Corporations today must operate on sound intelligence that comes from every corner and crevice of their business. Information is everywhere, and the ability to extract existing data that cover all details of your operations can give you powerful insights into your people, departments, business units, and even competitors. Taking the proper steps to manage your knowledge equips you with a 360-degree view of your company, giving you a competitive edge and a clear path towards your business goals.
Effective knowledge management starts with effective knowledge gathering. This begins with utilizing artificial intelligence (AI) to extract data from unstructured sources to automatically be placed in a single database and converting this data to structured information. This ultimately means, scattered information that was once undefined is now easily searchable and labeled based on the content of the files – a necessary step in achieving the invaluable 360-degree view of your company.
A 360-degree view provides value across your enterprise in numerous ways. From making life easier for your workforce to scoring more business and contracts, below is a look at some of the benefits it brings.
Giving Employees the Tools They Need to be Efficient
Research is a prominent part of almost every employee’s day-to-day and applies to all departments and industries. There are countless examples where quick information is beneficial to an employee. One example, research and development teams are constantly collecting knowledge on specific drugs in the pharmaceutical industry. The research could involve numerous subjects, such as side effects, dosage, medical conditions, and more. At the same time, other departments could be generating new documents of information on these subjects – making it crucial for an AI system to be working behind the scenes and around the clock. To be efficient in their research, these teams need relevant documents that are up to date and accurate. AI-based knowledge systems, such as an insight engine, ensure relevance at the top of the results of the queried term.
In many cases, less is more. With that said, when a user from a pharmaceutical company searches for a medication, they may not need a full pamphlet of information. With a specific search, an insight engine can lead you to the page, paragraph, or even the very sentence that holds the answer to their query – leading to quicker fact-finding across the corporation. Search is not limited to large text documents but includes multimedia files such as pictures, diagrams, and videos.
Scoring Business and Winning Contracts
In a recent Coruzant article, I discussed using artificial intelligence to automate the bid management process. Having a 360-degree of your company information not only makes your company more substantial, which usually results in a successful business, but can help lead the way in securing new business. A comprehensive overview of your company and the industry allows a user to explore and understand exactly where a company stands in terms of its capabilities and how it compares to similar competing companies during the bidding process. The holistic view presented to a bid team lets them put their best foot forward when deciding on a specific bid or generating an answer to a question on a questionnaire.
Making Informed Decisions to Strengthen Your Company
Artificial intelligence provides all levels of workers with the data they need to complete their tasks and do their jobs at a high level. Since AI doesn’t sleep, analytics are continuously being collected. These analytics not only make the insight engine smarter but help leadership make well-informed decisions. Often, a department will only choose to deploy such a solution for a specific part of their role. Nonetheless, as long as the technology is in place, management can analyze every key thing happening within their organization, ensuring advanced intelligence supports the critical choices they make.
To conclude, looking at your company with a 360-degree view can make individual projects less tedious, help sales and bidding teams bring in more dollars, and assist leaders with decisions moving forward – whether decisions on personnel, verticals to pursue, or potential clients to target. Understanding data from the past services businesses with present needs and points them in the correct direction for the future.