Analysts like IDC and Deloitte estimate that up to 80% of the world’s data is unstructured text data, which makes getting valuable insights out of this type of data a huge challenge. Worse, customers can’t easily find the right answers to address their product and service-related questions that are hidden in large amounts of support documents. As a result, employees can spend 20% of their work-related time looking for information stored in various internal systems, and 95% looking for organizational data that will never be accessed again three months after creation. Many companies have implemented taxonomies and ontologies in an effort to create some structure that can be processed by machines. Yet, the sheer amount of data makes it challenging to create and maintain a complete and effective taxonomy and ontology for all but the simplest use cases.
