Uncover insights from unstructured data using Microsoft Power BI
Data is growing at a tremendous rate. Mostly, generated data is called unstructured data. Each year the growth rate of unstructured data records a high rate. But what is unstructured data and how can it benefit your business?
Here we go into the details.
As the name suggests, unstructured data has no structure and therefore cannot be stored in a column-row based database or Microsoft Excel table.
This unstructured data was not only difficult to search and analyze, but was not useful for companies until recent years. Now, we have unstructured data analytics tools embedded with AI designed to extract insights from unstructured data.
Unstructured data examples
The best examples of unstructured data are
- Text files
- Video files
- Audio files
- Blogs and web pages
- social media platform
- call recordings
- and more.
Why unstructured data is important to your business?
Since 90 percent of data generated is unstructured, it is critical that enterprises should look for ways to manage and analyze such data. So that they can extract meaningful insights from it and make informed decisions. This helps companies to be successful in the competitive market. Making the most out of unstructured data gives a new growth dimension to your business in the digital world.
Until recent years, organizations were heavily reliant on structured data to gain insights. Now with the advance of technology, organizations realized how worth unstructured data is because it has the information that are useful to businesses.
Make quick decisions to improve growth and productivity
When you can integrate unstructured data from multiple sources like web pages, social media posts, online conversations, chats, surveys and reviews, and use AI to identify patterns in the data, you gain intelligence to make quick business decisions that improve business growth, productivity and customer relationships.
Improve marketing, service and sales performance
Moreover, with the ability to analyze huge amounts of data and identify customer behavior, purchasing history, brands customers like, and other data, the marketing and sales teams can utilize those insights to target existing and potential customers. This is worthwhile for defining marketing strategies and campaigns as well as for product development.
Today’s unstructured data analytics tools like Microsoft Power BI is powered with AI to extract meaningful insights from the large volumes of unstructured data. You can use this data analytics tool to analyze and extract business insights from unstructured data.
You can use this tool to dig customer opinions, track social media user’s sentiment towards your brand, and more.
Remember, without any data analytics tool, it would be not possible to efficiently manage data this is unstructured.
To fully utilize your growing unstructured data, you must have a strong analytics tool that is embedded with AI, machine learning and Natural Language Processing (NLP).
What are the benefits of data analytics tool?
Data analytics tool and reporting tool convert your unstructured data into insights that are easy-to-read and understand.
Here are few ways the analytics tool can benefit your organization.
Let analytics tool bring your data together
The first step of analysis is to collect the data and prepare it for interpretation. Data analysis platform brings data from multiple sources into one unified view. Once you have the data in a single place, data analytics tool ensures that the data is up to date, precise and has no data duplication and irrelevant information.
Data analytics tool like Power BI can interpret huge amounts of data on various topics including current customer and market trends, customer preferences and so.
Convert your data into visualizations
Presenting data in visual format helps you uncover hidden insights. Data analytics tools can present your data in a visual format. Data visualization combines your data into easily understood and visually compelling information. It helps a lot in the decision-making process.
Bringing data in visual display makes it simpler to unearth critical insights from complex data, and helps to arrive at better decisions. Data visualization tools also combine data into dashboards that surfaces KPI’s in sales income and marketing performance. The reporting tool provides a clear picture of your business financial health and how strategies are working.
AI provides deeper insights
Modern data analytics software comes with embedded AI and machine learning. AI capabilities helps you understand your past performance, better predict about the future and plan actively.
Predictive analytics helps you know your customers and efficiently connects them. Individual predictive analytics leverages AI and machine learning to help you make predictions about future outcomes by analyzing past data of customer behavior and preferences.
Microsoft Power BI provides everyone access to AI capabilities without any coding experience or training. This helps even non technical people use analytics tool and extract useful customer insights.
Advanced AI in Power BI enable data analysts or engineers to build advanced data models, better visuals, learn more from data and improve planning.
Once you have grabbed insights from data visuals, reporting tool helps you share insights within your company and with people outside.
Reporting tool that is part of data analytics tool enable you to publish your findings in the way that works best for your organization. Users can publish report, embed visuals and assign permissions to those who need to view the report.
Using Power BI reporting tool, you can create customized reports for your business. You can even choose how you want to publish your report. i.e., in a week or every month. The advantage is that you can share out reports across your business to a large number of users.
Want to get started with Microsoft Power BI?
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