By Ian Stringer, Director, MTInsight
I would assume that most people in business are aware that data has intrinsic value. The more proprietary that data is to your firm, the more valuable it tends to be. Just as any freshman economics student can tell you, scarcity determines value. For example, AMT has valuable data sources that no one else in the world has. Sources like USMTO or IMTS registrations are created by programs or events that only AMT manages, with its value derived from its limited availability.
Over the course of several months we have come to realize that there are data sources that may be widely available but are in a form that is unsuited for drawing any meaningful insight. I will classify this as unstructured data. Unstructured data is not conditioned to fit inside neatly formatted rows and columns that your Excel spreadsheets and Access databases can easily digest. This is kind of sad, considering 90 percent of the world’s data and information is unstructured. This means there is a huge amount of information that does not get mined and interrogated with the same vigor as structured data.
In this case, the scarcity attached to this large amount of normally unusable data is associated with the relatively few organizations that have the technical prowess and intellectual property to apply to it. This opportunity, while challenging to realize, is something AMT and the MTInsight team are actively addressing.
The best example of unstructured data is text. Books, magazines, email, trade journals, social media posts, and so on are all examples of sources that convey information through writing. There are technologies and methodologies the MTInsight team has been exploring that can mine this data. They can synthesize massive amounts of text very quickly, presenting the most relevant summaries and trends that would be impossible or prohibitively expensive for a human reader to complete. Text analytics and artificial intelligence technologies are the essence of what the MTInsight team is currently exploring.
Be on the lookout for new MTInsight applications to be released this year that will be using unconventional methodologies that drive valuable data and insight.