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Text Analysis, Text Mining and Information Retrieval

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  • Text Analysis, Text Mining and Information Retrieval

    For years, big companies, business houses, government institutions, banks, stock and brokerage firms have been on the lookout to accumulate knowledge about the behavior of their customers and clients. This knowledge can be derived by analyzing in details the behavior of the clients and customers. This has become possible with the implementation of the text mining software. Text mining software is software that helps to extract information from a large amount of data sources. The software does a detailed text analysis of the data sources and retrieves such information that would not have been visible or accessible by the average, normal human beings.

    Use of text mining software

    The text mining software works hand in hand with the data mining software. There is no difference between these two kinds of software because of the fact that text mining software is an offshoot of the data mining software. Both these software have been found to be of immense importance in fields like banking sector, bio medicine, programming and developing of software, stock markets and in various government institutions.

    There are numerous advantages of using these kinds of software. These advantages are

    The use of text mining software is widely dominant in case of retail industry. With the help of the two kinds of software, the marketers can get to know detailed information regarding the behavioral pattern of the consumers. As a result, the marketers can also get the prediction as to whether their products would fare well in the market or not. This prediction will allow the manufacturers to develop better products according to the needs and requirements of the consumers.
    Crime investigation is another field that is widely benefited due to the use of both the software. These softwares provide the police and the detectives will vital information regarding the criminals by analyzing the patterns of their criminal habits, modus operandi and location.
    In the banking sector, the use of these softwares help the bank personnel and Mining contracts the credit card holders to keep a track of credit card forgery and all the transactions related with the false credit card.
    Text mining software increases the accuracy to a great extent. This is precisely the reason why this software has been used alongside the stock picking software in order to predict accurately the value of the stocks, when to buy them and also when to sell them. All these information are provided with the help of sentiment analysis.
    There are various kinds of tools available in the market that can be used for effecting retrieval of the information. These include Arrowsmith Software, Copernic Summarizer, and Crossminder etc.

    Along with this software, these tools perform various functions like summarizing the documents or texts, comparing of keywords, doing grammatical as well as analyze large amount of data that is not organized properly. The software and the various tools have indeed made doing business a lot easier task.

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