Unstructured data is everywhere – in emails, call center notes, verbatim survey responses, tweets, blogs, and online news - to name just a few sources.
In fact, by most industry estimates, unstructured text accounts for eighty percent of the data available to companies. Text analytics is being embraced at a rapid rate by organizations that want to gain insight into this information and use it for a competitive advantage. Factors fueling this growth include a better understanding of the technology’s value, a maturing of the technology, the rise of social media as a source of potential insight, and the compute power to help analyze large amounts of data. In fact, text analytics has become a key component of a highly competitive company’s analytics arsenal. Hurwitz & Associates defines text analytics as:
Text Analytics is the process of analyzing unstructured text, extracting relevant information, and transforming it into structured information that can be leveraged in various ways.