We are drowning in a sea of data today. Roughly 2.5 quintillion bytes of data are generated every day at our current pace. 90% of the world’s data has been generated in the past two years alone, which can be credited to web searches, social media, online services, digital media and communication among others. Internet of Things (IoT) – where connected “smart” devices interact with each other – is a primary driver for data explosion today, which has taken a leap from 2 billion connected, data sharing devices in 2006 to a projected 200 billion by 2020.
Data is a precious resource. Sears Holdings, for instance, had a humongous amount of customer, product and promotion data that is collected from its various brands. The company aimed to leverage this data to tailor promotions and other offerings to customers and personalize the offers to take advantage of the local conditions. This was difficult to achieve given the sheer volume and variety of data. Sooner, the company resorted to a solution that generated timely, comprehensive and personalized promotions – also reducing the time required to do the same from eight weeks to one. This was a major boost for Sears’ business.
Timely interpretation and insight generation from data helps organizations in multiple ways – from expanding their customer base to recalibrating business strategies, driving brand loyalty to set up competitive pricing, enhancing workforce productivity to improving organizational efficiency and cutting down costs.
Most companies are however not in a position to make the most out of their data – only 12% of the data that they have is ever analyzed. This can be attributed to the lack of a suitable platform to make sense of the data. It is practically impossible to analyze massive volumes of current, historical and real-time data – which is where a data summarization tool comes in handy. Such a tool would sift through all the data to generate short, comprehensive and insightful summaries, which in turn would aid in making business decisions faster and identifying current market opportunities.
For instance, based on aggregated data from social media, a company may want to determine the sentiment for its latest product offering. In this scenario, a data summarization tool would serve as a valuable marketing asset.
Consider a media house that would want to understand the performance of its channels based on various attributes like the shows aired, the location, etc. A data summarization solution like PHRAZOR by vPhrase can mine through terabytes of collected data to generate a report as below:
As we see, the graphical elements and narratives summarize the data, providing the readers with short, actionable insights that are easy to consume and act upon.
A popular healthcare company has been using PHRAZOR for market analysis across various regions. Here is a snapshot:-
PHRAZOR can be easily integrated with the company’s existing architecture and be configured to generate reports for everyone across the organizational hierarchy. The language, level of detail and the context of the report can also be configured so that every reader gets information that is most relevant to them.
More and more companies are realizing the tremendous business value associated with proper summarization and analysis of the available data. To address the challenges associated with the same, they have been increasingly looking at data summarization tools and platforms.
“Things get done only if the data we gather can inform and inspire those in a position to make a difference.” – Mike Schmoker
Romil Shah is an AI enthusiast with considerable experience across varied technology domains, primarily Natural Language Generation (NLG), and Blockchain technology. He is passionate about technological innovation and more importantly its real-world applications. His work within the field has brought about constructive conversations and explorations around AI and its extended use in businesses.