How powerful is social media? Probably even more than you think. Its influence is incredibly far-reaching, able to connect with people all across the world and in higher numbers than ever thought possible a mere few decades ago. This affects how small businesses and major corporations operate, to the point it can be easily argued that social media is the one truly in charge. Identity resolution software is one of many tools that have grown from the need to analyze and benefit from these massive, shifting numbers.
Let’s try and pin down what can seem astronomical at times. Facebook alone has nearly two billion monthly active users around the world and is responsible for producing a massive amount of data on a regular basis. Twitter is a little smaller, yet no less influential, with over 300 million monthly active users. It’s estimated this number will reach two and a half billion by the time 2018 arrives.
How can companies take advantage of these numbers? It all depends on what you’re using. The current value of the text analytic market, for starters, is at around $3 billion. By the time 2020 comes around? This will more than double. The past several years have seen an unbelievable amount of data being created, making it more imperative than ever we have the tools necessary to properly identify and organize them. According to data provided by the IDC, the digital universe will see 1.7 MB of new information created for every person every second of every day.
Where does identity resolution software and entity extraction tools come into the mix? It’s easier to mention an industry these don’t benefit in some shape or form. Text analytics are useful for supporting and strengthening border security in three noted ways. The first is to identify major dangers near the border. The second is to identify these in time to keep people safe. Last, but not least, they can help prevent future incidents.
Text mining is useful for all sorts of marketing techniques to better help both companies and customers get what they need. These help businesses by providing more accurate insights across a seemingly infinite range of documents and resources. They can help mitigate expensive risk, detect potential threats and improve customer engagement than if they had relied solely on traditional methods. All in all, good software helps make the basics easier than ever.
The four primary processes of text mining are retrieving information, processing natural language, extracting information and mining data. As of now, the International Data Corporation estimates that less than 1% of data is ever analyzed. Text mining resources and identity resolution software? These can close the gap by more than 99%. A business that doesn’t take advantage of social media and digital tools is leaving itself for the birds.
Let sentiment analysis software and social media data analysis be your proverbial beacon in a sea of information.