Creative solutions can revolutionize today’s technology as rapid technological distribution of Artificial Intelligence (AI) will lead businesses to unprecedented success, said an expert during a webinar. This will become a driving force for the growth of businesses.
The Ministry of Transport and Communications (MoTC) recently organized a webinar on 'Knowledge Mining & Artificial Intelligence'. Ammar Ali who is a Data & AI Solution Specialist discussed continuing advancement of AI, machine learning, knowledge mining and integrating it within companies for specific solutions and ideas. The session also included a demo of knowledge mining which threw light on extracting value from a wide range of structured and unstructured data and applying it for business solution. By applying knowledge mining, unstructured information like PDFs, images, videos, audio files, paper documents, and even handwritten notes can be condensed, transformed, and refined into something more valuable.
Ammar said, “We look at AI as an idea which not only gives businesses more value in the market but optimize their business processes and allows to reduce cost and gives better competitive advantage over other businesses”.
The speaker also threw light on knowledge mining which is turning data into knowledge with AI powered search and showed how through Optical Character Recognition (OCR) documents are digitized by integrating AI cognitive skills and indexing those components within the document that is all the information is referenced to specific entities and linking those entities using AI and with just one-click you can extract more knowledge from your data.
Knowledge mining is an emerging discipline in AI, using a combination of AI services to drive content understanding over vast amounts of unstructured, semi-structured, and structured information that allow businesses to deeply understand their information and explore it. With knowledge mining, it is now possible to train a system to recognize the key data to extract from a statement whether it is in a PDF, or a scanned document.
He said, “Within your business documents which are very old and are handwritten, if you want those to be indexed you can digitize the information which you want to pop for specific search. So that is the power of AI and how far it has come.”
“The advantages from business point of view are firstly, reduced cost that is you don’t have to worry about employing hundreds of different knowledge workers or data scientists to mine the data for what specific document because all of your documents are digitized. Secondly, competitive advantage, more efficient work processes, improved compliance and more effective decision making” he added.
According to Forbes magazine survey, on an average day about 2.5 quintillion bytes of data is created by businesses across the world. That is about 2.5 million terra bytes of data. For knowledge workers to search through hundreds of documents and to find a particular piece of information is difficult.
A Harvard Business Review reported about 82 percent of knowledge workers found extremely timely and significant challenge to go through all the information. The report also uncovered on average about $40,000 is lost per worker/company for information searches of unstructured data. And after using the knowledge mining search platforms about 70 percent of knowledge workers said it was core to achieve for a company its goals and to make it effective and efficient.
