"Big data" is a buzzword in the modern tech industry. We all see it, hear it, and realize that it exists, but how do you manage it?As the amount of data flowing into your company from various programs and business processes continues to grow, how will you control and use it to better understand your current and potential customers?
According to an article by Dan Newman, president of BroadSuite, "In its simplest form, big data is defined as the entire pool of digital information available to an organization. "That's a huge resource for any business!
This data is then broken down into two types: structured and unstructured. Structured data is organized in an easy-to-analyze format and is searchable by search engine algorithms in the database. Unstructured data is data that does not reside in database fields and is in its original format. This includes word processing documents, emails, and most other business documents. This is a data that continues to grow.
According to Newman, 90% of the world's big data has been created in the last two years. The study also shows that the number of new data will grow by 60-80% next year.
All this data can seem like a heavy burden, especially if you work in a company's finance or human resources department and receive invoices and other financial documents on a daily basis. However, there are ways to get unstructured data that is difficult to control through different channels.
Document management solutions deploy tools that can transform unstructured documents into searchable, structured documents on which you can easily run reports and analytics. When information comes from a merchant in a variety of formats, you need smart technology to read documents like a human. Document Management reads unstructured documents, extracts important data, and then sends documents through workflow processes to catalog and index them in your ERP solution.
This article** is from Snow Beast Software.
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