The Text Analytic Market is a Vital Part of the Way We Live and Do Business Today
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Text analytics is a vital part of the way the world works in our modern day and age. For many people, concepts and tools such as entity analytics, entity extraction tools and text mining software are quite foreign, but these concepts and tools are being used every single day in all areas of our lives.
The use of social media data analysis and text analytics in social media are very useful in many different ways. Entity extraction, which is also known as entity identification or entity chunking, locates and classifies named entities in text into categories such as names of persons, locations, expressions of times, quantities, and other categories.
Entity extraction, in short, takes information about users of the Internet and places that information into various categories. This can be helpful to businesses trying to get to know their customers as well as being vitally important to services like border patrol and policing agencies.
In terms of business worldwide, text mining is very important and can help businesses in three major ways. First, text mining can take a broader range of documents and sources and provide much more accurate insights into what those documents mean to a company. Secondly, entity extraction can provide greater threat detection as well as provide accurate risk and compliance analysis. In addition, and this can be crucial for a business, it can improve the engagement of customers by gaining general insight into what customers are thinking by using natural language processing.
According to the International Data Corporation, less than 1% of all data is actually ever analyzed. Text mining is the process that has been invented and put into place to take care of the other 99% of the data out there. It bridges the gap between the 1% and the 99%, filling in the holes with information gleaned from entity extraction.
Another way that text analytics is being used is to strengthen border security, and it is being put to use in this manner in three different ways. The first is that text analytics is able to identify dangers at the border and near border lines and also when it comes time for screening. The second way it is being used is to identify dangers that need to be followed up by border security and border patrol forces. The third way text analytics is being used by border security goes hand in hand with the second way. Using text analytics can forecast future issues at the border, making the security forces aware of what might come next.
Facebook alone has almost 2 billion users worldwide. Twitter has over 300 million. The amount of data that is produced every second is extraordinary. Mining this data is next to impossible without the techniques and methods of text analytics and identity resolution. If you have a business that could use more information on what kind of customers and clients you are really attracting and what to do to serve them more effectively, it is time to consider bringing your data to heel.
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