Watching Netflix and implementing your company’s data management strategy both have the potential to become unintended marathons. You sit down in front of the TV to enjoy just ONE episode of Stranger Things and, the next thing you know, the closing credits are rolling, the dishes still aren’t done, and the groove in your couch has grown deeper. Time slipped away from you, just like that document conversion initiative that grew into a juggernaut that has you feeling like your organization is living in the Upside Down.
Does the state of your data management strategy resemble a dark comedy, a mind game thriller, or a critically acclaimed media darling? Read on to determine which Netflix category best describes your organization’s approach to data management.
1. Dark Comedies: The Not-So-Funny Reality of Your Data
Office Space is a classic. Try Fargo if you’re a Coen Brothers fan. We’re talking movies full of good people caught in situations so awful you can’t help but laugh. Unlike the Netflix classics that entertain and delight us, a poorly conceived data governance strategy is no laughing matter.
Take the case of an organization in the highly regulated energy industry. Compliance filings required that they had to traverse the entire company’s paper reports to be collated, processed, and filed starting every morning at 4:00 AM. They handled so much paper, in fact, that they had to weld together pipes to create their own military-grade mail cart that could handle the weight. Similar to the dreaded TPS reports in Office Space, it was like the world’s worst paper route—staffed by experts, engineers, and nuclear scientists.
The comedic dance only ended when the company implemented a document conversion solution that would automatically gather the necessary reports, standardize them into searchable PDFs, and email them to the right people.
2. Mind Game Thrillers: Full of Suspense & Plot Twists
Just like your enterprise data management strategy, some thrillers have so many twists, turns, and red herrings that they leave you asking: “What just happened?” For some companies, that confused feeling is all too familiar when reflecting on their convoluted journey through digital transformation and data management.
Take the case of a bank that saw an opportunity to sell a block of their mortgage business but experienced unforeseen problems after working through the complexities of the sale. Once the buyer received the mortgages, and began to examine what they had purchased, they discovered previously hidden sources of Personally Identifiable Information (PII).
Through the twists and turns of the subsequent investigation, the associated risk was determined to be so grim that the selling bank had to spend over $300,000,000 to buy back the mortgages—and lost eight percent of its stock price in the bargain. The Curious Case of Hidden PII could have been solved before it turned into a nightmare, if only the bank had been able to convert its unstructured data into a searchable format (and identify all internal sources of PII).
3. Trending Now: Blazing a New Trail
Much like the tech-with-a-twist themes explored in Black Mirror, or the sci-fi feel of Lucy or Interstellar, the companies in this category are leading the charge on digital transformation by exploring new applications of Big Data analytics and Artificial Intelligence (AI).
For example, one global re-insurance company takes in half a billion pages of contracts a year, much of it “dark” and unstructured. Traditionally, AI couldn’t process most of the contracts, and so the data couldn’t be used to improve the accuracy of their analytics. By leveraging Enterprise Optical Character Recognition (OCR) combined with a robust document conversion solution, the company is now able to automatically process the content into a structured format that can be fed into IBM’s Watson for deeper analysis.
By harnessing the power of AI, this organization is now able to make better decisions faster and bring products to market more quickly—creating a “trending now” buzz in the industry.
4. Critically Acclaimed: Getting Data Management Right
Movies in this category are the critics’ darlings (think Manchester by the Sea and La La Land). Similar to their Netflix counterparts, companies that get their data management strategies right become the envy of their industry.
Take the example of a global insurance company. To remain competitive in an increasingly digital space, this organization needed to create a world-class customer experience. However, dealing with an overwhelming volume and variety of inbound documents prevented the organization from accelerating critical customer response times.
In the end, they achieved swimming success by harnessing the power of Optical Character Recognition (OCR). By allowing customers to easily submit claims in a range of formats (photos, emails, faxes, etc.), the organization eliminated the need to process incoming claims manually—improving customer-facing processes and speeding critical time-to-resolution.
Maybe your data management strategy is a winner in all categories. Or perhaps the state of your organization’s data management has you feeling like absconding into the woods like Eleven from Stranger Things. Whatever the case, leveraging the right data enrichment tools, solutions, and industry partners can help you turn a dark comedy or mind game thriller into tomorrow’s critically acclaimed hit. That sounds like a happy ending to me.