Which industries can best benefit from content intelligence?
Businesses are receiving more unstructured data than ever due from different sources, such as emails, social media, and business documents. Between the large text files, images, and audio files, there’s a need to structure this data to drive business processes and enhance intelligent decision making.
With companies focusing on digital transformation, technologies like content intelligence can offer a lot of value to meet increasing customer demands.
According to a survey by ZDNet, 70% of organizations either already have a digital transformation strategy or are working on one.
A Content Intelligence Platform leverages different technologies, such as machine learning and natural language processing to help you improve your marketing efforts and simplify other business processes.
Content intelligence, simply put, is a set of technologies that leverage AI to perform tasks, such as reading, categorizing, and routing documents by extracting and validating data.
In this article, we’ll discuss 5 areas where content intelligence can make the highest impact.
Let’s get started.
1. Legal Compliance
Compliance to laws and regulations is within your business as it prevents possible lawsuits and hefty fines.
You therefore need to ensure that you’re deriving actionable regulatory insights from various sources of data, such as contracts, emails, phone calls, and chats.
This way, you can detect market manipulation or abuse and ensure contract obligations are met.
However, data coming from these sources is bulky and often time-consuming to analyze manually. The repetitive and manual nature of these tasks often increases room for errors and fatigue by employees.
Due to its Document Conversion abilities through natural language processing, a content intelligence platform supplements human capabilities by identifying patterns in data, learning from experiences, and making decisions based on the recommended statistics.
For instance, according to a case study by DoubleCheck, a major manufacturer needed to manage compliance processes by gaining real time compliance status after deploying the DoubleCheck Compliance Management solution.
Content intelligence solutions, such as Contract Analysis, through natural language processing, allow you to identify significant liabilities or risks hidden within the text, like bias from a contracting party.
In addition to that, it also allows you to keep up with contract obligations by allowing you to set timers to alert you when it’s time to renew a contract or reevaluate business strategies.
2. Risk Assessment
Raw data volumes in business are increasing by the day due to the various sources of data, such as sensor data from machines, business documents like contracts, and customer communications from various channels.
In addition to that, these large volumes of data have increased vulnerability to cyber attack threats due to processing errors, data exposure, and lack of transparency within businesses.
Actually according to a report by Riskbased, data breaches exposed more than 36 billion records in 2020.
This, therefore, raises the need for data analysis to ensure that you can evaluate uncertain conditions and the possible outcomes including cases of cybercrime and machine failure that can lead to unexpected downtime and ultimately business losses.
Based on known types of content and their patterns, a content intelligence platform can process data uploaded and created in the cloud by tagging predefined policies through document classification and then monitoring for access.
In addition to that, content intelligence provides data perspective on things like attacker sources and gives insight on particular indicators of compromise.
Through predictive analytics, a content intelligence platform can provide valuable recommendations to avert cyber-attacks as well as eliminate downtimes by making early predictions on machine failure for you to take the necessary action.
3. Content Marketing
You’d agree with me that today, businesses are spending more time and resources creating content to get the word out about their products and services than ever.
However, many are stuck working with vanity metrics, like the number of clicks, shares, and impressions that do not tie back to your ROI. As a result, they are left wondering what content to produce, share and promote.
Your content is the first form of interaction between you and the customer. It therefore creates the first impression about your business. If your customers aren’t impressed, there’s a likelihood that they won’t convert into buyers.
In order to stand out from the crowd and attract customers, you need to ensure that your content is making an impact by using data analytics rather than focusing on large volumes of content that don’t produce the desired results.
This is, therefore, one of the areas where content intelligence can make the highest impact.
It gives you deeper insights into your audience’s behavior like what they like and dislike or which influencer they look up to the most for you to adjust your marketing strategy.
Content intelligence gives you real-time access to customer data by extracting information from incoming communication, such as Chatbot conversations, phone calls, and social media. This way, you can integrate it with mainstream processes and send the right information to customers to engage with them during their buying journey.
The European Investment Fund needed to speed up content creation to boost engagement with customers. However, relying on print publications for its content limited its customer reach and was not easily shareable. Upon partnering with Foleon, it was able to reach its desired goal.
4. Audit Transparency
Can you boost transparency in your business?
Businesses rely on resources to run smoothly and this is made possible through their management in finance and accounting departments.
They handle a lot of financial transactions coming in from business partners, clients, and vendors. Due to their sensitivity, accounting errors due to lack of transparency can negatively implicate the business.
Auditing books of accounts is therefore an essential process to detect instances of corruption and theft through fraud or embezzlement.
However, due to the large volume of transactions carried out daily, doing so manually could take days and still result in errors.
Leveraging a content intelligence platform, RPA and OCR Software can help you handle such intensive types of processing through automatic document classification in terms of dates of particular invoices, products, and clients.
Cloud-based content intelligence solutions and machine learning engines can help you detect instances of fraud during your audits through text mining, database searches, and anomaly detection.
For example, according to a case study by Cognizant, a global bank was able to detect bank check fraud in real time through machine learning to speed up check verification.
Accordingly, they are coupled with predictive models that can be extended to things like fraudulent use of cloud services to fasten the audit process and enhance transparency.
5. Transport & Logistics
Due to the globalisation of markets, transportation and logistics companies are under increasing pressure from international competition.
As a result, these companies require up-to-date data from the market to withstand the cost pressure and analysis as well as ensure greater efficiency .
However, this data is required under ever-increasing time pressure which makes it impossible to analyze data streaming in from multiple sources such as CRM tools.
In addition to that, customers are now interested in getting detailed information from their logistics provider about the whereabouts of their freight, available stocks, and intended routes for transportation.
Mapping your logistics processes is therefore paramount to ensuring that customers get the information they need and receive their goods in a timely manner regardless of the routes used.
Document conversion of transport and logistics documents, such as bill of lading and certificate of origin through content intelligence can flag errors that may arise from obscured handwriting as a result of documents passing through many hands.
Leveraging a content intelligence platform also comes in handy by enabling you to visualize processed data through graphs and charts in order for you to make the best decisions for your business.
Some of these decisions include predictive route planning to save on costs of transportation while still getting products to consumers on time.
A dairy brand applied the FWS route optimization algorithm to create an efficient method of delivery. As a result, it was able to successfully resolve the challenge of overlapping service routes from the same depot.
Many businesses are now leveraging content intelligence to simplify their various endeavours.
Actually, according to industry trends by Data Bridge, the global content intelligence market is projected to account for $4281.61 million by 2028.
Having gone through the areas where content intelligence can make the highest impact, such as in audit transparency, risk assessment, and content marketing, I hope you can leverage a content intelligence platform to conduct better data analysis and ultimately maximize efficiency in your business.
For example, if you are an attorney struggling with legal compliance challenges from a lake of contracts, I would recommend leveraging content intelligence solutions, such as contract analysis for easy document classification to help you observe contract obligations.