Text Mining is the “Wild West” of data mining and predictive analytics
The potential for gain is huge, the capability claims are often tall tales, and the “land rush” for leadership is very much a race.
The spectrum of text mining and analytics in business applications include voice-of-the-customer analytics, decision support, sentiment analysis, financial indicators from social media, application processing, knowledge extraction, semantic web, survey analysis, fraud detection, topic discovery, document filtering and document summation. It is said that more than 70% of all data is unstructured. Meaning that we need to convert it to 0’s and 1’s and create structured data so we can capture insights
The challenge is in exploiting the large proportion of enterprise information that originates in “unstructured” form has been recognized for decades. Some data experts indicate that more than 70% of all data is unstructured. Imagine the insights one could get form Text mining??
Text mining remains at the leading edge (rather than the mainstream) of analytics for the corporate world, largely because of the complexities associated with how language is used. Words and phrases in a corporate lexicon can be used ambiguously, inconsistently, and incorrectly, making it difficult but not impossible for a human to understand. However, for predictive analytics especially text mining, these ambiguities must be overcome so that algorithms can be applied consistently to historic data.
Call center data is no exception to these problems. Complexities included the usual text ambiguities and spelling errors, but also included variable language terms and abbreviations.
Types of text mining analytics:
- Social Media Analytics – allows you to uncover text mining’s essential role in optimizing the potential of the vast social media world
- Sentiment Analysis – Gives you the ability to enhance brand perception and gain insight into your organization’s public image
- Text Analytics For Marketing – Use advanced text mining techniques to target customers more effectively and boost the power of marketing and help customer retention
- Voice of the Customer Analytics – Gain a competitive advantage by formulating a unified analytics strategy