Until recently, organizations relied on readily available structured data to make decisions, leaving unstructured data in the dark. The volume of data generated is prolific, and more than 80% of it is in an unstructured format.
According to a Deloitte survey, only 18% of organizations use unstructured data. Just imagine the consequences of developing strategies based on only a subset of the data available in your organization. So, every piece of information is crucial in developing innovative products, devising successful marketing campaigns, and maximizing operational efficiency. So, most top players in the market have started investing in robust unstructured data extraction solutions to outwit the competitors.
The chaos of unstructured data in business
Unstructured data lacks a defined data model or structure, making it difficult for organizations to process and store. For instance, the details shared in emails, posts shared on social media, and customer queries recorded in calls are some examples of unstructured data.
Unstructured data are often difficult to analyze using traditional data analysis tools as it does not fit neatly into tables or other structured formats that can be easily analyzed. The main challenge with these data is that they usually contain sensitive information, such as personal or financial data, increasing the probability of security threats. It is essential to ensure that it is extracted and protected from unauthorized access with robust data extraction solutions.
Role of unstructured data extraction in various industries
In today’s digital age, healthcare organizations collect more data than ever. However, not all of this data is structured, so it does not perfectly fit into predetermined categories or fields. Physician notes, clinical reports, patient feedback, and data from various devices come under the unstructured data category. Automatically extracting data like physician notes and clinical reports can provide more detailed information on a patient, allowing healthcare organizations to identify patterns in patient care and improve diagnosis and treatment plans.
Unstructured data extraction can also be used to improve population health management. Healthcare organizations can use social media data to track and analyze trends in public health concerns and respond quickly to potential outbreaks or epidemics. For example, monitoring social media posts can help identify early signs of a flu outbreak or other infectious diseases, allowing healthcare organizations to respond quickly and prevent further spread.
One of the significant applications of unstructured data extraction in the financial services industry is risk management. Unstructured data, such as financial statements and credit reports, provide a complete picture of a borrower’s creditworthiness. For example, social media posts and news articles can provide valuable information about a borrower’s reputation and financial situation, which can be used to assess their credit risk.
Analyzing large volumes of unstructured data, such as transaction logs and online activity, can help financial institutions identify fraudulent behavior. Manually gathering and analyzing this massive data volume is taxing. Automated unstructured data extraction solutions can help organizations extract trusted information quickly and accelerate innovation.
The information used in the retail industry, like customer feedback, social media posts, product reviews, and market surveys, are gathered in a different formats. These unstructured data play a significant role in developing targeted marketing campaigns and personalized recommendations and offering tailored products and services that meet customer needs.
Retailers can generate powerful insights in a flash using unstructured data extraction solutions’ advanced technologies, such as natural language processing (NLP) algorithms and machine learning models. For instance, by analyzing customer feedback and social media posts, retailers can identify high-demand products, adjust their inventory accordingly, and reduce inventory costs, thereby improving the efficiency of their supply chain.
Transform your business with powerful unstructured data extraction
From improving customer experience to gaining a competitive advantage, unstructured data extraction plays a significant role. As such, businesses that invest in unstructured data extraction solutions stand to gain a substantial advantage over their competitors and position themselves for long-term success. At Xtract.io, we offer the best unstructured data extraction solution to gather precise information from multiple sources instantly and enable you to make confident business decisions. Take a free demo today and drive transformational growth in your business.