Over recent years, the International Data Corporation reports that a considerable amount of information has been generated. By 2020, they predict that the digital universe will consist of more than 40 zettabytes of data. This is the equivalent of 1.7 megabytes of new information being created every second of the day by each and every person.
It is a well-known fact that there is a staggering amount of data that currently exists, and more is obviously being created on a second-by-second basis. According to the International Data Corporation, for example, less than one percent of this data is ever analyzed. In order to address the need for analyzing the remaining 99%, as well as to address future needs, text mining is recommended.
Businesses can benefit from utilizing text mining. In addition to providing more accurate insights obtained from a broad range of documents and sources, it can also provide a more accurate risk, compliance, and threat detection assessment. Furthermore, text mining software can also improve the customers’ engagement in order to provide a more positive experience. This is accomplished through the use of natural language processing. which can provide sentiment analysis for brand reputation and other important insights into what customers may be thinking.
Text mining is process that consists of these four steps:
- Information retrieval
- Natural language processing
- Information extraction
- Data mining
In keeping with the above, event extraction can be quite beneficial in a variety of business scenarios. Event extraction does, for instance, include having access to information on company activities as well as vital news updates across the globe. While this data may be originally unstructured, once semantic extraction is completed, there is specific software that can complete the linking process. After this, a thorough analysis is performed in order to locate connections and determine whether or not they are viable.
This is where entity resolution comes into the foreground. It is the practice of locating data, and then linking it when the same entity, or business, is mentioned across and within sets of data. There are three tasks associated with entity resolution:
- De-duplication
- Record linkage
- Canonization
If your company is interested in learning more about event extraction and entity matching applications, there are resources available to assist you. When you want to optimize your business and determine what is or is not functioning optimally, contact an expert in this field. Once you learn more about opinion mining, sentiment analysis, and other types of data analysis, such as social media monitoring, chances are that you will either want to outsource this service or have a dedicated on-site team to handle these vital tools.