From getting meaningful insights out of unstructured data to getting to know what your target audience likes, text mining can help your business make the most out of a huge pile of data.
Did you know that text mining is the most popular way to analyze and process unstructured data? Yes, it true. Most businesses are faced with massive amounts of data stored in cloud platforms and data warehouses. This data only keeps growing by the second, as new data keeps pouring in from several sources. This overflow of data makes it a challenge for organizations to store, process and evaluate huge amounts of textual data with old-fashioned tools. This is where text mining can help.
Text mining can help businesses derive high-quality information from text. Meaningful patterns and insights are extracted from unstructured data. The insights are then used to explore textual data sources. Text mining is multidisciplinary and incorporates everything from information retrieval, statistics, data mining and machine learning to name a few.
What can text mining help your business with?
Text mining can be used to:
- Gather unstructured data from various data sources like web pages, plain text, blogs, PDF files and blogs amongst others.
- Find and remove anomalies from data through pre-processing and cleaning operations. Valuable information hidden within data can be extracted and retained through text mining.
- Conversion of relevant information from unstructured data into structured data.
- Evaluation of patters within the data through a management information system (MIS).
- Enhanced decision-making through a secure database of valuable information.
Text mining can help your business with:
- Information extraction
In this text mining technique, meaningful information is extracted from huge chunks of textual data. Entities and attributes are first identified and then their relationship to unstructured/semi-structured texts is analyzed. The information is then extracted and stored in a database for future use.
- Information retrieval
This process revolves around extracting relevant and associated patters that are based on a particular set of phrases/words. Different algorithms are used to track and monitor user behaviors, while relevant data are retrieved accordingly. Popular search engines like Google and Yahoo are used in information retrieval.
In categorization, texts are assigned to pre-defined topics based on their content. Text documents are gathered, processed and evaluated to find out the right topics/indexes for each document. Even web pages can be categorized according to hierarchical definitions.
This technique in text mining helps in identifying intrinsic structures within the information and then sorts them into relevant “clusters “for further analysis. Meaningful clusters are formed from unlabeled textual data. Cluster analysis is often used for data distribution.
In this technique, a compressed version of a specific text is created. First multiple text sources are read to craft out a summary with all the information in a concise format. Methods like regression models, neural and summary.
Text mining is beneficial across industries
From healthcare to businesses and academics to social media, almost every platform can benefit from text mining. Let us explore the areas where text mining can be used.
- Risk management
Text mining can be used to gather important information from piles of text data sources. Links can then be created between the extracted insights. This helps companies to access the right information as and when they need it. Text mining can be used to enhance the entire risk management process and make it successful.
- Business Intelligence
Several businesses have started using text mining as a part of their business intelligence. With text mining, businesses can evaluate the strengths and weaknesses of their competitors, thereby gaining a competitive edge in the market. Text mining can also throw light on marketing strategies, newest market/customer trends etc.
- Social media
Text mining can help to track and interpret texts generated from emails, news and blogs. With text mining tools, companies can analyze their brand presence, posts, likes and followers. This gives businesses a good idea of how their customers are interacting with their brand and content. Text mining can be used to show what your target audience likes and dislikes.
- Customer care
Text mining is proving to be indispensible in the area of customer care. Accessing textual data from different sources like customer feedback, customer calls and surveys can enhance the overall customer experience. With text mining and analysis, the response time of the company can be reduced and the grievances of the customers can be quickly addressed.
- Fraud detection
Insurance and finance companies are harnessing the benefits of text mining in the field of fraud detection. With relevant and structured data at hand, companies are now able to quickly process claims and also detect and prevent frauds.
If you want to use text mining for your business, but do not know where to start, we at Outsource2india can help. With our rich experience in text mining, we can help you evaluate the right text from social media, websites and databases. From cost-effective text mining services, to on-time delivery, adherence to quality and strict security protocols, we are an ideal vendor, when it comes to text mining. Why not start outsourcing text mining right away and stay one-step ahead of your rivals? Find out how you can get started with text mining services.
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