question 4.docx

2 Pages
Unlock Document

Ryerson University
Information Technology Management
ITM 102
Catherine Middleton

Name: Aaina Jaiswal Student Number: 500508476 Text Mining is a way of determining the patterns and relationships that can help companies make useful decisions. Text mining can help double the sales of the company that has recently introduced a new product. This is possible in a way because this tool helps the companies to search for the negative reviews from the customers. This can help the companies improve and satisfy the needs of these customers. A company must know two key points about text mining, " First, 80% of data stored within an enterprise is unstructured textual data. Second, text mining effectively structures your unstructured data. This allows you to put data in a form that all other business systems can take advantage of". Because 80% of the data is unstructured for most business enterprises, text mining helps these businesses improve on the organization of the information that is really important in making decisions. Text mining also helps in recognizing the frauds and missed financial opportunities. For example, it can detect if there is someone who is providing the customers with the false information online. This will help companies connect to these customers better and introduce their products more effectively. This tool helps companies make sure the products that are being introduced are satisfying the customer's needs because it can detect for the negative reviews from the customers and the companies can use this information to understand which products are in demand. This will help generate the companies' revenues. There are five major steps in the processes of text mining which are as follows: Document retrieval, Extractions, Cleansing, Mining and Visualization. Document retrieval helps regain the documents that being lost which may consist of important information, it may also be used to regain the resources which can help customers stay connected with the company. Extraction helps identify the parts of speech as well as what type of entity are they receiving these responses from. It is helpful for some companies who aim on introducing their product to certain people or certain organizations and extraction helps these companies figure ou
More Less

Related notes for ITM 102

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.