Text mining refers to the method of data analysis to grasp the key concepts and themes and revealing the hidden relationships and trends with no prior knowledge of the exact words that are used to express those concepts. This method allows you to examine the data to solicit valuable information. Text mining or text data mining encompasses algorithms of data mining, statistics, machine learning, and natural language processing in an attempt to filter out high quality and useful information from unstructured data. Text mining is usually interchanged with the term text analytics as a method to process the unstructured data for machine use.
Text mining techniques
Text mining techniques such as categorization, entity extraction, and sentiment analysis are used to extract meaningful information and knowledge hidden in the unstructured data. Some applications include:
- Enterprise Business Intelligence/Data Mining, Competitive Intelligence
- E-discovery, Records Management
- National Security/Intelligence
- Scientific Discovery, particularly Life Sciences
- Search/Information Access
- Social Media Monitoring
Text mining examples
- Risk management
Improper risk analysis causes the biggest reasons for any industry failure. However, text mining resolves the issue of robust risk analysis. In the financial sector, risk management software is a text mining-based technology that can significantly increase the ability to mitigate the risk that guarantees total management of large databases and integrates the information together and is able to access accurate information at the right time.
- Knowledge management
Handling large amounts of data makes the search for particular information a daunting task on a short notice. The healthcare industry is a perfect example. Here the experts have huge amounts of information, decades invested in genomics and molecular techniques research, for instance, along with clinical patient data that can be used for new product development as well. In this case, knowledge management software is text mining-based provides a clear and reliable solution to address the problems.
- Prevention of cyber crimes
The arbitrary availability of data on the internet, as well as the exchanges, often carry the brunt of cybercrimes. All credits to data mining, intelligence and anti-crime applications which help in keeping the cybercrimes away. Law enforcement or intelligence makes the best of the software provided by Provalis Research to analyse the source and nature of data extraction.
- Customer care
Text mining and natural language processing are famously used in customer care applications. Text analytics software guarantees to improve customer experience using various sources of valuable information like trouble tickets, surveys, and customer call notes for optimized quality, speed and effectiveness in resolving problems. Text analytics is used for faster and automated customer responses eliminating the dependency on call center operations.