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Text Mining Future

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What Is Text Mining

Text mining (also referred to as text analytics) is an Artificial Intelligence (AI) technology that uses Natural Language Processing (NLP) and information extraction. It transforms free-form unstructured documents into normalized structured data suitable for analysis. Text analytics uses Machine Learning (ML) algorithms in order make predictive propositions about future actions based on what has been recorded textually.

Future Of Text Mining

Text mining implementation was initially slow to gain traction. Originally, there were only loosely integrated and independent solutions available. In many cases, companies did not quickly see the true value behind sophisticated analytical solutions. We’ve seen text analytics adoption rates increase, and we expect this trend to continue. 

There is an uptick in free-form data. High technological advancements like automated text analytics can find value from this unstructured information much faster than humans could. 

Not every company will adopt technology to analyze unstructured data. There are many reasons why, including:

Structured data Is The Backbone Of Research

This means unstructured or semi-structured data will have a big impact on the field if it does not change with the times.

Unstructured Data Is Like Water

It is difficult to extract, measure, or analyze because it is found in many sources, such as social media or company web sites.

Not All Feedback Should Be Treated Equally

For example, capturing and analyzing unstructured social media posts from certain sources may present challenges for an organization’s code of conduct.  This is because they are not able to follow basic standards when collecting this type or information in a systematic way. 

Benefits Of Text Mining

The benefits of text-based communication are undeniable, but there can be no ignoring the increase in unstructured data that this represents. 

Some key benefits are:

Mining Text For People’s Thoughts

Text is often used to express thinking and feelings. It is how people convey ideas or reasoning from one person to another. Customers’ thoughts now have more value than ever before because they are using texting as their primary method of recording these thoughts and feelings.

Mining Text For Genuine Insights

The idea of being able to get genuine insight into what someone is thinking may sound too good to be true. Many argue that technology can never pick up on nuances like sarcasm, irony, and more with pinpoint accuracy. Certainly not as well as a real person does. But there are those who believe this tool has potential. Assessment of text analytics solutions is catching up with what experts have known these past few years: these are the future. They could be just as good or better than human analysts at interpreting data without any bias.

Mining Text for Relevant Categories

Organizations need tools that will allow them to mine the text data for relevant categories. Besides content, they can automatically determine sentiment by category, and correlate insights across all feedback channels.

Gain Insights from Both Positive and Negative Feedback

The use of text analytics solutions allow organizations to reach a whole new level of insight into what people are saying about them. These tools offer businesses several abilities. They can match sentiment from both positive and negative feedback, analyze social media conversations across categories, and receive timely alerts with social media updates.

Gain More Value with Deep Learning

Deep Learning techniques could help text analytics determine the meaning of words and their association with other ones, which would improve its adaptability. It can also automatically categorize sentences into topics as well as detect sentiment for that topic. These techniques can make it easier to use in different domains or languages.

Conclusion

Text Mining is like mining for gold for data-driven businesses. It is essential to extract structure from unstructured data using text analytics. The Content Analytics Platform (CAP), developed by Scion Analytics, can quickly analyze a textual document in any format, restructuring it for value.

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