Why organisations struggle with obtaining data insights
By Chris Huff, Chief Strategy Officer, Kofax
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| Source: Kofax. Huff. |
If we agree that timely access to rich insights from data is the holy grail then the obvious question is “what do I need to reach this state of digital nirvana?” Over the next five minutes, we’ll take a hypothesis-based approach to focused outcomes, then back into the type of technology that can help executives achieve the value badly needed to navigate the current crisis while positioning for the rebound.
Most of us likely agree that insights from data is extremely beneficial, in the immediate and long term. Then why do so many organisations still struggle to capture, visualise, understand and optimise business-critical information from the moment it flows in?
It’s not that industries don’t understand the value of data, particularly as artificial intelligence (AI) and augmented analytics have gained traction globally. Sixty percent of CIOs say that data and analytics will affect their businesses in the next three years*, and 73% of companies are planning to invest in DataOps initiatives to support AI and machine learning initiatives**.
But to leverage any of these advanced analytics technologies, organisations first need to capture the data. Banks, insurance companies, transportation and logistics firms, healthcare companies, government agencies and more—every day, an avalanche of data pours into organisations across every industry. This data comprises a variety of formats and originates from multiple sources.
This includes structured data, including websites, business and desktop applications, and databases. But even more important is unstructured data, since these accounts require more overall data than structured. Unstructured data is the content found in documents and emails, for instance. Once we’ve ingested 100% of the available structured and unstructured data, the data must be orchestrated into appropriate workflows to feed downstream systems.
A number of organisations still struggle with information silos, inefficient legacy infrastructure, and uncaptured and/or unstructured data. The typical organisation will use several disparate applications to process a single transaction. And in many organisations humans serve as the ‘connective tissue’ among these disparate applications. This is expensive, takes time and is prone to error.
Let’s look at a typical customer onboarding process. This likely requires an initial digital channel feeding a customer relationship management (CRM) platform, triggering credit checks, bouncing off a decision-engine to initiate know-your-customer (KYC) actions, sending notifications to the customer, providing updates and requesting documentation. Meanwhile, another application is partitioning the user account. To make this happen seamlessly, an automated end-to-end digital customer workflow can be designed to orchestrate the flow of data, eliminate errors, reduce cycle times and increase compliance.
Automation can also accelerate the generation of data insights by rapidly aggregating different types of data-comprising business data, and data from different channels and sources, including operational and processing data, customer data, customer or stakeholder feedback, etc. The result is a more accurate and faster way to visualise business intelligence.
More organisations are now successfully automating data capture and transformation into the right format. Lingering headaches that are common are high error rates from the merging of information entering the organisation, poor documentation and different rules requirements. All of this can contribute to production or service delays and, ultimately, frustrated users.
Every organisation wants to maximise the value of their data. A great approach is to “open it up” a bit through data democratisation using the right tools—empowering employees to spend more time engaging with and exploring the data to gain insights they can use in their roles.
This is where analytics capabilities part of a larger, integrated intelligent automation solution can be game-changing. Automation and workflow create a new digital frontier, removing friction resulting in higher efficiency levels, but when analytics are added, we ultimately enhance decision-making. The business value of integrated intelligent automation and analytics is enhanced oversight of key business processes, streamlining workflows, pinpointing the likelihood of bottlenecks or service interruptions before they happen and speeding the delivery of critical business data and decisions.
The most elementary application of automation to your data can provide answers to questions including: Is the data we’re capturing showing increased errors, and if so, why? Can we isolate user productivity by department and determine where extra training could be beneficial? Are our workflows processing data outside of our service-level agreements (SLAs)? If so, what’s the surplus?
Analytics is about uncovering patterns, particularly unanticipated ones, and helping organisations use those real-time insights to act upon that information quickly and proactively—and predict future potential issues.
Unfortunately, according to IDC, only 10% of usable data is used for analysis***. It’s true organisations have become quite adept at data collection, even at very large volumes. But many struggle with transforming the massive amounts of information acquired through intelligent automation into something understandable and actionable so they can make better business decisions. This brings us to essential tools every user tasked with maximising the value of organisational data should have. It starts with self-service, interactive, web-based dashboards and visualisations that don’t require IT to build new reports, modify queries, or perform coding, syntax or scripting.
Many organisations are leaving a great deal of insights on the table when it comes to their data. There’s never been a better time to move beyond the boundaries of traditional systems and redefine what analytics means as digital transformation accelerates in the New Normal. Integrated intelligent automation connecting systems, data and people to achieve outcomes combined with powerful business intelligence is the key. The ability of organisations to garner real-time insights from this activity is the path toward realising the agility and resiliency successful organisations need to thrive today and in the long term.
*Bill Briggs et al., Strengthen the core: 2018 global CIO survey, chapter 5, Deloitte Insights, August 8, 2018
**Nexla: The Definitive Data Operations Report 2018 (PDF)
***IDC Worldwide Global DataSphere Forecast 2019-2023, January 2019
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