A Business Guide to File Analytics
By Taylor Van Beek | December 10, 2018
3 minute read
We are living in an age where data is more important than it’s ever been. It’s an established fact that data helps companies grow, helps them better serve their customers and fuels the innovation necessary for them to thrive. In increasingly competitive industries – such as life sciences, financial services, insurance and energy – the majority of organizations are in the process of rapidly changing and digitizing, with many using File Analytics to ensure that it’s done right and done intelligently.Access to high-quality data can be the tipping point for a company looking to emerge as an industry leader, setting them up for long-term success and profitability.
While more and more companies prioritize gathering data, not all of the data they take in is accessible or usable for deep analytics. Most organizations have two different kinds of data, structured and unstructured, with approximately 20% of their total data being structured and 80% being unstructured. For the purposes of level setting, structured data is data that’s organized in such a way that it can be easily accessed and analyzed. Unstructured data is not. It is analogous to that junk drawer next to the stove – full of scraps of paper, odd-sized batteries, the odd (paid?) bill and an improbable number of elastic bands. There’s good stuff in there, somewhere, but figuring out what that is and how to use it is time consuming and inefficient. After too long ‘in the drawer’, this data becomes dormant.
Enter: File Analytics. File Analytics allows enterprise organizations to identify and analyze unstructured data, turning it from unusable, risk-laden clutter into clean, classified, secure high-quality data that can be leveraged to intelligently support and grow a business. File Analytics allows companies to manage high-value projects such as enhanced data migration, sensitive data recovery and remediation, and deep analytics.
The Top 3 Reasons Your Organization Needs File Analytics
In 2018, making sense of unstructured data has become critical for any organization that seeks to grow its influence, efficacy and long-term viability. Once data becomes dormant, it is all but invisible, and therefore valueless to your organization. Adding potential insult to injury, there’s no way of knowing if the key to the next big opportunity for your business is in fact buried in that pile of data, collecting digital dust. Implementing a File Analytics solution helps breathe new life into this data in three very interesting ways:
1. You’ll be able to access more data
As we said, most businesses are only taking advantage of 20% of the data at their disposal. And although it’s possible to go quite a long way using just that 20%, imagine the possibilities if you were able to access and leverage much, much more. It wouldn’t simply improve your team’s existing initiatives, it would open up net new opportunities that are currently not even on your company’s radar.
File Analytics makes that possible because it takes all of the unstructured data within your organization – emails, word docs, scanned images, CAD files – and sorts, analyzes and classifies it, providing you with the ability to extract actionable business intelligence that will support your goals. Companies that can access their unstructured data, using File Analytics, end up with access to more information than competitors who can’t access and don’t use this data.
2. You’ll gain higher quality insights
This is where the true value of File Analytics becomes apparent. Along with providing access to more data, File Analytics enables an organization to extract business insights from that data. As a result, executives and empowered team members can make decisions faster and with a greater level of confidence.
Regularly acting on more reliable, insight-driven decisions and initiatives enables companies to outpace competitors by improving and streamlining business processes, improving their overall predictive capabilities, and providing a deeper understanding of their customers’ needs wants and behaviors.
3. You’ll be able to leapfrog your business into a sustainable future
You probably agree that the more informed a person is, the better they will be at making decisions. Logically, then, this is as true for people as it is for executive teams heading up organizations. The more information a business has and, more importantly, the more the executive team can access and analyze that information, the more likely they are to make breakthroughs and decisions that will position them for long-term, sustainable success.
File Analytics opens up the possibility of implementing next-level innovations such as machine learning, Robotic Process Automation (RPA) and Natural Language Processing (NLP). Ultimately, File Analytics provides your organization with the ability to leverage more of your data in order to identify and get ahead of trends within your industry, answer questions and process information exponentially faster, and deliver a customer experience free of any revenue-damaging confusion or wait times.
As the competition becomes increasingly digitized, markets become more strictly regulated and customer expectations continue to grow, File Analytics edges ever closer to being ‘business as usual’ in every industry, including yours. Considering that upward of 60% of all companies are currently sitting on about 100 TB of unstructured data, there are a lot of market opportunities out there right now on which smart, forward-thinking executives can capitalize.
Adlib Elevate can help you make the most of your available data, providing greater understanding, a higher level of intelligence and sharper business insights. Contact us if you want to talk about what that might look like for your organization.