A cost-benefit analysis of the integration and implementation of Semantic technology will reveal the numerous advantages to be derived by a company and especially disclose the full undiscovered potential that it possesses. The underlying motif here is that it saves time, and therefore reduces costs, which is what this is all about.
How does it do this? Let’s look at the primary definitions of the term to get a better idea: in general terms ‘Semantics’ refers to the meaning of a word, phrase or text and is a scientific branch that analyzes the relationship between linguistics and logic to extract meaning. This is exactly what Semantic technology does; by analyzing and filtering all the information found in language text/data across the world wide web (including the social media, professional blogs and websites), it extracts, condenses and delivers all the information it classifies as useful for a company to achieve specific and multiple business objectives.
Semantic software systems can also anticipate any crisis that may develop by assessing the levels of efficiency of a company’s organic organizational structure as well as its external affiliations, including its customer base, and provide specific solutions before an issue develops. Most importantly, through semantic/A.I. systems, a company can increase the level of employee participation in decision-making and company policies while providing a continuous opportunity for the workforce to integrate new skills, which will further renovate its business strategies to capture ever-wider consumer audiences.
Thanks to the advancements of A.I. technology in the development of neural networks and higher capacity for cognitive abilities, semantic software systems based on semantic technology can now recognize human patterns and consumer behavior and respond in real time, anticipating changes in consumer trends, satisfaction or preference. And—in the modern era where information is now considered the most valuable asset for any business—this makes it a fundamental tool to survive the race in a highly competitive market where acquiring the adequate level of visibility and consolidate enduring presence is becoming tougher than ever, especially for small businesses.
Being able to use information is the key issue here, and one needs to know how to use a key to open a door. And this is where Semantic technology plays a vital role, because it cuts off ‘data noise’ and ‘information overflow,’ transforming the entire make-up of a company into a homogeneous whole where all the processed and relevant classified information is spread out into the organic network simultaneously, like a giant ‘octopus.’ It is the Starship Enterprise of the information age, so to speak, and a fundamental tool to maintain a competitive edge.
Database management has become a nightmare—literally and figuratively—for businesses, due especially to the massive amount of data on the Internet. How do you find something that you may not even know exists that can help your business needs? And how do you know what to look for if you do not know that an internal problem even exists? These are fundamental questions that only Semantic technology can answer. If online search-engines were once considered the ‘modern oracles’ of our age, then semantic software systems are a direct evolution of this modern wonder. Using Search engines and databases requires a lot of manpower, effort, and time—which is now becoming unacceptable because, as we know, time is money.
Semantic technology will help a company discover new business opportunities while cutting the costs of database management and data storage costs. In the medical industry its benefits are enormous because it will accelerate the discovery and development of new drugs and therapies as they gain new previously unknown information from other areas of industry and learn new skills through this inter-disciplinary approach with multiple industries. The travel sector is another example; customers will be able to book entire travel packages that conform exactly to their tastes, because travel agents—and customers—will be able to save time on endless searches, and travel agencies will be able to condense all the relevant information through Semantic/A.I. technology integration which will also enhance customer experience with the introduction of automated A.I. assistants (and we already have working robots in restaurants and hotels!). Similarly, Human Capital Management and the Human Resources departments will have an easier time identifying and selecting potential job candidates.
A major factor of value is that ST can help a company to avoid misinterpreting data, which can cause a great loss of money. An example is the 2014 Referendum held by Scotland to decide whether to secede from the UK. To protect its interests, as part of its risk management strategy the Bank of England started tracking Twitter for information, and spotted significant chatter indicating a ‘spike’ on ‘RBS’—which they mistakenly identified as the Royal Bank of Scotland but was really the ‘Running Backs’ of the Minnesota Vikings football team as information was being tweeted during an important game.
Ultimately, through Semantic Technology a company can optimize the entire internal infrastructure of the organization, accelerate the decision-making process and consequently maximize productivity and enhance the level of customer satisfaction through a shared collaborative process that brings together all company departments. The recycling of ideas is a further indicator of the potential for innovation that this can bring to multiple industries that decide to adopt and implement this technology.