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News Oct 11, 2017

Modern Technology Promotes Error-Free, Structured Data

If your business relies on having clear and accurate data right at your fingertips, you know the value of proper data management. Error-riddled information or hidden documents cost time, money, and employee stress. The sheer volume of a company’s data, whether virtual or physical, can overwhelm even the best dedicated data management teams.

The financial, legal, and real estate industries in particular operate within stiff regulatory guidelines. That means data error can prove costly in other ways as well. Recent cybersecurity breaches at financial and credit organizations emphasize the critical nature of data security, accuracy, and accessibility. As regulations tighten on high-profile and data-dependent sectors, a company’s legal standing and public relations optics rely on its ability to play back trades, recall correct information, and answer tough questions without hesitation.

Thankfully, artificial intelligence (AI) will soon relegate data errors to the past. Futuristic AI tools can keep data structured, easy to locate, and error-free. Better yet, AI works cheaper and more efficiently than even the most attentive human data technician.

AI eliminates human errors that skew data.

Every time a human being performs a task, the potential for error exists. Factors like tiredness, distraction, external conditions, and emotional state increase the probability of error. While increased human skill and improving working conditions may reduce errors, nothing can eliminate them.

Not all skewed data is a mistake. Some human error arises from unethical intentions. Since AI has not yet developed a separate ethical identity from its programmer, companies using data management technology also end the possibility of a corporate mole, hacker, or snitch working in their data system.

Unlike human beings, AI never grows tired, isn’t itching to check social media, and doesn’t get distracted by this morning’s coffee spill. It does, however, require increased storage capacity, computing power, and enhanced memory, according to InfoWorld. The introduction of cloud technology, though, now makes it possible for even a small or mid-sized financial firm to store troves of data with AI assistance.

Errors increase work load.

Manual data entry has a 1% error rate. What does that mean for your company? Consider that most data passes through human hands many times before it’s finally stored. The potential for a single human finger to enter an incorrect keystroke increases with each pass through. Finding that error, correcting it, or uncovering the source of flawed information can take weeks. Locating information in various repositories, verifying or correcting it, and finally rekeying it also ramps up costs.

AI can sort through data, mine it for specific information, and organize it for review with a speed unrealized in most businesses to date. Moreover, AI learns from the data it processes. Hence, the more quality data the system has absorbed, the more accurately it can respond to requests. Humans slow down after working, but AI speeds up.

Error-free data can lead to effective decisions and simple reporting tasks.

Corporate executives know they should make decisions based on data. But they rarely do. Why?

According to Bi-Survey.Com, 50% say the necessary information is not available, 40% say the quality is not good enough, and 29% can’t find what they need to know when they need it. The problem, of course, is not the amount of data in storage but the quality and accessibility of it.

Error-free, structured, and accessible data gives decision-makers the power to make choices rooted in information.

AI technology can import data through a simple drag-and-drop system that automatically reviews the information, classifies it, and stores it properly. Users can browse the system for the data they need, link it directly to a document or table, and import it to a target system. Finally, executives can snag it, review it, and determine its viability with ease.

Reporting also becomes simpler. AI lets users work with information from end-to-end. It turns an array of loose documents into insightful, actionable, and structured data. Since the data is already organized, searchable, and accessible, many reports all but prepare themselves.

Data will fuel your engine.

Transaction-based industries find that structuring data provides a new level of transparency. Early adopters may face initial challenges, but the benefits outweigh the costs. Structured data allows companies to get quick, real-­‐time answers to important questions. It also lets them look at KPIs that are key to making informed business decisions. Plus, it makes reporting one of the least stressful parts of the job.

International players such as JLL have realized the large potential to optimize their processes, and they have rolled out AI platforms at global scale. This has revolutionized how they conduct their business and operations for their clients. Companies should start adopting end-­to-­end solutions that turn unstructured documents into insightful and actionable structured data. These solutions not only improve reporting efficiency, but more importantly, they remove uncertainty and stress from data management exercises.

Pull only the most relevant, up-to-date information.

Deep machine learning technology, a subset of AI, automatically extracts key data from corporate documents and links it back into target systems, such as ERP, property management, or lease management systems. Companies can also connect their AI data management system to other systems that enable data visualization and analytics. All of this is possible because platforms enable structured data. And the best part is, with AI, the tool gets smarter and smarter the more that users feed data into it.

With this system, companies never retrieve dusty, ancient data that is no longer relevant. Instead, decision-makers have up-to-the-minute information to guide decisions, improve corporate structure, answer questions, and keep both customers and regulators content and informed.

While the days of SkyNet are far from us – the use of modern AI applications and techniques are possible today and can greatly change the way your business operates.

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