The Era of Information
Welcome to the era of information. More accurately, the era of information overload. This reigns just as true for corporations as it does for our personal lives. In fact, it’s been estimated that information overload costs the US nearly $900 Billion every single year in lost productivity.
So, how bad is it? According to the HBR, research suggests that the surging volume of available information—and its interruption of people’s work—can adversely affect not only personal well-being but also decision making, innovation, and productivity. “In one study, for example, people took an average of nearly 25 minutes to return to a work task after an email interruption. That’s bad news for both individuals and their organisations”. But email isn’t the only data source causing this excessive opportunity cost. Data comes in all shapes and forms and the costs add up.
Value, Volume, Variety, and Velocity
They say that in the knowledge economy, information is our most valuable commodity. But in a company, information is often coming in excessive amounts, from every direction, and at an intense speed. Big Data has often been characterised by these traits, aka the four V’s: value, volume, variety, and velocity. I challenge you today to consider where all the data is coming from in the company you work for. Whether a small business or a large corporation, chances are you have a lot of it, and chances are that you use a lot of it also. Perhaps this includes reading through Facebook comments in an attempt to understand customer sentiment or perhaps it is something more complex like sifting through resumes to find the right candidate. The insights and actions from these activities can provide great value to a company, but what is the opportunity-cost?
Not many companies think of the opportunity cost that sorting all this data is associated with. The opportunity cost is the countless paid hours and brain power being spent by dedicated employees on these tasks. Human capital that could be spent elsewhere. This is where Artificial Intelligence comes in: we can now get the same value out of the data but without the opportunity cost.
Natural Language Processing
Enter Natural Language Processing and Machine Learning which promises relief for those of us struggling with information inundation. This is a branch of artificial intelligence that has seen a drastic increase in popularity in recent years. In layman terms, it is the technology behind computers understanding humans’ natural language (how they speak). We see this technology in household items nowadays like Siri or Amazon Echo. But this field of artificial intelligence is also being used as business solutions.
At Semeon, we use the latest technology behind Natural Language Processing and Machine Learning to understand data for companies. Although we can understand and create insights from most data companies possess, we focus on external data from resumes, news articles, blogs, and social sites, as well as internal data. We realized years ago that for many brands nowadays, the sheer amount and complexity of data is proving to be an obstacle. This is unfortunate when you consider all the benefits that come from utilizing and leveraging it. So what does this mean? This means that there is technology that is allowing companies to get the same insights out of their data instantaneously without needing to dedicate entire teams and countless hours to the task. If you want to find the best candidate from 500 resumes, you can do it in a matter of seconds. If you want to know what consumers are thinking about that new product you launched, you can do so just by typing in a few queries.
Save Time, Money, and Mental Power with Natural Language Processing.
Call to Action
If you enjoyed this article and have been thinking about ways to derive the highest value from your data, think no further. The people over at Semeon would love to provide you with a free consultation on the best practices companies are using nowadays. Just shoot us a message on our main page.