Text mining is a powerful technology that uses natural language processing (NLP) techniques to extract valuable insights and knowledge hidden in unstructured data. It is used in the business world to reveal patterns, trends and information from large amounts of data.
Law enforcement also uses it to prevent cybercrime and increase efficiency in risk management. Companies use text mining to gain insight into customer reviews and feedback, which helps them identify product issues that can be addressed before they become significant problems.
Text Mining Applications
Text mining applications are a powerful tool for companies looking to find valuable business insights in raw text data, such as corporate documents, customer emails, call center logs, social media posts, chatbots, verbatim survey comments and medical records. They also make it easier to identify important information in raw unstructured data from other sources, such as product reviews and online conversations.
Using software for text analysis, companies can quickly find important information that could take hours to search manually. For example, if customers submit a complaint about a defective product, the corresponding email could be automatically tagged and forwarded to the quality assurance department.
Another famous use case for text mining is fraud detection and prevention. It can help financial institutions, insurance agencies and other organizations prevent fraudulent transactions from happening on their websites.
It can also help law enforcement officials to weed out potential cybercrime threats. It can provide them with additional context about the keywords they are fed, allowing them to focus on more real threats and reduce the false positives created by keyword searches.
In addition, text mining can also improve the effectiveness of information retrieval by limiting the number of documents returned to a searcher. This can reduce the time needed to search for relevant information and ensure that more valuable results are obtained.
What is Text Mining?
Text mining is extracting information from unstructured text data using various statistics, machine learning and linguistics techniques. The data may be gathered from web pages, emails, social media posts, documents, etc.
It is a highly effective business intelligence tool that allows companies to examine competitors’ strengths and weaknesses. It also offers important insights into customer behavior and trends.
The process involves examining a large volume of unstructured data to identify patterns and trends that may help make business decisions. This data can be derived from many sources, including customer emails, call center logs, verbatim survey comments, social network posts and medical records.
Text mining is a critical capability for any enterprise. With data growing exponentially, companies need ways to organize and categorize it. Nearly 80% of existing data is estimated to be unstructured, so it takes a lot of work to search and manage.
Text Mining Techniques
Text mining techniques are a vital part of data analytics. They help organizations sort through vast volumes of data and find patterns that may be useful in business decisions.
Most companies generate tons of unstructured text data daily, including emails, social media posts, support tickets, surveys, etc. Though it is quicker to manually analyze this raw data, it takes a lot of time.
Fortunately, text mining can automate these processes. It can extract valuable information from incoming texts and store it in a database for future use.
A text mining algorithm can parse ambiguities in the language and analyze the underlying meaning, especially regarding regional dialects, slang, and technical terminology used in different industries. This can make it an excellent tool for evaluating customer feedback and helping to understand why a product is being criticized or reviewed negatively.
Another helpful feature of text mining is its ability to identify concordances. This is done by placing occurrences of a particular word in several different contexts and counting them as one.
Text mining has applications in many fields, including research, healthcare and education. Medical specialists can use it to track changes in drug development or product popularity, for example. Educational institutions can use it to track students’ performance and their overall progress in a subject.
Text Mining Costs
The volume of unstructured data businesses must process and analyze regularly has grown exponentially since 2010. This includes emails, social media posts, chats, support tickets, surveys, marketing materials, website traffic logs, and more.
These data sources have to be sorted, organized and analyzed to be used for actionable insights. Text mining can help businesses achieve this goal.
For example, an e-commerce company can use text mining to route customer support tickets to the right person or team based on language and complexity. This can increase response time and improve client satisfaction.
Companies can also use text mining to analyze online reviews for their products and services. These can offer a quick glimpse into how well a brand is perceived, the market’s gaps, and what it needs to do to advance.
Another application of text mining is in the field of education. It helps to locate research papers and relevant material in a specific field. It can also identify instructive patterns in a student’s performance.
The use of text mining and analytics in the UK further and higher education (UKFHE) sector is a significant opportunity for innovation and growth. However, a range of economic-related barriers is limiting the uptake of this technology.