New IDC Report Points to Unified Search and Text Analytics as Drivers of Knowledge Use and Employee Productivity
Report details the innovative approaches adopted by companies from the financial, healthcare and public sectors
San Mateo, CA, Quebec City, Canada, and Boston, MA. - June 19, 2014 - New research released by International Data Corporation (IDC) highlights the value of unified search and analytics technologies in helping organizations meet their knowledge management and information retrieval objectives. The report, titled “The Knowledge Quotient: Unlocking the Hidden Value of Information Using Search & Content Analytics,” combines case-based research with findings from a survey of 2,155 knowledge workers from private and public sector organizations. Expanding on IDC’s landmark 2003 study, “The High Cost of Not Finding Information,” the report provides real-world examples of leading organizations successfully overcoming their knowledge management challenges in the era of big data.
The report discusses the impact of the dramatic rise in unstructured data on knowledge worker performance and provides brief studies of organizations investing in technologies to unlock the value residing within this data. Some key findings from the report include:
- 61 percent of knowledge workers regularly access four or more systems to get the information they need to do their jobs, and 13 percent access 11 or more systems.
- 36 percent of a typical knowledge worker’s day is spent looking for and consolidating information spread across a variety of systems.
- Only 56 percent of the time workers can find the information required to do their jobs.
The impact of these challenges on an organization’s bottom line can be considerable. Specifically, the report states that an enterprise with 1,000 knowledge workers loses an average of $5.7 million annually to lost productivity due to employees searching for, but not finding, relevant information.
“The IDC report underscores the struggles that many organizations face in integrating their diverse streams of knowledge and making it accessible and actionable for employees,” said Diane Berry, Chief Knowledge Evangelist at Coveo. “To unlock the hidden value of their content, innovative organizations are adopting technologies that virtually synthesize their diverse structured and unstructured information, and make it accessible to knowledge workers securely in the context of their work.”
“As we see from the IDC report, 44 percent of the time, workers can’t find the information required to do their jobs,” said Seth Redmore, VP Product Management at Lexalytics. “That’s a lot of wasted time, and shows a clear need for broad use of knowledge management systems that leverage the intelligence of text mining.”
To combat their knowledge management challenges, companies are leveraging intelligent search and text analytics technologies, such as the integrated Coveo and Lexalytics solution, to unlock the full value of structured and unstructured data, making it findable and actionable by employees. The Coveo and Lexalytics platform provides organizations with a single enterprise search and text analytics solution for broad-based information extraction. The solution securely harnesses content from a variety of platforms, and automatically identifies the “who”, “what”, “where”, “when” and “why” of that content and experts within the context of the user.
To gain full access to the 25-page report, download it here.
Coveo makes companies and websites more relevant and responsive by providing technology that delivers in real time the most relevant, context-aware information for every employee, every customer and every website visitor.
Coveo's transformational technology has been recognized as the most complete, end-to-end search and relevance platform available today. Coveo takes search to a new, more relevant level by securely connecting with and harnessing an organization’s big, fragmented data from any combination of cloud, social, and on-premise systems. The Coveo Advanced Relevance Engine injects the most relevant knowledge into the context of every user, focusing on three business areas to:
- Radically boost knowledge management initiatives by making an organization’s collective knowledge easily accessible and relevant, so that all employees can take the best actions;
- Inject more relevant knowledge into customer service and sales interactions; and
- Personalize online customer experiences within high-end websites and communities.
Coveo is a strategic partner of several leading software companies such as Salesforce.com and Sitecore. Among Coveo customers are leading organizations such as Lockheed Martin, Rally Software, and Sungard, among many others. For more information, visit www.coveo.com, and follow us on the Coveo blog, LinkedIn, Twitter, and YouTube.
Founded in 2003, Lexalytics was first to market with a sentiment analysis engine. Its text analytics software, Salience, is engineered for easy integration into third-party applications, and is a critical component in many high-volume content processing services for industries such as social media monitoring, survey analysis, reputation management, online media and more. For more information, visit http://www.lexalytics.com. Follow us on the Lexalytics Blog and Twitter.
Colin Beasty, Media Engagement Manager
Seth Redmore, VP Product Management, Lexalytics
Erin Spencer, Kate Lavoie-Mayer