3 Ways Intelligent Data Extraction Maximizes Your Tech Investments
By Scott Mackey | May 9, 2021
3 minute read
Data Extraction software is one way to unearth answers that will help you seize new opportunities and outcompete your rivals.
As the SVP of Market Strategy at Adlib, I’m often faced with complex problems that require quality data to solve. For instance, my team and I were discussing how to deliver a superior customer experience over the next 5-10 years. We couldn’t make meaningful headway without information about our core customer segments and market trends. Ultimately, our ability to act swiftly was tethered to unlocking that data.
The right Data Extraction solution will dispel the mystery surrounding the vast volumes of data lurking within your enterprise and shine a light on all the opportunity it holds. Keep reading to learn how.
1. Maximize Upfront Discovery
At a high level, companies need to know what data they have and where it is. A robust Data Extraction solution will be able to handle different types of content within repositories, fileshares, and ECMs. Upfront discovery should include everything from complex legacy documents to net-new data existing within hundreds of file formats across different lines of business, in multiple geographies.
The answers to my questions were found in places like customer contracts, CRM systems, quarterly review notes, customer advisory board survey results, analyst reports, and customer support tickets. We pulled data from multiple complex formats such as structured database records and unstructured documents, including emails, MS office files, and external reports in PDF format.
Making decisions without adequate information is anxiety-provoking for all of us. Having rich data at our fingertips empowers business leaders to make savvy decisions faster and with a greater sense of confidence.
2. Separate the Wheat from the Chaff
Rather than assembling teams of people to manually comb through copious amounts of data, companies can leverage automation and artificial intelligence including machine learning and natural language processing to pull the most relevant and useful information.
This includes extracting valuable data from within simple emails, or highly complex contracts where consistency, layout, and structure are ambiguous. Intelligent Data Extraction ensures that companies are only left with the good stuff.
The right Data Extraction software should be able to achieve—quickly and at scale—what historically took humans exponentially more time to process.
3. Power Business Insights Through Flexible Integration
Rich data is only valuable if the people and systems who need it can access it. Intelligent Data Extraction software utilizes automation to connect the source of the extracted data with the business unit looking for it.
A platform with flexible integration will reduce organizational silos and the added cost and headache of incorporating additional tools to fill in the gaps of converting and organizing unstructured data.
Look for a Data Extraction platform that is easy to interact with to make sure it’s providing the answers you need. Is the technology scalable and adaptable? Can it learn and evolve over time? Your solution should be able to quickly integrate with other software platforms that you don’t even have yet.
Whether you are trying to assess risk, increase profitability, or deliver a better customer experience, quality data is key. Armed with answers to my questions, I am able to build a strategy to anticipate the needs of our customers, grow revenue, and address competitive threats over the next decade. Having access to the right data enabled us to proceed with conviction. The Data Extraction capabilities of Adlib’s Content Intelligence platform can do the same for you.