The heart of digital transformation is data, and organizations without a clear strategy for data curation and enrichment from documents are at risk of failed transformation and missing out on massive revenue opportunities.
The way we’ve thought about curating data from documents over the years is fundamentally flawed. As an industry, we’ve been so focused around getting information into content management systems, that we’ve locked ourselves out of much more efficient techniques and methodologies.
Having been concentrated on creating value from document-based data since the late ‘80s, we realized we were part of this problem. What is needed today is a data enrichment hub that delivers very fast and accurate insight into information trapped in documents - not just better content management solutions.
In all enterprise organizations, we've seen a real broadening of data ecosystems. This is due to both a flood of new data and analytics platforms and a new hunger to stream data into workflows and processes. But this broadening comes at an expense.
One of the biggest hurdles is breakdowns in data quality and governance. Source data is stored and processed inefficiently, and transparency into document-based data is still largely non-existent. Even with repositories storing digital copies of documents, most of the data isn’t exposed to decision-making and reporting tools. There’s a huge waste of resources and lack of integrity processing document-based enterprise data.
The solution? We need to completely re-engineer the way we integrate data from documents by creating a data curation and enrichment hub.
And what is a data curation and enrichment hub? It’s a new way of processing, integrating, and storing the information contained on electronic and physical documents. It creates a new integration layer for normalizing and standardizing data so that it is easily consumable by any application or workflow.
Data curation and enrichment can’t be provided by a traditional ETL, RPA, or data exchange tools. Rather, elements of these types of tools must be combined as valuable sources of information.
To determine the most valuable data to your enterprise, you need alignment with your organization's strategic planning and long/short term vision statements. Your data curation requirements will support your customer's journey, product development, cash flows, administrative work, and how data will ideally move across your entire ecosystem.
Your data curation and enrichment hub will act as a data integration and governance layer by utilizing modern and powerful data extraction tools and strategic alliances with vendors and industry experts.
What does a data curation and enrichment hub provide?
- Faster time to market for new products or ideas
- Transformation of document data into revenue generating assets
- Enriched data for AI and analytics tools
- New capabilities for data ingestion, governance, normalization, and standardization
- Standardized integrations for multiple data sources
- Standard data ontologies
- Greater interoperability of data
- Enriched chain-of-custody for document-based data
The bottom line is that data curation and enrichment hubs provide incredible value to existing document-based workflows by providing a new level of efficiency and transparency through high quality data.