The rapidly changing world presents various challenges, such as the effects of climate change, shifting geopolitical dynamics, and tightening labor markets to society. These challenges affect businesses, including those in the AECO industries, in terms of altered supply chains, new regulations, and increased costs. To adapt and create opportunities, digitalization has emerged as a critical enabler. By utilizing IT, companies can streamline their operations, reduce costs, and increase productivity. This allows businesses to stay ahead of the curve and navigate the challenges posed by the rapidly evolving global landscape.

Despite the advancement of technology, many organizations still rely on document-based processes, which are often not structured in a way that enables efficient processing by computers. For instance, a construction company may still use PDF files for project specifications. These files contain valuable information but are not in a format that computers can easily process. Due to the lack of structure in document-based processes, intensive manual labor is still necessary to extract meaningful information (also: explicit and formal information) and avoid difficulties in tracking progress, identifying potential issues, and making data-driven decisions. These manual processes lead to slower progress, higher costs, and decreased efficiency for the company.

To capitalize on the value of data, it is essential to mine documents and extract the valuable information locked within them. Just like a physical resource, it must be extracted. This process involves reading the text, identifying relevant information, and transforming it into a structured format. After extraction, it needs to be refined, so it is pure and of high quality. Finally, you must process it in different software, so it can be used to support digital capabilities, inform business decisions and drive improvements. Unfortunately, this is often done manually.

Manually extracting, refining, and processing information from documents is a tedious and error-prone process. It requires significant time and effort, making it a potential roadblock to digitalization and automation in a time when skilled labor is in high demand. This is where Artificial Intelligence (AI) and Natural Language Processing (NLP) come into play. NLP automates the identification of natural language context, such as specifications and requirements, in documents, and helps structure, classify, and link data. As NLP models improve with usage, businesses can reap the benefits of increased accuracy and faster processing times.

By using AI and NLP to extract valuable information from documents automatically, organizations can reduce manual labor, save time, and produce higher-quality results. This enables businesses to focus on core value creation and to become more ready to tackle global challenges with ease. After all, the more explicit and formal information is, the higher the digital ambition can be.

At Semmtech, we offer AI/NLP services to help organizations unlock the value of their data. Our product, Laces v.11, now features a fully integrated AI/NLP capability called LAIcy, which provides semantic modeling and AI/NLP services to support organizations on their digital transformation journey.

It is time to unlock the potential of data and mine your documents with the help of AI and NLP and tackle global challenges with confidence. Get in touch with Semmtech today to start your digital journey.