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What are the applications of Text Mining?
Text mining is also known as text analysis. It is the procedure of transforming unstructured text into structured data for simple analysis. Text mining applies natural language processing (NLP), enabling machines to know the human language and process it automatically.
It is defined as the procedure of extracting significant information from standard language text. Some data that it can generate via text messages, records, emails, files are written in common language text. Text mining is generally used to draw beneficial insights or patterns from such data.
There are various applications of text mining which are as follows −
Risk Management − Risk Management is a systematic and logical process of analyzing, recognizing, treating, and monitoring the risks contained in some action or process in organizations. Insufficient risk analysis is generally a leading cause of disappointment.
It is specifically true in financial organizations where the adoption of Risk Administration Software based on text mining technology can effectively improve the ability to diminish risk. It allows the administration of millions of sources and petabytes of text files and produces the ability to link the data. It supports to access the appropriate records at the right time.
Customer Care Service − Text mining approaches, particularly NLP, are finding increasing importance in the area of customer care. Companies are investing in text analytics software to improve their complete customer experience by creating textual information from varied sources including surveys, user feedback, and user calls, etc. Text analysis goals to decrease the response time of the company and help address the grievances of the users speedily and effectively.
Social Media Analysis − There are several text mining tools designed exclusively for analyzing the implementation of social media platforms. This supports tracking and clarify the texts generated online from the news, blogs, emails, etc.
Text mining tools can efficiently analyze the multiple posts, likes, and followers of this brand on social media, thereby allowing us to learn the reaction of people who are interacting with this brand and online content.
Business Intelligence − Companies and business firms have started to use text mining methods as a major element of their business intelligence. Besides supporting significant insights into user behavior and trends, text mining methods also support organizations to interpret the qualities and weaknesses of their opponent's so, providing them a competitive advantage in the industry.
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