Data is everything. It’s how we communicate. It’s what we use to influence our decisions and mitigate unnecessary risks. It’s even the difference between a secure company and a danger just waiting to happen. Aspect based sentiment analysis and entity extraction tools are how we keep ourselves afloat in these proverbial waters. The Internet is becoming more overloaded with information by the day, making it all too easy for relevant data to become lost in the shuffle. How do you stay organized? The list below will shed some light on this burgeoning issue.
Did You Know?
Before we dip into the complexities of aspect based sentiment analysis and social media figures, there are a few bases to cover. The past several years have seen an unbelievable surge in new information created. According to the IDC (short for International Data Corporation), it’s thought the digital universe will hit 40 ZB by 2020. That’s nearly 2 MB of new information created for every person for every second for every day.
The Power Of Social Media
Does your business use social media to reach out to customers? How about for reading reviews and determining how effective your marketing tactics are? Social media is one of the most powerful tools at our disposal and statistics only continue to hammer this simple truth home by the day. Facebook has two billion monthly active users around the world. While Twitter has a deceptively lower number at 300 million monthly active users, it’s estimated this site alone will have nearly three billion users worldwide by the time 2018 arrives.
With so much data provided on a second-to-second basis, how can we possibly use it all to our advantage and still stay accurate? This is where smart software comes into play. Using lackluster software (or none at all) is like attempting to bake without ingredients or paint without a canvas. The key component to data mining is taking information on a constant basis and sorting it properly. Text mining helps businesses by providing more accurate insights across the board, allowing them to better measure risk, compliance and even threat detection.
Digital text is the bridge between businesses and customers. The value of the text analytic market, as of now, is at around $3 billion. This already impressive number is expected to see exponential growth in the coming years, however, with some estimates expecting it to hit $6 billion by 2020. Aspect based sentiment analysis relies on evidence rather than conjecture, making it easier than ever for businesses to see what’s going on while saving them time, money and effort.
Choosing The Right Software For Your Business
Less than 1% of data is analyzed. Text mining software and aspect based sentiment analysis tools? These can cover the remaining 99% and in fine fashion. Text mining improves customer engagement by providing a deeper picture as to what customers like, don’t like and hope to see from their favorite brands. Name matching software is used by border patrols, marketing agencies and fashion firms alike, an ideal resource that actively benefits everybody across the board.
Think you know where the digital future is headed? Install a clever, up-to-date data mining software or text analysis system and see for yourself.