Every business or organization needs data to make decisions for their business processes and improvement in decision making. Data could come from any form like research papers, emails, application forms, service notes, social media, corporate documents, call center logs etc. This data could do wonders for the organization but in many cases, it remains untapped because of unawareness and missing methodologies
What is text mining?
Talking in simple words, its just uncovering knowledge from a textual form of data. It’s used for decision making after careful assessment of data. Everyone has their own interpretation of this field. But in real time we can use the application in different industries and businesses. When businesses utilize text mining information for solving their problems, it is called business text analytics.
Why Choose Text mining?
Data mining or text mining is a very vast domain. If utilized rightly, it could do wonders for any business around the globe. This data can have information regarding a lot of factors that could help your business from inside and outside factors. For targeting customers, coping up with competitor strategies, business partners and a lot more.
Text Mining Business Applications
Text mining has business application in many fields. Here are the following:
- Energy, telecommunications, and other services industries
- Internet & I.T sector
- Media and publishing
- Financial markets, insurance companies and Banks
- Public administration, political analysts, political institutions, and legal documents
- Research, healthcare and Pharmaceutical companies
Every industry or business has its set of scope, problems and goals to achieve. Strategies to achieve those goals can be refined with the help of text mining.
Here are some of the business applications given by text mining:
1. Knowledge on Human resources
It has become imperative today for organizations to keep up with the pace of data of products/services they are offering in the market. With the available data, they can make their decision with respect of their expected goals achievement and target audience.
If anything isn’t working for them or if things are working for them and they want to improve it further or stay consistent. They need competitive intelligence to make the right decisions. It also helps to maintain information on your human resources working in your firm. How to utilize them in a better way to improve productivity.
2. Customer Relationship Management (CRM)
When we talk about CRM. People working in the field of data analytics or text mining know that CRM is the most widely application. Since, it involves sorting of client/customer messages to the most relevant departments or services and in some cases auto responses are sent out.
3. Sentiment Analysis
Sentiment analysis is one the most important application of text mining for businesses. As businesses continue to grow digital and businesses have digital presence. So, with this, there are many opinions voiced out by customers openly on the internet. Machine learning plays a vital role in this. ML text analysis methods described in detail in this post is helping in the creation of artificial assistants, chatbots, and with text-to-speech/speech-to-text processing. This way text mining will help analyze those positive negative sentiments and help businesses with their decision making for their offerings.
4. Market Analysis
This domain in terms of text mining is specially focused on determining customer’s likes, dislikes and opinion for aligning various things in place like new customers, competitors and company’s image in the mind of customers. With text mining, it has helped firms to be able to answer more complex market scenarios.
5. Warranty or insurance claims, diagnostic medical interviews, etc.
There are many situations where you need to fill information in unidentified form like warranty, insurance claims and medical diagnostic forms. In such cases, all the information can be added in the text mining systems and that can actually help us identify common problems and issues with relevant field and improve upon the decision-making process for the service provider or business.
We can say that text mining is definitely a growing field in terms of its complexities and vastness. So, in times to come, the world will benefit and improve through its applications big time. Its safe to say, it’s the right thing for any business to invest into.