What are the Benefits of Text Mining?
Until recently, with the advent of advanced analytics, the insights locked in text data remained a mystery. Text mining was at one time an incredibly arduous process that involved manually sifting through the mountains of information to find relevant data. However, improvements in text mining tools that allow for automated processing and assessment of information have allowed companies to gain better insight from textual data and leverage better data driven decisions.
The science of data analysis once revolved around the data that was structured and easily categorized. Analytical tools consisted of data bases of fielded, numerical data that were easily divided and analyzed to provide hard metrics on a variety of information. The idea was that all data should be scientifically measurable, and any data worth collecting should be able to be analyzed. While the approach is very methodically sound, it ignores the wealth of information that was locked in unstructured data sets such as reviews, emails, chat data, call log transcripts, and the rising wealth of social media information. In order for businesses to engage with their customers on a better level and provide a higher quality customer experience, text mining software needed to evolve. Data mining in unstructured information opened up a new world of insight for businesses who discovered the real issues driving customer engagement. For the first time companies could utilize sentiment analysis to see the context behind the feedback.
As the volume of information continued to grow, data analytics became big data analytics. Companies needed to process mountains of information and the more traditional means of data science turned to more and more powerful software to get the job done. Platforms with artificial intelligence and machine learning began to use natural language processing to better reveal deeper insights into the feedback and provide a more detailed overall view of company performance by merging structured and unstructured data.
Today these tools can analyze complete data sets consisting of terabytes of information in minutes, providing near real time feedback to businesses looking to gain an edge from their vast ocean of data. Many platforms also provide detailed data visualization that makes clear the analytical results so that anyone inside a company can leverage their domain knowledge to drive better business decision making. The advancements in text mining have made it easier to gain almost instant information on a wide variety of feedback to help increase efficiency, reduce cost, and improve overall customer experience for businesses of every kind.