The Internet’s a pretty big place.
Sometimes it can feel too big. When you’re a business trying to reach out to your customers effectively or an establishment with a vested interest in public safety? The sheer scope of information being pumped through the Internet day in and day out can seem to hurt more than help. This is where good entity matching applications and document categorization software comes into play. Rather than casting the widest possible net it helps you mine data accurately, giving you the data you need to keep your edge and use your time wisely. From marketing to security, opinion mining and entity detection is the key to making the Internet just a little bit smaller.
How can you make sure you’re getting what you need?
The Internet is big…and it’s only getting bigger. According to recent estimates by the International Data Corporation (or IDC) the digital universe will reach over 40 ZB by 2020. Need another point of reference? That’s nearly two MB of new information created for every person every second of every single day. Not only can this be mind-boggling for consumers trying to get the most bang for their buck, this is a major barrier to businesses trying to keep their proverbial heads afloat in a sea of information. Without opinion mining and link extraction software much of what we enjoy today wouldn’t be possible.
Social media has been a major player in the amount of information fed to us. Facebook alone has nearly two billion monthly active users around the world, providing an incredible amount of data every second in the form of posts, videos and links. The past several years have seen a veritable landslide of information created and it’s up to you to use resources that can make sense of all the noise. Geotagging software, identity matching software and opinion mining software are just a few of the tools that can help you market your business more effectively or increase security.
Text mining helps businesses in three significant ways. The first is providing a more accurate insight across a broader range of documents, essential with so much information overload on the daily. It can provide accurate risk and threat detection, particularly where customer security is concerned. It can even improve customer engagement by using natural language processing to generate early insights into what customers are thinking, feeling and wanting. The four major steps in the text mining process are data mining, information extraction, information retrieval and natural language processing.
Entity resolution is similar, but different enough to be paired well with opinion mining and text extraction. It’s the practice of finding and linking mentions of the same entity across and within data sets. The three primary tasks are a little different than text mining, too. They are deduplication, record linkage and canonicalization. The International Data Corporation has recently estimated less than 1% of data is ever analyzed. Text mining is able to bridge the gap and fill in the missing 99% to help individuals, businesses and major establishments alike.
Today the current value of the text analytic market is at an impressive $3 billion and is expected to double by the time 2020 comes around. As you read this text analytics are used to strengthen border security in three major ways by identifying dangers near borders, addressing potential dangers in need of follow-up and forecasting future issues. Whether you need a name matching engine to keep up with the next major trend or identity matching software to spot a breach in privacy at the border, the potential for deeper understanding is only growing by the minute.
Bigger is not always better. Narrow things down with the aid of entity matching applications and opinion mining software.