Have your own business? Maybe you simply work at a business, and you are trying to improve your business strategy. Whatever the case is, there are plenty of resources you can turn to that can give you insight on your company, your business field and your consumers. From text mining software, to entity analytics, to social media data analysis, there are numerous areas of the internet that can help you learn what you need to know to reassess your company and see it either continue to flourish or to improve in the coming years.
Not sure how information and data on the internet can be used to your company?s advantage? Keep reading to learn all about different ways to utilize data and analytics on the internet to significantly improve your company and learn more about your company?s target audience or consumers.
Let?s start off by talking a little bit about the internet and the never ending amount of information accessible to users regardless of their location. For instance, every second of every day new information is being created on the internet. To give you an example, for every second, every person creates around 1.7 MB of new information on the internet, according to the International Data Corporation. By 2020, it is thought that the digital universe will have expanded to over 40 ZB. Year after year, more and more information is added to the internet by the endless number of users.
One way for your company to benefit from all these users on the internet is to analyze the data that exists. Right now, around 1 percent of data is ever analyzed. That can all be changed with the help of data mining. If done properly, data mining can begin to assess the other 99 percent of the information available on the internet. Think of all the valuable information that could exist that your company could be utilizing every single day.
By retrieving this information using text mining software, processing the natural language, extracting the information and mining all the data, your company can use text mining to its advantage. To put it into business terms, there are three specific ways text mining can help your company. These range from helping to detect threats or risks, to helping gain insight into what your customers want, to helping get more accurate insights for certain documents.
Another way text analytics, entity analytics and text mining can help your company is through the use of social media. Every second of everyday people are using various forms of social media. For instance, statistics show that there will be 2.67 billion users on different forms of social media throughout the world by 2018. When it comes to Facebook alone, every second people are producing data. That comes from around 1.97 billion Facebook users who are active every month. There are 319 million Twitter users who are active every month throughout the world, too.
By gaining access to social media data, your company can truly get to know your consumers in a more authentic way than ever before. Your company can use this data and information to better target and gain the trust of your audience and consumers.
One of the last most important things you can by digging into this data is to review entity analytics using entity extraction tools and entity resolution software. When you do this, you will be able to gather all the information that exists for a specific entity – your company. This can help with issues like deduplication, record linkage and canonicalization.
Don?t miss this opportunity to gain valuable insight and knowledge from information that is ready for you to access and analyze. Have you ever used entity analytics or text mining software? Let us know in the comments your thoughts on the 99 percent of data that exists that has yet to be analyzed.