10 principles for building your data foundation
Augmented intelligence is the future of decision-making, as artificial intelligence's (AI) analytical power and speed take over most data processing tasks and produce insights that enhance human abilities.
Through machine-generated insights, teams can streamline processes, unlock ideas to create new products and services, improve the customer experience, and boost revenue growth. In short, augmented intelligence has the potential to revolutionize the business world.
But before you realize the benefits of augmented intelligence, you must build a solid data foundation for artificial intelligence in business to deliver data-driven insights across the organization.
Here, we'll show you how to build a data foundation and the best practices to make your aspirations a reality. The result? Empowered employees that work better and smarter.
How to build a data foundation
There are 10 fundamental principles – adopted by many of the leading Fortune 500 businesses – for unleashing the power of augmented intelligence across the enterprise:
Remember, your data foundation supports decisions that can make or break your business. By building a strong data foundation early on, you can make your data more accessible, consumable, manageable, and actionable.
The baseline for business
Let's explore how a financial services firm uses its data foundation to power artificial intelligence for accelerated credit decisions.
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With operations across 35 countries, the firm needed to manage and extract data quickly from more than 45,000 accounts in different formats and languages while adhering to regulatory requirements for each region.
By establishing a data foundation, our team could use natural language processing and computational linguistics to handle and automate data processing across multiple locations and formats.
Here, our industry and business knowledge proved essential in creating a data foundation that could sensitively process information from public and private companies. We also built a big data library for better auditability and risk management.
With our support, the firm automated 80% of its financial statement processing, freeing employees to focus on more strategic credit decisions. As a result, application-to-funding cycle times decreased from eight days to 48 hours, and customer satisfaction improved. The firm also expedited its on-time credit decisions with an AI-powered financial spreading solution.
Turning your data aspirations into reality
If establishing a data foundation feels overwhelming, begin with a hard look at where your data sits today. Then, select your business goals for data automation. And don't discount the value a partner with expertise in process, technology, and industry nuances can bring.
Ultimately, if you follow the 10 principles we've shared, you'll create a data foundation that lays the groundwork for augmented intelligence. You'll usher in a future where machines can uncover predictive insights and make intelligent recommendations that drive better decision-making and innovation across the enterprise.
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