Two Reasons Text Mining May Be The Future For Your Company

Aspect based sentiment analysis

When you think about the internet, you probably cannot imagine how much data exists. There is so much data that people have access to at any given moment of any given day, yet so much of it remains untouched. Whether you own and operate a business that can be using the internet to their advantage more or you personally want to better grasp the data available on the internet through identity resolution for yourself or for another reason, the data exists.

Have you ever stopped to think about how much data exists in the world? When it comes to the internet, there is a never ending amount of data that can be accessed by users. Yet, it is not always text mined to the point where it is analyzed. Keep reading to learn more about text mining software, identity resolution and how you can better use the internet to your advantage. Specifically, let?s look at two ways in which data can be better accessed to your benefit on the internet.

Let?s start with text mining and why could it be beneficial to you. Text mining and text analytics are a way to browse the information and data on the internet. When it comes to the internet, statistics show that only 1 percent of data is actually analyzed, according to the International Data Corporation. If we were to invest in text mining resources, we could improve this percentage by hopefully addressing the other 99 percent.

When it comes to text mining, there are four essential steps to the process. The different steps to text mining are information retrieval, natural language processing, information extraction and data mining.

So, how can text mining and text analytics in social media or something else help you?

1. If you own, operate or work at a business

If your company were to consider the benefits of text mining, they would probably be never ending. To narrow it down, there are three specific things that your company could benefit from in regards to text mining. Text mining could address more accurate insights for documents and sources, improve customer engagement and provide risk and compliance detection. By using the four steps, text mining could pull data and information that helps your company stear away from any threats while also getting insight into what your customers are thinking and wanting.

Additionally, if your company uses social media at all, text mining could be beneficial in improving your social media data analysis. With users on Facebook and Twitter creating so much data every second, every minute, every hour of the day, a lot of it is not being analyzed and assessed. There are over 1.97 billion Facebook users who are active and 319 million users on Twitter who are active. Your company could truly benefit from analysis of this data to learn more about your customers and your company.

2. If you are interested in identity resolution

When it comes to the internet, there is so much data, and some of it may have to do with you. You may not know where all this data is or how to find it. That is where identity resolution software comes in handy. It can help find mentions of you across all the data that exists. Similar to entity resolution, this software can help with issues of deduplication, record linkage and canonicalization. Until you really start to sit down and think about all the information about your identity that is available to those on the internet, it might not strike you as though identity resolution software is something you need. After you have considered it, though, you may see why it could be beneficial to assess the data that exists for anyone to find.

Have you ever thought about the 99 percent of data that exists that has yet to be analyzed fully? Let us know in the comments what your thoughts are on text mining and text analytics for your company or for your own personal use.

Posted in Aspect based sentiment analysis, Identity resolution, Text mining software.

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