TEXT MINING
WHAT CAN BUSINESSES
LEARN FROM TEXT MINING?
1, What challenges does the increase in unstructured
data present for businesses?
Text
mining enables many companies to respond to their customer’s voice, and web
mining enables many web search engines to facilitate collecting data that
people need to be more profitable. Now, a huge amount of unstructured data is
distributed by these systems. A manager is able to use this system and make an
accurate decision for unprecedented cases.
2, How does text-mining improve decision-making?
Text
mining system enables airlines to rapidly extract customer sentiments,
preferences, and requests for example, when the airlines suffered from
unprecedented levels of customer discontent in the wake of a February ice storm
in 2007. Managers were concerned about their reputation degrading but there had
been no means to glean their responses without text mining. Fortunately, they
could make decisions and figure out a lot of measures to respond to customers’
discontent. The reason is that text
mining facilitates gleaning from many unstructured text data and compiles them.
This data wouldn’t be analyzed by decision making systems like MIS and DSS
because text mining is not structured data. Text mining is indispensable for
decision making of unstructured data.
3,What kinds of companies are most likely to benefit
from text mining software? Explain your answer.
In
the past, only government and large companies tend to use text mining system
but now, text mining system can be geared towards small businesses. Restaurants,
hotels, supermarkets etc. are applying the system and able to make a decision
as well as earn profits. Every company is able to use both structured data and
unstructured data. Above all, internet search engines like Google and Yahoo are
doing good business because they used AdWord and AdSence which efficient
advertising system is kind of web mining.
4, In what ways could text mining potentially lead
to the erosion of personal information privacy? Explain.
Nowadays,
companies tend to use and manage personal information for their business. Mobile
phone companies manages huge amount of privacy data as structured data. However
sometimes hacker invade this data and abuse it.
According
to text mining, some companies use personal information as unstructured data
which is gathered from survey or questionnaires. This case is different from
structured data because unstructured and mining data is not provided by
customer. There is a risk to occur some unprecedented accidents.
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