In the digital first economy it is surprising that many organisations still struggle with transforming data into useful insights that can be embedded back into the business to deliver value, whether that is by automating processes, predicting outcomes, or matching products to people or vice versa.
Currently around 10-20% of data produced is useful to organisations. Imagine if that could be 80-90%?
The problem is that there are enormous amounts of unstructured data being generated daily that, until recently, has not been machine readable. Unstructured data includes PDF's, letters, images, contracts, forms, audio files, lease agreements, scans and x-rays, lab data etc. Not only this, but it is reliant on manual data processing by humans which is a heavy cost burden and highly inefficient.
Through advances in technology, the ability of Artificial Intelligence (AI) to connect the dots across multiple unstructured datasets in near real-time to discover meaningful patterns or behaviours which can then be used to enhance performance, improve efficiency, or steer innovation is driving the demand and adoption of AI globally.
But tackling untapped opportunities found in unstructured data, finding the usefulness in that data, making it machine readable, extracting the value from it and then integrating it into the business is complex. Many organisations find that once they have extracted the data, they don't know what to do with it. This is where AI can really play a pivotal role in opening up a world of opportunities for organisations.
The huge drive for Digital Transformation globally means that organisations need to start looking at ALL data. Not just what they can see now. But all of it. That means Internal, external, structured, and unstructured data. By doing that, those businesses can then become truly data driven. They can make decisions based on that data and future predictions; they can calculate risks, they can automate, they can essentially bring a huge increase in efficiency to their businesses. The process is through data digitisation, and you need AI or specifically Natural Language Processing (NLP) to do that, especially for unstructured data.
There have been incredible step changes in Natural Language Processing and Computer Vision, thanks to the latest Universal Language Models, Transformers and of course Transfer Learning, which have solved a lot of those earlier challenges where lack of training data and compute power hindered the success of many early AI projects.
The possibilities of AI stretch across industries and can be used to help solve a wide range of human challenges but also help businesses improve their performance, efficiency, and productivity through better automation.
Everything starts with an impossible problem that a company wants to solve.
In Financial Services there is a lot of focus on finding ways to improve fraud detection, simplifying credit decisions, and reducing churn rates.
Many compliance and regulation departments also want to use AI to ensure industry announcements don't impact an organisation's products and services, which may incur large fines.
In Asset Management, companies want to automate data loading of instruction manuals and procedures and predict points of failure in equipment.
In Pharma, AI is in demand to help companies work through their clinical trial phases to ensure patient data is machine readable to detect adverse reactions and other insights from the laboratories.
A lot of specialist AI and ML companies are good at digitising data but not so good at helping organisations make sense of it and onboard data insights into the business to unlock the value.
Deeper Insights use advanced API based platform technologies to digitise data and help companies to map out the value that the data can deliver to the business. It's the first thing Deeper Insights do before digitising the data. You need to really go deeper and understand what the usefulness of the data is/could be before deciding how to move forward.
Our 4-week Accelerated AI Innovation programme allows companies to deep dive into their data, experiment with rapid prototyping and deliver value to the business quickly. All you need is an idea or AI concept, and we do the rest.
Using deep domain knowledge and highly experienced and skilled AI specialists, Deeper Insights help customers work through new approaches to previous attempts in bringing AI to their business. Wherever there's a human process that uses offline or complex data, Deeper Insights can load, automate, and predict to create value back to the business.