Data management and mining. Here is another virtually yet untapped source of data to incorporate into metrics, but with caution as the how-to and technology to do so is in its infancy and evolving.
Excerpt: The majority of a typicalbusiness’s stored information is in an unstructured, textual format. Most businesses do not leverage this information to improve their bottom line. Opportunities for capturing early signals of customer sentiment and financial outcomes can first emerge as textual data. Text analytics provides automated, repeatable solutions that identify useful information hidden in those unstructured documents.
The use of text analytics has great potential but requires moving carefully for there is not a one-size-fits-all solution to the business problems. It also requires that business needs should lead the initiative, instead of investing in the technology simply because it’s new.
Finally, the skills and technologies needed to succeed with text analytics are still evolving, so talent may have to be recruited or retrained. However, by starting with a well-defined problem and demonstrating its value and impact to the business, opportunities will emerge and can be leveraged. These new areas could include contract performance analysis, R&D support, workplace safety analytics and drug or medical care safety analysis. The potential is virtually endless.