Unstructured data in simple words refers to that data which cannot be stored in a database or organised in any possible manner hence, becomes difficult to search and analyse. The significant amount of generated data (pdfs, word docs, excel sheets, log files, audio, video, and images) falls under this category. They are generated on a daily basis across the value chain in an uneven or raw format that cannot be easily managed even with advanced ERP systems.
Therefore, they are left locally as they are and no significant gains could be made. But now, with MatSci AI, you can increase your revenue at least by 20% by automating the unstructured data collection and analysis.
Daniel Zhang, Alibaba CEO claimed their primary focus is to collect customer data (a type of unstructured data ) as much as possible. He firmly believes data is the fuel of a data-driven economy.
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How to Analyse the Unstructured Data?
The biggest challenges faced during the management of unstructured data is being present in different formats (image, text, video, audio, and more ) of information. Another issue which prevents analytics is domain-specific information which only domain experts can understand. But certain artificial intelligence algorithms combined with industry-specific knowledge graphs, AI+KG systems, have been the most successful way to automatically extract meaning from an amazingly large volume of data irrespective of the data format. When unstructured data from a variety of sources (like production unit, product quality, factory floor for manufacturing industry) is integrated with AI+KG system, It helps to decode the patterns, hidden relationships and empower your business units to make complete data-driven business decisions.
stats reveals the size of big data (it is the science of extracting useful information from unstructured data which are otherwise too large to be managed with traditional mode of data-processing) in the manufacturing industry will increase to USD 9.11 billion by 2026.
Unstructured Data in Manufacturing Industry
The rate of productivity for leading manufacturing industries have seen a 50% productivity decline over the last couple of years. They tried traditional ways to reduce the influence of supply chain and manufacturing plants on productivity. Results were not very satisfactory, now the unstructured data left at their disposal seems promising when processed at a fast pace with AI+KG technology.
This raw data upon processing generates lots of valuable insights. Optimisation of the complete process from procuring raw materials until selling finished products can easily be achieved. Also, previously undiscovered relationships within unstructured data can help to find and fix hidden bottlenecks and fault lines in the production process.
can Indust in the following ways
Physical equipment connectivity and event capture – non stop data from various supply-chain nodes like ore storage ( by suppliers and vessel operators), product storage and distribution, sales channel (service centers and e-marketplaces) production (castor and mill, blast furnace,sinter plant)
Above unstructured data can be nurtured using the power of artificial intelligenceto build a complete Industry 4.0 manufacturing business. The best part is, it enhances customer experience, increases revenue, reduces cost, reduces dependency on human resources and eliminates risk of poor work efficiency in situations like COVID19.
Summing It Up
Considering the 2.5 exabyte of data produced on a daily basis, 80% belongs to the unstructured data category and is quite impossible to be managed manually or with existing ERPs. Therefore, they are left as they are, but now with MatSci AI’s AI+KG solutions you can be well versed with techniques to turn these unstructured information into valuable business insights. Buckle up towards data monetisation and turn your tonnes of unstructured data produced in your niche to generate more revenue .
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