We live in a world where anything, at any time, is converted into data: all the sharing, likes, phone calls, tweets, and mouse clicks. However, all this information that goes unnoticed and under-utilized is an asset, and companies don’t know what to do about it. In a sense it’s a little bit like when we put order to the various pieces of the puzzle; we evaluate them and then assemble them correctly to achieve the completion of the puzzle itself.
Data can be of any nature: numbers, characters, text, web pages, images, videos, surveys, and they form the central aspect of any research activity, in business, in industry, in marketing, in telecommunications, in finance, and in many other fields. In fact, data is so important that it’s considered to be a company asset. In a highly competitive world such as ours, having constantly updated information, in line with what has been discovered in the data, can effectively contribute to decision-making processes and the development of new strategies growth.
How Text Mining Contributes To Growth
Data mining is the process that allows you to automatically extract useful information from large volumes of data. Using the data, useful information can be extracted for the company’s decision-making process. Automated software, like iPerceptions, helps companies identify important facts, trends, models, relationships and exceptions that are not normally noticed or hidden, and these techniques can be applied in just about every industry.
Nowadays, data mining is used a great deal by companies with a strong focus on consumers. Companies determine prices, consumer preferences, and marketing policies to influence sales, satisfy the customer and increase profits. This allows decision-makers to understand the needs of the customer which allows for a modification of products offered at the point of sale. Data mining helps classify customers into distinct and can suggest how to tailor offers based on customer needs by improving CRM techniques.
Analysis of the Business Value Chain. With a well-defined strategy, we can gather insight from every phase of our business process. In this way, if we realize that something is not going well, we have the possibility to analyze everything and change paths.
Greater Knowledge of the Competitive Market. Through the analysis of data, it becomes easier to interpret the market in which we operate. So we keep track of our products and services but also those of our competitors. In other words, know your enemy to improve yourself.
Using Text Extraction And Analysis To Predict Customer Habits
- Text analysis is the process for obtaining useful information;
- Collection of information from various sources including web, file system, database, etc.
- Linguistic analysis that includes the processing of natural language;
- Recognition of models (eg Recognition of telephone numbers, e-mail addresses, etc.)
- Extraction of summary information from the text, such as relative word frequencies, determination of similarities between documents, etc.
This gives you insight into predictive habits and trends of customers and how to leverage that information to make strategic and tactical decision-making choices. Various methods are used today to understand what the customer wants and the best way to supply what they are seeking, but most importantly, the information that could help make better informed decisions are right there hidden in company databases. Data and text mining help extract, summarize, and present that data in a comprehensible manner.