In the past, most software applications were all about “data processing.” In the parlance of old-school management information systems, that meant an almost exclusive focus on keeping accurate transactional records alongside any master data necessary to complete that mission. Transaction processing is important, of course, but in today’s world, applications are expected to deliver a lot more than that.
Most commonly, data teams have worked with structured data. Unstructured data, which includes images, documents, and videos, will account for up to 80 percent of data by 2025. However, organizations currently use only a small percentage of this data to derive useful insights. One of main ways to extract value from unstructured data is by applying ML to the data.