Semantic technologies make it possible for machines to understand data in a human-like way. With this understanding, the data can be queried, analyzed, and reconstructed in new forms that were previously impossible.
Some of the key benefits of semantics include:
- The ability to structure unstructured data. Any text document can be read by our software, interpreted, and key data elements extracted automatically. As an SEC EDGAR distributor, Recognos Financial has access to over 650 forms filed regularly with the SEC. The amount of information inherent in these documents, yet inaccessible other than manually, is remarkable. As a data vendor, Recognos Financial can extract the pertinent data points and provide immediate verification of their accuracy by identifying the data in the original document filed with the SEC. This capability is also offered as an application development service to firms within the industry providing them with the ability to structure data from internal text documents that include, prospectuses, offering statements, shareholder reports, loan applications, loan agreements, contracts, and many other types of documents. It is estimated that 70% to 80% of all data within a financial services firm is unstructured.
- The ability to integrate data from many sources quickly and non-invasively. Traditional data integration efforts require data normalization and generally the creation of a new database to house the integrated data. These efforts generally take many months, are costly, and difficult to maintain. With semantic technologies, the effort is cut down from months to days. In addition, the need for data warehousing is virtually eliminated as all data in an organization regardless of where it resides, can be viewed as already being part of a virtual data warehouse.
- The ability to deeply mine data and discover relationships between data points that previously would have required a supercomputer. As an investment research tool, this opens up possibilities for developing new trading algorithms, new or previously undiscovered trends, and the ability to link and perform operations on data from multiple sources for the production and distribution of reports to management, operations, and clients.