At the best of times, there is a fair amount of market confusion surrounding general technology terminology, and the analytics of text mining is no exception.
Unstructured data analytics involves applying techniques and technologies to extract meaningful information from such data. These techniques may include natural language processing, text mining, machine learning , computer vision and other advanced analytics methods. By harnessing the power of unstructured data, companies can discover hidden insights, uncover trends and make data-driven decisions based on a comprehensive understanding of their data sources.
It adds that to get a full view of customer behaviour, sentiment, emotion and intentions, information management professionals must help enterprises leverage all the data at their disposal, not just structured, but also unstructured. Artificial intelligence and ML data analytics allow real-time access to both internal and competitor data, including social media, web, dark data and historical information.
McKinsey also notes that 27% of respondents surveyed reported at least 5% of earnings before interest and taxes were attributable to AI. Additionally, a majority of executives whose companies had adopted AI reported that it provided an uptick in revenue in the business areas where it was used, with 44% saying AI reduced costs.