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Data has always been integral to the enterprise business, but the rise of digital transformation has given rise to a new understanding of the urgency of ways to manage, analyze and manage it. With this new emphasis on data, the role of the Chief Data Officer (CDO) has been clearly placed in the business spotlight. In 2012, only 12% of large, data-intensive companies employed CDOs, compared to 65% today, according to the NewVantage Partners Survey.
A new report published by Expert.ai, the premier Artificial Intelligence (AI) platform for language comprehension, surveyed data and analytical decision makers reveals how teams are moving forward as they strive to guide their companies to AI success. .
The report states that nine out of ten CDOs agree that the management of non-structured language data – including business documents and email text – should be addressed within the next 12 months. However, few are ready with the natural language processing (NLP) and natural language comprehension (NLU) experience and tools needed to make the transition work.
Across enterprises, there is a growing realization that unstructured language data is not only a by-product of operations but also an important resource for actionable insights. The ability to extract value from unstructured data is what sets businesses apart from their competition through better net promoter scores and a reduction in manual document handling and extraction costs. NLP and NLU technology have proven to be key to doing so.
Despite this, only 8% of data teams have completed NLP and NLU projects in their business that will enable them to completely unlock the value of their unstructured language data. More than a third (34%) of the data teams have started activating plans for NLP projects. About a quarter (24%) are still defining their plans but not ready to activate them.
The survey was conducted among data and analytics decision makers in the US and Europe. The interview was led by Sepio Research in October 2021.
Read the full report by Expert.ai.
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