Text mining is a valuable process developed in the 1980s, and helps companies to find solutions for specific and single/multiple business/strategy-oriented goals. It is used in A.I. technology to sift through all written language/text data across the entire world wide web, and also to collect and deliver pertinent information at a high processing speed and as close as possible to real-time.
In conjunction with other A.I. applications such as Semantics technology and through Knowledge Management systems/applications, A.I. optimizes the text mining process thanks to its capability to recognize human language, speech and behaviour, and structure ‘unstructured’ data; it works in many ways by simulating the neural pathways of the human brain to make important connections and make sense of things.
Text mining adoption for business
It is also an extremely useful tool for businesses and E-commerce due to its fast processing speed and ability to recognize human behaviour— and thus analyze and respond with appropriate solutions to deal with variations in customer preference and changes or fluctuations in customer loyalty /satisfaction.
Its’ greatest strength for businesses is not only its high processing speed and power capacity, but also the ability to anticipate a crisis and determine future trends and changes in consumer behaviour, so it can provide the best strategy to help the company adapt a specific part of its organizational make-up and prevent the crisis from even developing.
The added benefit of its A.I. applications include A.I. personal assistants that can help customers find what they are looking for and also recommend similar products/services based on an analysis of the customer’s character, language, and search/buying history. This is made possible because text mining explores every facet of the internet and examines all the numerous consumer association reports, professional Industry web-sites, academic journals, newspapers, research papers, news reports, and also all customer/consumer blogs and threads to bring both customers and companies personalized and customized solutions for their needs.
Increasing overall business performance
According to recent analytical studies, nearly 80% of all data on the internet is considered ‘unstructured, ’ and that text mining software can process from 15,000 to 250,000 pages an hour depending on the CPU processing power capacity (when compared to a human who can read about 60 pages an hour.) The advantages are obvious: through text mining companies can optimize their organization and achieve a higher level of productivity, reduce bureaucracy (thus reducing the time/cost factor), monitor the supply/demand chain appropriately based on customer response, and promote a shared collaboration between all employees and upper management.
Text mining can also reduce manpower and resources for performing repetitive and time-consuming tasks which would be hard to handle for a human being—and database analysts (especially for long hours which would not only lead to boredom but also fatigue.) Due to that, text mining helps accelerating the decision-making process and also encouraging employees to devote more time to other projects and/or contributing to the growth of the company— while machines take care of the more intricate and complicated tasks.
Employee workload reduction
Text mining makes the job much easier for employees who can also diversify in their tasks and use the opportunity (free time, if you will) to multi-task and gain new experience in other departments within the organic infrastructure, or learn new skills that will expand the company and its influence even more across more varied audience demographics. This is another added benefit of text mining, along with the fact that the text mining process helps businesses to discover previously unknown information that can help it thrive and achieve a higher competitive edge vis a vis other competitors in the markets
Gaining foresight of coming new trends based on what customers are saying is a great way to ensure that you are always one step ahead of your competitors. Its capacity for near real-time response already gives your company a competitive edge if you know how to operate text mining effectively, which is easy once you have trained your workforce into text mining applications (some of which are very user-friendly depending on the provider) or whether you are resorting to the services of an Infrastructure as a Service (IaaS) company with the right professional IT/A.I/Cloud experts to install and run the applications internally or on an online server.
About the Author: Hanna Johnson is a freelancer that enjoys writing about technology trends and the Internet.