Text Analytics: A Noteworthy Way of Finding New Sources of Data

by June 18, 2020

Text Analytics

Overall enterprises, business users are understanding the value of their raw text. By mining this information, they can spare operational costs, help with anticipating the future and reveal experiences which were beforehand not accessible.

In its easiest definition, text analysis is simply counting words. The fascinating part is the means by which you pick what to count and what you do with it. Text analysis is often utilized equivalently with text mining and text analytics, however, numerous computer scientists contend about unpretentious contrasts. It’s a famous subject now and in its different forms, it is utilized in numerous companies.

Text analysis is actually the procedure toward refining data and importance from the text. For instance, this can be analyzing text written in reviews by clients on a retailer’s site or analysing documentation to comprehend its objective. The procedure intends to look at the texts and discover themes and patterns that can empower the business to make vital moves.

Text analytics can be done by one person manually and an excel spreadsheet yet at scale, this can be tedious, inefficient and wrong. So companies will frequently utilize the software, utilizing machine learning and natural language processing (NLP) algorithms to discover significance in colossal amounts of text.

There are so many noteworthy ways that organizations can incorporate previously undiscovered data sources and NLP into their tasks. Fortunately, numerous organizations are as of now utilizing text to drive business operations effectively. While moving a data methodology from business intelligence reporting into data science, text analytics can be a path for you to streamline your procedures.

In a recent article in MIT Technology Review, Will Douglas Heaven spoke about how AI calculations built and trained under typical conditions were attempting to acclimate to the pace of change during this pandemic. Buyer practices moved so out of nowhere and in such an exceptional way, that organizations were making up for the lost time to modify their models to respond properly to the new normal.

One of the difficulties related to this sudden change is that the structured and curated data of the past, which was utilized to construct their models, is no longer as applicable to current conditions. This environmental shift compels organizations to search for new sources of information that can more readily speak to the decisions they are trying to make.

The challenge is that these new data sources are always less structured and more out of control in nature. They incorporate news stories, Twitter channels, and email and Slack discussions. This unstructured text has critical value for understanding what’s going on at the present moment, yet it should be curated before it can turn into an input for these AI models. Additionally, this should be done in near real-time to conform to the rapidly evolving environment.

As indicated by a study by the International Data Group (IDG), unstructured data is developing at a disturbing pace of 62% every year. A similar report likewise recommends that by 2022, near 93% of all information in the digital world will be unstructured. Unstructured data is commonly text-substantial yet may contain information, for example, dates, numbers, and facts too. It incorporates scanned paperwork, emails, contacts, images as well as data composed by clients, market surveying and significantly more. It’s essential to comprehend as most companies are flooding with it! Nonetheless, because of the way that it is frequently written by people this results in inconsistencies and ambiguities that make it hard to comprehend utilizing customary programs when compared with information stored in fielded structure in databases or commented on/labelled in documents.

One of the initial steps to harnessing unstructured data is to recognize what the text is referring to. One pertinent procedure in the field of text analysis is named entity recognition (NER). This highlights recognizing words representing individuals, places, things, and articles within the content and making structured properties using them. Every individual, place, thing, or article turns into a characteristic with a value representing how significant that subject is in the content. This value can either be a raw count of the times the term shows up in the text or can use an idea known as term frequency-inverse document frequency (tf-idf) to distinguish how this text’s utilization of the word or phrase looks at to different documents that utilize the similar term or phrase.

To begin, consider the ways forward. There are both open source and commercial software and services accessible that assist you with changing your information into significant data.

Businesses that depend vigorously on incoming customer contact, similar to retailers or financial foundations or transport firms use text analysis to optimize their customer service work. With text analysis platforms the business can automate the grouping of inbound messages by polarity, topic, subject matter, and priority. At that point, inquiries would then be able to be effortlessly escalated or sent to a suitable expert. For instance, new messages from most angry clients should be prepared first while inquiries concerning hardware faults might be sent to a specific team.

Practically any sort of prediction practice requires a lot of base information to analyse and afterwards test estimates against-text analytics can be the reason for this. For instance, you should figure US economic performance. Text analysis would permit you to check SEC filings for key text, cluster related terms and figure out which are causal. The same could be applied to news sources, national bank information, carrier flights, fuel costs, avocado buys, in reality, anything! At an all the more tweaked level, a similar rule can be applied to evaluating the brand impact of product launches or if, anticipating the impact of competitor activity.

With the development of unstructured text information, organizations have enormous opportunities before them, if they choose to seek after data advancements and apply these exercises. From manufacturing to marketing to life sciences, unstructured text information can give significant bits of knowledge and knowledge into your industry.