Were you aware that less than one percent of the data that exists in the world has been analyzed? This is the case, according to the International Data Corporation (IDC). Furthermore, the IDC claims that text mining is the solution to analyzing the remaining data. Given that new data is created every moment of the day, text mining is a welcome solution for data analysts.
The Basic Text Mining Process
The basic text mining process contains the following four steps:
- Information retrieval
- Natural language processing
- Information extraction
- Data mining
How Text Mining Can Assist Businesses
There are a variety of ways in which text mining can assist businesses. In addition to obtaining more accurate insights through the text mining process, these insights can also be obtained from a broader spectrum of documents and sources. Businesses can also receive up-to-date information on accurate risk, compliance, and threat detection.
Furthermore, businesses can also improve customer engagement and the customer experience with text mining. This is because text mining utilizes natural language processing. As a result, text mining can provide earlier insights into what customers or potential customers are thinking. This is also referred to as sentiment analysis or opinion mining, and can be used to obtain customer reactions to products and services. Sentiment analysis for brand reputation is obviously important for business growth. This is particularly the case when a brand is highlighted in the media.
How Text Mining Can Support Border Security
In addition to assisting businesses, text mining can also make a significant difference with the effectiveness of border security. There are three major ways in which border security can be supported and strengthened with text analytics:
- By identifying dangers located near borders and during screening situations
- By identifying potential dangers that require further action
- By identifying border issues that might occur in the future
How Entity Resolution Works
The practice of locating and linking the same entity across and within data sets is referred to as entity resolution. There are three basic tasks that are involved with this process:
- Record linkage
Identity solution software is particularly important for name matching, which is part of the entity resolution process. Since the names of people and places are often similar, and in some instances, identical, this software can assist with determining the correct entity. Name matching is important for businesses, border security, and other enterprises that engage in topic tagging in order to analyze data that is vital to their organization.