In a world where we generate 2.5 quintillion (number of zeros = 18!) bytes of data every day, text analysis has become a key tool for structuring the data and getting the key insights. The organized and insightful data is worth millions of dollars in the present day scenario and it is no secret that Uber and Airbnb are so successful because of their massive data advantage. Harnessing data effectively enables companies not only to control costs and risks but also to compete more effectively and drive profitability by serving their end customers efficiently.
However, it’s easier said than done. Most of the organizations struggle to categorize the unorganized data and generate insights based on it. Not only the textual data but also the images, audios, and videos have become an integral part of information sharing in this digitally-driven world. Cleaning, tagging, and converting this data into meaningful insights has added a level of sophistication in the way text analysis is being handled these days.
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