There is an incredible amount of data that hasn’t been or isn’t currently being analyzed. According to The International Data Corporation, less than one percent of all received data is actually analyzed. Currently, it is believed that text mining is one of the best solutions for this issue. Experts agree that text mining can bridge the proverbial gap to in order to analyze the remaining data.
The Text Mining Process and How it Can Benefit Businesses
While it’s true that data will continue to be generated, the text mining process can make a significant impact on how much of it is actually analyzed. This process involves four basic steps:
- Information retrieval
- Natural language processing
- Information extraction
- Data mining
Text mining can benefit businesses in significant ways. This includes the provision of social media analysis for opinion mining and topic tagging, both of which are vital for branding and marketing purposes. When you consider the monthly activity on various social media platforms throughout the world, Facebook alone has 1.97 billion active users. Every second, these and other social media sites produce a considerable amount of data that can be mined.
Given the above, just imagine the impact that the following results could have on a business or related enterprise:
- More accurate insights
- More accurate risk, compliance, and threat detection
- More customer engagement
Entity Resolution Software and How it Can Benefit Businesses
Since businesses in general handle a significant amount of data, structure and organization are essential for streamlining workflow, identifying customer bases, and other essential purposes. Entity resolution software can assist with locating and linking the same entity both across and within data sets. When there are identical and/or similar-named entities, these can be linked together as well. This software can also address input and other types of errors that may exist.
In order to provide entity resolution, there are three basic tasks:
- Record linkage
- Canonicalization
Reduplication
Learn More About Software Tools
The International Data Corporation reported that roughly every second of the day, there is 1.7 megabytes of new information created for each and every person. By 2020, the digital universe is expected to exceed 40 zettabytes of data. If your business is seeking solutions to work with its existing and future data, text mining software and entity mining software may be just what you need. Once you consult with a representative, you can learn more about these and other types of software for your business.