Data analysis is a crucial part of any business. But not all data is found in numerical form. That is why many companies decide to employ text analytics – a method of analyzing text based information using tools that recognize both the commonalities and frequency of text based data.
Text based analytics can best be described as text turned into data. By stripping words of their meaning and utilizing analysis tools, companies can look into large amounts of information, extract relevant information points, recognize patterns, calculate any frequently used words or distributions, group data, and even use data mining techniques to uncover crucial information that may otherwise have been missed.
Text analytics can be used for a variety of purposes, such as competitive research and intelligence, records management, natural language and semantics, ad placement and semantics and much, much more. In short, it can be an immensely powerful tool for businesses in all industries attempting to better understand complex data sets.