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Indico Data applies AI to add value to unstructured data

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Decrypting data locked in millions of documents – including PDFs, images, handwritten notes, audio files, videos and emails – is hardly a new challenge for businesses. To address this challenge, Indico Data uses deep learning powered by artificial intelligence (AI) to extract data stored in unstructured formats and make it meaningful.

Unstructured data is one of the most underutilized sources of valuable information. In fact, MIT reports that 80-90% of all enterprise data is unstructured. Even tapping into a small percentage of it could give companies a competitive edge, say experts.

Adding AI to unstructured data

Indico Data’s AI-powered unstructured data platform is designed to help organizations extract and understand data in formats that would otherwise be nearly impossible to define. The company today announced the launch of a new tool, the Indico 5.

“What sets us apart is the core technology we’ve built around what we call ‘composite AI,'” Tom Wilde, CEO of Indico Data, told VentureBeat. “The foundations of composite AI are essentially part deep learning, part data, part algorithms all synthesized together, combined with the application interface we’ve built.”
Indico Data claims to be unique in that it has an overall success rate of 95% in deploying its AI technology and bringing it into production – in contrast to the industry, which has an approximately 80% failure rate in deploying AI, the company, sees says.

Indico 5 data platform.

The business-to-business goal of Indico Data’s platform is to close what the company calls the “impact gap” that exists between unstructured data in various formats and to give customers the tools to derive meaningful insights from that data in a comprehensive and efficient way ways and actionable ways.

“In five years we’ll look back and it will be obvious that unstructured data had to be solved as a problem in its own right because it’s so technically difficult,” Wilde said. “At this point, I think almost every large Fortune 1000 company will have an unstructured data strategy, just like they now have a data warehouse strategy and a data lake strategy and an analytics strategy.”

Bringing structure to the unstructured

According to Indico Data’s website, it only takes about 200 documents to train an Indico model to extract data with about ultra-high fidelity to understand almost any document or image.”

The technology then uses AI, ML, and natural language processing — in more than 70 languages ​​— to translate the unstructured data into what’s needed for a specific customer’s use case.

Indico 5 has several new features that promise to make this experience more seamless for its customer base, including automatic linking and labeling connection making; Split and unbundle even the most complex documents; universal document support that recognizes both handwriting and text; and a workflow foundation that allows users to review each step of the automation process and customize it to their needs with a low-code foundation.

Among other things, Indico 5 trains on a staged loop that allows the AI ​​to review any corrections made by humans in the process and learn from that information for next-time improvements.

The “unstructured data imperative”

The decision to adopt unstructured data was not an easy one for the Indico Data team. The company claims it has nailed the complexities of disrupting the unstructured data market, and its growth plans don’t stop there.

“We call it the unstructured data imperative. For decades, people didn’t approach unstructured data as a strategic imperative because they couldn’t,” Wilde said. “There is real value in this opaque data when it comes to developing new products, improving the cost efficiency of the company and making better decisions based on this new data. For example, this provides more insight into certain activities such as insurance underwriting. It’s all about data input and data output, and that’s how you create a risk model. And that’s an example of what the sudden unlocking of this new record can improve.”

Indico Data aims to continue scaling and expanding its industry reach from just insurance, finance and real estate to healthcare and life sciences – both of which have vast amounts of unstructured data waiting to be explored.

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https://venturebeat.com/2022/03/28/indico-data-applies-ai-to-add-value-to-unstructured-data/ Indico Data applies AI to add value to unstructured data

Chris Barrese

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