The Text Analytics Opportunity: What’s holding you back?
In a survey from last year’s TAW conference, when asked what factors are holding back Text Analytics adoption, the response reflects what we often see out in the world:
- Lack of clarity about value of Text Analytics (23.4%)
- Lack of knowledge about Text Analytics (17%)
- Lack of senior management buy in (8.5%)
- Don’t believe Text Analytics has enough business value (6.4%)
In our work with customers, the companies that choose text analytics do so because other methods–traditional enterprise search and content management systems–fall short when it comes to detailed categorization, and essentially, information retrieval.
With so much of today’s business intelligence located in unstructured information—documents, emails, web pages, social media data, news streams—it’s the companies who recognize the opportunity of these sources for competitive advantage that are investing in these applications.
Text Analytics takes the text contained in unstructured sources and helps structure it for further processing. The advantage here is having access to previously unavailable, granular data such as words, names, dates, concepts, that can be leveraged in a multitude of ways that benefit the enterprise.
Many of our customers are leveraging text analytics to enhance search operations, combining structured and unstructured data to enhance predictive analytics and exploring trends and patterns in information. Every industry, from energy, to pharmaceutical to intelligence and security, to banking can benefit here.
I’ll be talking about Text Analytics and semantics in greater depth next week at this week’s Text Analytics World conference in Boston. If you are among the group who wants to understand its value, I hope you’ll drop by at my session on Tuesday, October 1 at 11.30 a.m. Later that day, I will also be taking part in a panel discussion with the folks at SAS, Luminoso and Knowledgent at 4 p.m. I hope to see you there!