During the last couple of decades, technology has become profoundly present in our society. From the way we enjoy entertainment like music, movies, and video games, to the way we manage our money or communicate with others, we can all agree to say that technology has facilitated a lot of things, at least when it comes to various aspects of our lives. It wouldn’t be an exaggeration to say that we now live in a society that focuses deeply on technology and its evolution.
This evolution and progress have, of course, splashed other aspects of our lives. The way we buy things, browse products, hire services, and locate service providers has also changed, and just like other things, it is much easier to enjoy these things now since we don’t need to engage physically with them, like paying a visit to check prices, products or services.
Technology and Businesses
Now, technology has not only changed our lives as particular people. The way businesses are managed has also changed considerably, from the way marketing is done to the way customer service is provided, things are easier to manage and less time-consuming. At least, in comparison to how things were before the technological boom.
With the introduction of technology, changes in both productivity, management, and priorities happened, and now, information has become a very important piece of the game for a lot of companies. As showcased over here, the uses of data are broad and incredibly important, and the process that takes advantage of said data is often referred to as data analysis.
Depending on the industry and type of company we are talking about, information might as well be the foundation of their production capabilities, and it is what allows employees and staff members to fulfil their responsibilities in a timely, organized, and effective manner.
It is also what allows a company to set specific expectations regarding projects and plans, the risks that might be present during them, and the amount of profit or benefits that could be achieved through them.
But when it comes to data analysis, the way data is obtained and organized matters quite a lot. Although there are multiple methods of accumulating and organizing data, we will mainly focus on one, which is known as text mining.
The Basics of Text Mining
Text mining can be described as an automated process in which a machine analyzes and extracts valuable information from text sources, and it mainly focuses on obtaining unknown information that could be considered necessary or valuable for specific aspects of a company’s management procedures.
As claimed at https://en.wikipedia.org/wiki/Text_mining, the main objective of this process is to obtain the information and structure based on the needs of the company and the specifications of the database that is being used as well as the different pieces of software that might be required to create proper analytics.
The complexity of the analysis of texts often involve aspects such as:
- The retrieving of information
- The study and understanding of the words used and the frequency of use
- The recognition of patterns inside of a text
- The understanding of the tags or annotations in said text
- The understanding of data visualization, infographics, or scientific visualization
And many more processes with the sole purpose of valuable data that could be used for analytic processes required to plan projects and predict their outcome.
But what about the implementation of this technology? As you might have guessed, text mining has various uses in the current technological world, but in which can it be applied?
Text Mining Implementation
The whole idea behind processes like text mining, which easily enters the category of automated process, is that they can streamline various aspects needed for industries to remain relevant in today’s fast-paced world while increasing the number of resources that could be relocated for other more urgent tasks.
Although the implementation of this specific type of technology can be complicated for companies that know nothing about it and other automation processes, there are service providers that can definitely help them with text mining applications that can easily ease aspects of business management such as:
- Customer Service: Text mining can easily analyze the feedback provided by customers to improve the quality of the services and products provided by a company, which leads to customer satisfaction in the long-term run.
- Risk Management: When it comes to the world of finances, information can be obtained through text thanks to reports, blogs, finance websites, and many other sources. This information can be obtained through text mining and used to predict chances of success and potential risks.
This method is popular with financial organizations such as banks or organizations that focus on investments.
Maintenance: Maintenance is the process in which databases, software, and servers are managed to make sure that they work properly. With text mining, reactive and preventive maintenance can be performed with much more ease thanks to the understanding of patterns related to problems that might arise.