Product data is a significant asset for businesses today and its value cannot be underestimated. It represents the repository of all the detailed information about your company’s products or services – from descriptions, prices, attributes and more.
However, this data can either exist in a structured or unstructured format. As more companies adopt data-driven strategies, the impact of unstructured product data is becoming increasingly evident.
The Impact of Unstructured Product Data
Unstructured product data refers to the vast amounts of information that are not organised in a pre-defined manner or don’t follow a specific model. According to various studies, unstructured data accounts for nearly 80-90% of the data generated in the world today.
There are several challenges that businesses face due to the prevalence of unstructured product data:
Inefficiencies in Data Processing
Unstructured data can be difficult to process, analyse, and interpret. It often requires more time and resources to sift through and extract valuable insights. As a result, businesses may miss out on critical information, leading to inefficiencies.
Difficulty in Gaining Insights
Due to its nature, unstructured data doesn’t lend itself well to analysis using traditional data tools. Businesses might struggle to understand their products’ performance, customer preferences, and market trends, thus hindering strategic decision-making.
Compliance Risks:
Unstructured data can increase the risk of non-compliance with data regulations, as this type of data can be challenging to monitor and control.
Impact on Customer and Supplier Experience
Unstructured data can affect a company’s ability to provide personalised experiences to its customers or suppliers . Without clear understanding or categorisation of product data, delivering relevant product recommendations or catalogues to customers becomes increasingly challenging.
Tackling Unstructured Product Data: The Role of AICA and ML
The problems that come with unstructured data are significant, but they are not insurmountable. AICA leverages advanced machine learning algorithms to process, analyse and structure product data efficiently. Our algorithms can quickly sift through vast amounts of unstructured data and derive meaningful insights.
Our algorithms can enrich the data by adding structure to it. They categorise data into predefined classes, tag them with relevant labels, and organise them in a manner that makes them easy to store, retrieve, and analyse. As a result you can gain a more profound understanding of your products, suppliers and customers.
To conclude, the complexities of unstructured product data house an untapped treasure of insights and understanding. Shifting from unstructured to structured data is not just streamlining operations but also unlocking your businesses ability to make more strategic decisions.
To unlock your businesses full product data potential, contact AICA today.