List of Top 10 Text Mining Applications

We know volume of data is growing rapidly. We know up to 80 percent of text data, which comprises customer surveys, online reviews, text documents, call center chat transcripts, social media comments and more, is in an unstructured format.

Unstructured data is a gold mine of information, but it is difficult to store in a column-row database or a spreadsheet such as Excel. It is neither easily searchable nor analyze. It is the reason companies relied on insights from structured data for years when unstructured data wasn’t useful.

That’s now changed with the availability of Ai-powered analytics tools which help derive insights from unstructured data.

Text mining is the Ai-driven process of converting unstructured text in any text-based entity into a structured format that’s suitable for analysis. The structured data is integrated into Business Intelligence (BI) dashboards, data warehouses and databases for predictive, prescriptive, and descriptive analytics.

Companies are adopting text analytics software to enhance their day-to-day business processes and improve operational efficiencies.

Companies use text mining and natural language processing to improve customer service. Text analytics software are used to extract key and relevant information from customer surveys, call notes and other communications.

The technologies help automate the process, which in turn improves speed and efficiency in resolving issues. It also ensures representatives are not overwhelmed with requests and queries that are difficult to handle.

Most companies fail because their risk analysis is either improper or inadequate.

Text mining-powered risk management software helps stay abreast of the latest business trends and provide foresight into potential risks.

Text analytics-based software gathers all essential information from text data sources before finding links between derived insights. This in turn allows companies to access the necessary information at the right time and improve risk management.

Text mining is playing an integral role in digital advertising, with companies using it to drive contextual retargeting for optimal return on investment (ROI). Contextual ads, which are relevant to the information on a webpage, increase the click-through rate (CTR). For example, an advertisement banner on dog food would bring optimal results if it’s on a web page on pet care than on one which talks about home appliances.

teX.Ai helps brands research and understand their customers to create buyer personas for accurate ad targeting.

Its applications in digital advertising include social listening, marketing emails, content creation and more.

Hospitals and pharmacies have at their disposal high volumes of unstructured data in the form of patient records, surveys, reviews and more. This poses a major challenge in understanding a patient’s experience and their pain points during treatment.

Text mining helps uncover the key concerns and requirements for patients. By analyzing the records and documents, patients and healthcare professionals can understand the patient lifecycle, their interaction with the healthcare system, ailments, prescribed medication and so on.

Text analytics software processes chat transcripts, notes from doctors and nurses and other key healthcare records.

Insurance companies, which collect large volumes of text data daily from multiple avenues, leverage text mining to classify, interpret and extract the key information (text extraction) from insurance policies, health reports, claims, complaints, et cetera.

• Fraud detection: Fraudulent claims, a majority of which go undetected in the absence of predictive analytics tools, form a significant chunk of all claims received by insurers, costing billions of dollars annually. Text mining software analyzes the qualitative words in text to identify their relationship with other variables in an insurance document. Thus, it also determines if claims are genuine and helps companies avoid financial losses.
• Claims management: Another application of text mining in the insurance industry is the analysis of complaints and claims. Text mining helps classify insurer grievances automatically and distribute them to respective agents.

Companies are leveraging text mining for BI to gather deep insights into customer behavior. Text mining also helps companies perform competitor analysis and identify industry gaps, which could provide the foundation for a product feature or service.

Insights into market trends and marketing tactics are also possible with text analytics software.

Text mining helps banks and financial institutions improve their business processes in addition to enhancing customer experience and achieving customer satisfaction.

Text mining software helps banking personnel track credit scores documentation, record customer lifecycle of availing and repaying loans, monitor and maintain real estate records, search for possible instances of banks and financial frauds and more.

Banks can also use the technology to forecast financial trends and business opportunities.

Related reading: How Text Analytics enables the BFSI sector with effective information extraction

Companies are increasingly becoming victims of cyberattacks, whose consequences are often manifold.

To improve cybersecurity, companies would need to gain foresight into vulnerabilities and potential cyberattacks.

Text analytics tools can help stay guarded and mitigate damage as they scrape and store data from external websites, PDF files, search a database for a user query, and visualize trends and patterns, which help identify potential cyber threats and accelerate the process of foresight.

According to a report by consulting firm Reports and Data, the global text mining market is expected to reach US$16.85 billion by 2027, with the increase in demand for Big Data and machine learning supplementing its growth. It has an expansive array of applications that ultimately enhance business processes, help companies understand customer preferences and customize their solutions to retain and attract new customers.