- January 9, 2019
- Posted by: admin
- Category: Uncategorized
In the recent era of digital technologies, Text is the most popular means of communication between a given set of individuals. Whether it is a social media post, an email or a text message, it has always been easier to express our thoughts in the form of texts. Through the accumulation of billions and billions of data, there arose a possibility to harness that text-based information and analyze it for different business benefits.
DeepText, a Deep Learning based engine developed by Facebook, is an example of such an idea turned into a real-life business model. Facebook uses DeepText to leverage the innumerable amount of textual data posted by its users and in turn analyze that information to display relevant content. For example, a user showing greater interest in movies by checking in at different movie theatres would be frequently presented with movie recommendations or movie clips whenever he logs into Facebook. In simple terms, the content you see on your Facebook newsfeed is a result of an in-depth analysis of your very own data.
Natural Language Processing (NLP) combined with Deep Learning can categorize a user’s interest based on their language. For instance, when a foreign user updates a post in their native language, Facebook presents it with a “Translate” option for non-native speakers. Another great example of NLP in action is the voice assistants such as Alexa and Google Home. They have the ability to create a voice profile of the owner and can tell the difference between them and any newcomers. NLP helps these devices in identifying the language, slang, sentence formation of each individual to differentiate between users.
How does Text Mining benefit a Business?
It has been estimated that more than 80% of business-related information originates from unstructured data which is more commonly through text. Analyzing the data and converting it into a structured piece of information could widely benefit a particular business in various aspects.
Progressive Business Decisions
Data analytics which can provide accurate business insights is one of the most essential aspects of a company’s development. In the recent era of perpetual chatter on the web, text mining plays a crucial role in effectively utilizing the produced data. The main reason is that of its operational efficiency. Text Mining software can analyze millions of unstructured data and understand a given set of patterns to provide/recommend more accurate results to the users. This is not only is efficient but allows improves the decision-making capabilities of a user.
Sentiment Analysis is one of the areas where Deep Learning and NLP are extensively used. Understanding how a particular consumer interacts with their product can help the companies build a more personalized experience for its users. For example, Amazon could analyze a user’s previous order data, the items in their cart and wishlist to recommend similar shopping items which they might be interested in. This could promote positive response among the customers and help to build the trust in using the product.
Improved Risk Detection
With the accumulation of a large amount of data and paperless transactions, it becomes a tedious task to determine a potential risk factor associated with them. Major companies involving financial transactions such as banks and law firms use text mining to keep track of every customer submitted information to find out any irregularities or compliance issues. Monitoring and Analysis of online plain text sources such as Blogs, News is also done to spot potential threat or incorrect information that could cause a national disturbance. More recently, Facebook employed Text Mining combined with Deep Learning to identify fake news that is being spread across the social platform.