{"id":22767,"date":"2023-04-18T06:53:31","date_gmt":"2023-04-18T06:53:31","guid":{"rendered":"https:\/\/www.teqfocus.com\/devstaging\/?p=22767"},"modified":"2024-03-15T11:14:02","modified_gmt":"2024-03-15T11:14:02","slug":"owning-a-lot-of-customer-data-do-you-actually-need-a-cdp-2","status":"publish","type":"post","link":"https:\/\/www.teqfocus.com\/devstaging\/blog\/how-to-prioritize-requirements-for-selecting-the-best-fit-idp-vendor\/","title":{"rendered":"How to prioritize requirements for selecting the best-fit IDP vendor"},"content":{"rendered":"

[vc_row full_width=”stretch_row_content” background_color=”custom” background_image=”22815″][vc_column width=”3\/4″][tm_heading tag=”h1″ custom_google_font=”1″ google_fonts=”font_family:Poppins%3A300%2Cregular%2C500%2C600%2C700|font_style:700%20bold%20regular%3A700%3Anormal” font_size=”lg:38″ css=”.vc_custom_1710501236388{margin-top: 170px !important;margin-bottom: 180px !important;margin-left: 110px !important;}” md_spacing=”margin_top:30;margin_bottom:30″ sm_spacing=”margin_top:30;margin_bottom:30″ xs_spacing=”margin_top:20;margin_bottom:20″]Owning a lot of Customer data?
\nDo you actually need a Data cloud?[\/tm_heading][\/vc_column][vc_column width=”1\/4″][\/vc_column][\/vc_row][vc_row][vc_column][tm_spacer size=”lg:20″][vc_column_text]Home<\/a>>Blog<\/a>>Owning a lot of Customer data? Do you actually need a Data cloud?<\/a><\/strong>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column lg_spacing=”margin_top:20″][vc_column_text css=”.vc_custom_1699018669619{margin-bottom: 10px !important;}”]Usually, organizations have different kinds of needs, which in most cases are unique when requiring the processing of documents.<\/p>\n

This makes it difficult to clearly identify customized requirements for intelligent document processing (IDP) solutions.<\/p>\n

Documents in the stores of an organization contain a trove of useful data and a heap of useless data.<\/p>\n

From such documents, valuable information and insight need to be derived, which can help the organization and the Managers to automate and improve their decision-making toward integrated business growth.<\/p>\n

Applications of the technologies like natural language processing and computer vision in IDP mines the data, useful for process automation and analysis.<\/p>\n

There are many varied and overlapping choices of IDP vendors, and their selection becomes critical if the core requirements are not clearly defined and understood by the business leaders.<\/p>\n

The three core requirements while creating a request for proposal for an IDP solution are Document format variation, Analytics vs. Automation, and Enterprise vs. Local requirement.[\/vc_column_text][vc_column_text css=”.vc_custom_1699018703204{margin-bottom: 10px !important;}”]There is usually a spectrum of use cases the organizations would need to leverage for IDP.<\/p>\n

The data consumed by such use cases could be: Structured (e.g., standard official forms collecting data in a specified format); Semi-structured (e.g., invoices, purchase orders, and contracts where the data is not in a strictly standard format); and Unstructured (e.g., images, news articles, audio\/video files, etc.).<\/p>\n

After the data is extracted from such documents, it is necessary to have a contextual understanding before classifying the data as per the organizational requirements. Sometimes, a specialized IDP or deep natural language understanding capabilities may be a need based on the specific use case.<\/p>\n

Hence, document-format variation is a key attribute to understand when selecting an IDP tool.[\/vc_column_text][vc_column_text css=”.vc_custom_1699018738302{margin-bottom: 10px !important;}”]When organizations want to derive insights from content and use it for further analytics or when there is a need to work with diverse content types, there may be a need for specific IDP capabilities called multimodal analytics.<\/p>\n

Such specialized IDP vendors will focus on automation or BPM capabilities and will eventually evolve into content processing and semantic platform or will offer deep analytics.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text css=”.vc_custom_1699276656732{margin-bottom: 10px !important;}”]Finally, it is also necessary to understand whether the IDP<\/a> application is enterprise-wide or limited to certain departments.<\/p>\n

For an enterprise-wide application, IDP should offer building blocks for a variety of use cases by providing capabilities from adjacent technology areas such as natural language question and answer (NLQ&A).<\/p>\n

However, in the case of a department-specific use case, a packaged application tailored to the business process should be selected.<\/p>\n

Written language processing capabilities, industry\/domain-focused capabilities, prebuilt services, and low\/no code capabilities are additional considerations for IDP vendor selection.[\/vc_column_text][vc_column_text css=”.vc_custom_1699003763611{margin-bottom: 10px !important;}”]<\/p>\n

Why Teqfocus:<\/strong> Teqfocus is a team of dedicated data cloud professionals who work with fast-growing customers to realize higher ROI on Data cloud investments. Our customers enjoy a higher market share growth by investing in services analytics for personalization and customer journey analysis.<\/div>\n

[\/vc_column_text][vc_column_text css=”.vc_custom_1681882874994{margin-bottom: 30px !important;}”]<\/p>\n

This blog is professionally hand-edited and has been driven by research conducted by experts from both industry and academia.<\/div>\n

[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

While we understand the Customer Data Platform (CDP), it is also essential to understand what a CDP isn\u2019t. This is because many other vendors have emerged or have repositioned themselves to be intentionally…<\/p>\n","protected":false},"author":19,"featured_media":22889,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[207],"tags":[],"class_list":["post-22767","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-thought-leadership"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.teqfocus.com\/devstaging\/wp-json\/wp\/v2\/posts\/22767","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.teqfocus.com\/devstaging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.teqfocus.com\/devstaging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.teqfocus.com\/devstaging\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/www.teqfocus.com\/devstaging\/wp-json\/wp\/v2\/comments?post=22767"}],"version-history":[{"count":10,"href":"https:\/\/www.teqfocus.com\/devstaging\/wp-json\/wp\/v2\/posts\/22767\/revisions"}],"predecessor-version":[{"id":27986,"href":"https:\/\/www.teqfocus.com\/devstaging\/wp-json\/wp\/v2\/posts\/22767\/revisions\/27986"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.teqfocus.com\/devstaging\/wp-json\/wp\/v2\/media\/22889"}],"wp:attachment":[{"href":"https:\/\/www.teqfocus.com\/devstaging\/wp-json\/wp\/v2\/media?parent=22767"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.teqfocus.com\/devstaging\/wp-json\/wp\/v2\/categories?post=22767"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.teqfocus.com\/devstaging\/wp-json\/wp\/v2\/tags?post=22767"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}