Information Overflow is Happening Everywhere: How Your Dark Data Can Uncover Great Insights
07 Jul 2020
Over the past couple of years information overload has grown exponentially and is happening in every company in unrivalled volumes and structures, challenging the conventional aspects of information management. As a direct consequence, dark data volumes are growing at a similar exponential rate and presenting organisations with a growing concern.
What is Dark Data?
Gartner define dark data as the “information assets that organisations collect, process and store during regular business activities but generally fails to use for other purposes”, and according to IDC, 90% of it is never analysed. Categories of dark data often vary across companies, but often include things such as customer information, log files, previous employee information, raw survey data, financial statements, and account information.
Poor dark data management is resulting in avoidable IT budgets being used to store and safeguard data that could otherwise be deleted. Indeed, global reports and surveys show that if dark data is left uncultivated it will needlessly cost organisations around the world a cumulative sum of $3.3 trillion to administer by the end of 2020.
Of course, this sort of ineffective information management does not just tie up budget but can impact other crucial business functions and expose organisations to material data privacy liabilities.
What are Smart Businesses doing?
Smart businesses are using cognitive technologies and frameworks to help them analyse and utilise dark data to help tackle business issues and further differentiate themselves in their marketplace.
Cognitive technologies can intelligently analyse unstructured data, infer this data to generate insights, estimate decisions using apparent analytical support, and then arrive at conclusions with a level of assurance. Leveraging unstructured data with the assistance of technology in this way can radically alter the way that business is conducted. Take a look at some of our case studies to see how we have helped organisations all over the world:
Managing Intelligent Information Management and Digital Transformation
At Proventeq we believe that “Intelligent Information Management” is not a technology segment or a way of relabelling of ECM (Enterprise Content Management). Our team set out to quantify what organisations thought of Intelligent Information Management (IIM) and its relationship with Digital Transformation.
We discovered 3 key insights:
- Your digital transformation journey initiates with IIM practices, and each organisation should continuously be on this journey.
- Productive content analysis phase before migrating to an IIM save time, money, and offers better compliance.
- Digital transformation relies on information governance, automated compliance, leveraging analytics, as well as using advanced technologies such as machine learning effectively. All of these are vital to IIM methodologies.
The committed team at Proventeq breaks down silos by providing a highly effective experience for utilising and leveraging information that is stored in any system or diverse repositories. These systems include ECM, ERP, CRM, file-sharing services, network folders, SharePoint, and other repositories.
Customers trust Proventeq’s enterprise-grade product platform which delivers relevant answers, insights, and text analytics right from your stored or ineffective unstructured data sets. Contact us today to find out how we can help your organisation uncover key insights from your dark data.