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Texting Mining for Gold

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Text Mining For Gold 1) What is the business impact of text mining? What problems does it solve? Text mining is the discovery of patterns and relationships from large sets of unstructured data; such as text files, emails, memos, call center transcripts, survey responses, legal cases, patent descriptions, and service reports. Text mining and text mining tools help businesses analyze this data (Laudon 164). The tools are able to extract the key elements from large unstructured data sets, discover patterns and relationships and summarize the information. Businesses use these tools to analyze transcripts of calls to customer service centers to identify major service and repair issues. The problems that are solved with text mining is; it shortens the time to accurately find data. By converting unstructured text into structure output, text mining results can feed into further analytics or be combined with the results of other data analyses. By doing so it enables delivery of comprehensive, high quality text mining results as part of systematic and reproducible workflows. 2) How does text mining improve operational efficiency and decision making? Text mining improves efficiency and decision making by providing the tools such as software so that companies can choose what data they want to focus on. Text mining software is starting to get popular and software companies are developing software to accommodate business needs. Example, the Law Firm DLA Piper discussed in this case used Clearwell e-discover software to search through and analyze and sort 570,000 documents which would normally take longer if the software was not used, in just (3) days they were able to identify 3,070 documents that were relevant to its court ordered discovery (Laudon 174). This demonstrates efficiency and good decision making. 3) Is text mining more effective than humans doing the work manually? The two major types of the discovery techniques are the linguistic approach and the sociological approach. The linguistic approach is the traditional approach whereas the sociological approach is more advanced. The linguistic approach uses software that searches for specific and key words and related phases, whereas sociological software attempts to visualize and model chains of events and discussion that cross over into multiple methods of communication (Laudon 175). Using these two approaches as examples can provide clarity of the purposes in which text mining is used. I wouldn’t necessarily agree that text mining is more effective that humans doing the work manually, I would say text mining would be more effective in certain forms. For instance, document searches, text mining software can go through tons data faster than a human can, if time is of the essence then text mining would be the more effective approach.. 4) What are some of the drawbacks for shortcomings of text mining? As explained in this case, in order for Blackstone and other companies to perfect their software they needed a trove of data large enough to test the social algorithms in their products, with that being said some of the drawbacks or disadvantages of text mining, is the data collection, text mining requires managing a lot of free text, the data is not any format and is not organized in anyway. The data is both semi-structured and unstructured. The use of natural language texts contains ambiguities and requires human intervention. There are lexical, syntactic, semantic and pragmatic ambiguities. Learning techniques for processing text typically need annotated training examples. Developing resources to improve text mining research is not an easy task.

Conclusion Text mining is the process of discovering and extracting knowledge and related content from unstructured, miscellaneous data. Overall text mining shows a significant advantage with data extraction in certain businesses and professions. Although text mining has its disadvantage, I believe that the benefits prevail. Text mining can aid in systematically reviewing a large body of literature, assist researchers in keeping up in their fields or reducing the risk of something they missed. As demonstrated in this case, several companies were able to benefit with text mining. The law firm DLA Piper used the text mining approach to analyze documentation, BIA is using text mining to the work of economists, using corporate earning calls to detect warning signs in executive behavior. Kia Motors used sentiment analysis to determine the effectiveness of its Super Bowl, Kia was able to monitor the conversations about automobiles on the Web that pertained to its brand. In conclusion, most companies that are using text mining are companies that want to understand their customers and what they are saying about them, I find that this is very beneficial to companies that focus on customer service.

Work Cited
Cisco. Cisco TelePresence Overview Video Data Sheet. 6 July 2013. http://www.cisco.com/en/US/prod/collateral/ps7060/ps8329/ps8330/ps8333/prod_video_data_sheet_telepresence_overview_ps7073_Products_Data_Sheet.html. 6 July 2013.
Laudon, Kenneth C. Laudon and Jane P. Essentials of Management Information Systems. New Jersey: Pearson Education, Prentice Hall, 2013.

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