Text analysis, also known as text mining, is the act of analyzing large amounts of unstructured data to uncover previously unknown information and insights that can be utilized to make better decisions, along with other significant applications.

Understanding How Text Mining Works

Text mining is a sophisticated process that incorporates different concepts, including statistics, machine learning, natural language processing, and others. It also necessitates the application of different approaches. The infographics given below showcases the key components of text analysis.

1. Information Extraction: Reconstructing a set of unstructured or semi-structured textual documents into a structured database.
2. Categorization: Assigning one or more categories to an unstructured text document.
3. Clustering: Bringing together clusters of documents that have similar content.
4. Visualization: Simplifying and enhancing the discovery of useful information with visual cues.
5. Summarization: Automatically generating a summary/compressed version of the text with information that will be of the highest importance or relevance to the end user.

Real World Applications of Text Mining

This is the era where data is the most powerful asset and our goal today is to leverage the power of the ever increasing volume of data. This makes text mining one of the most significant technology on the planet today, as it enables us to derive insights from data and we have the next generation of text mining platforms like 3RDi Search to help enterprises leverage the power of data. No wonder, there are multiple applications of text mining technology in the real world and here we shall look at some of them.

1] Detection of Insurance Frauds

With the rise in insurance fraud, text analytics has proven useful in analyzing large collections of case files to determine the likelihood of a fraudulent insurance claims. Because the software automatically flags cases with a high risk of fraud, it considerably decreases the efforts of corporate officials.

2] Business Intelligence

Making decisions can sometimes be a challenging process. It's even more challenging when you have to explain your choice to the decision makers, focusing on why you made a decision and how you believe it will benefit the company. Text mining platforms aid in the accumulation of facts and the creation of charts and graphs to help you put your point across. Only the most pertinent information and statistics are presented, allowing decision makers to make the best judgments possible only after reading a few pages of data.

3] Next Level of Customer Care

Text mining and natural language processing are both commonly used technologies in the field of customer service. Text analytics software is now widely used to improve customer experience by analyzing data from many sources to improve the quality, efficacy, and speed with which concerns are resolved. Text analysis is utilized to provide customers with a quick, automated response, minimizing their dependency on call centre personnel to address problems.

4] Targeted Advertising

Text mining and web data mining have changed the face of digital advertising. Insights based on everything that the users type, view, or click online is saved by technology giants or sold to other corporations in order to present users advertising that they are more likely to click on, which contributes to higher conversions. This is one of the biggest applications of text mining platforms.

5] Enrichment of Content

While it's a fact that analysis of textual data still demands some level of human effort, text analytics approaches make a substantial difference in terms of being able to manage large amounts of data more effectively. Text mining technology serves to enrich the content by providing a scalable layer for tagging, organizing, and summarizing the available data, allowing it to be used for a wide range of purposes.

Want to explore how an advanced new age text mining platform can help you leverage your enterprise data? Visit www.3rdisearch.com or drop us an email on info@3rdisearch.com and our team will get in touch with you.

For more information, read: Discover Retina API: The Text Mining Engine of 3RDi Search