At first the identity resolution software that was included in the upgrade to your computer’s photo program was annoying, but now you really appreciate the feature.
You have always made posters for your daughters and there friends, it in the past you had to sort through thousands of photos to find the ones you needed. Now, with the help of identity resolution software, you simply click on the name and the computer program automatically does the sorting for you.
It should come as no surprise that all of the technology that we have available on our phones and computers is serving as a huge resource to retail and service companies as well. For instance, the same geotagging software that allows you to find out how many of your friends are at the same concert as you is the same software that retailers can use to connect you to their products and services. From name matching software to identity resolution software, it is getting easier and easier for companies to mine the information that social media users generate on a nearly hour by hour basis.
Is Your Company Making the Best Use of the Digital Data That You Have Available?
It is a given that we are a technology driven society. For many of us, in fact, it is nearly impossible to make it through the day without telling our online friends of the accomplishments, and sometimes the failures, that we encounter. Consider some of the ways that we are a society that is constantly connected:
- Information retrieval, natural language processing, information extraction, and data mining are the four steps in the basic text mining process.
- Twitter has 319 million monthly active users across the world.
- Facebook has 1.97 billion monthly active users across the world, producing enormous amounts of data every second.
- There will be 2.67 billion social media users worldwide by the year 2018 if the most recent predictions come true. This would be an increase from the 2.34 billion in the year 2016.
- $3 billion is the current value of the text analytic market, but it is forecasted to reach almost $6 billion by the year 2020.
When was the last time that you took advantage of the technology that you carry in your hand? How often do you check in with your social media platforms? If you are like most Americans, you may barely make it through the hour without finding a reason to check in online and to make sure that you are connected in some way to those friends of yours who are spread far and wide. Every time that you do something online, though, you are also providing more information for the businesses in this world that are trying to find more efficient ways to connect their products and services with current and future customers and clients.