"Big Data" Provides Big Opportunities

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Big Data“Big Data” is a buzzword in the modern technology industry. We all see it, hear it and recognize that it exists, but how do you manage it? As the amount of data that flows into your company from various programs and business processes continues to grow, how will you reign it in and use it to understand your current and potential clients better?

According to an article by Broadsuite president Dan Newman, “In its simplest form big data is defined as the entire pool of digital information available to an organization.” If you’re like us, that’s A LOT of information!

This data is then broken down into two types of data – structured and unstructured. Structured data is organized in a format that is easy to analyze and is searchable by search engine algorithms within a database. Unstructured data is data that does not reside in fields in a database and is in a raw format. This includes media, word processor documents, emails, videos, photos and most other business documents. This is the data that keeps growing.

According to Newman, 90 percent of the world’s big data has been created within the last two years. Studies also show that the amount of new data will grow by 60-80 percent in the next year.

All of this data may seem like an overwhelming burden, especially if you work in your company’s financial or human resources department that receives invoices and other financial documents on a daily basis. However, there are some ways that you can tame the unruly unstructured data coming in through different channels.

Document management solutions deploy tools that turn unstructured documents into searchable, structured ones that you can easily run reports and analytics on. When information is coming in from vendors in various formats, you need intelligent technology that will read the document like a human would. Document management reads unstructured documents, pulls out important data and then sends the document through a workflow process, cataloging and then indexing it within your ERP solution, such as Microsoft Dynamics ERP. A platform like Microsoft Dynamics GP and the Business Intelligence (BI) module make it easy to find and analyze data, and to make business processes more efficient and to give you an inside look at your prospects and customers using the loads of previously-unorganized data.

How does your organization utilize or manage big data?

by MetaViewer Paperless ERP for Microsoft Dynamics

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