Information often lies. Data mining can open up this valuable seam and derive valuable business intelligence from it.
By Raoul Jetley
It is estimated that up to 80% of all information held by organizations is stored in an unstructured text format. This information includes customer requirements, sales dossiers, technical specifications, maintenance reports, and stakeholder feedback.
It is difficult to extract business intelligence from such disparate data using traditional data analysis methods so, instead, text-based data mining, or text mining, is used.
Simply put, text mining is the set of processes required to transform unstructured text documents or resources into meaningful, structured information.