The Text Analytics Opportunity
My favorite topic of any analytics conference is of course the mining and analysis of unstructured data. Whether you call it Natural Language Processing (NLP), Text Mining, or the more recently popular Text Analytics chances are you’ve heard of it. Since I started Anderson Analytics ten years ago, as the first consumer insights firm to leverage text analytics, the discipline seems to have gone from an unknown to mainstream ubiquitousness.
That said, because it is such a quickly evolving field many of the main players 10 years ago have faded into relative obscurity. Some have been purchased by other companies, many have simply not been able to keep up with advancements or proven adequate value.
Therefore perhaps I shouldn’t have been surprised that this was the one area where our analytics experts were a bit less sure of themselves, and I received relatively few responses to my questions.
That said, consensus is that there certainly are text analytics software options on the market that do provide strong value. Personally I think the main challenge is that there are still too few analysts with experience in text analytics, and too little time allocated to prove just how amazing unstructured data insights can be!
Q. What is your opinion on the current state of the unstructured/text analytics field?
I am the wrong guy to ask, because I was already blown away six years ago when Attensity was boiling down conversations into subject-verb pairs, and things have only gotten better since then. I think there’s a point in the life of each
At this moment, I believe for the kind of experiments that people have started to leverage it for, it is good enough.
For me personally its more supplemental data. Structured data is easier to utilize, slice and dice.
Unstructured data might be very useful resource of qualitative data and supplemental to quantitative analysis.
Also there are tools that can create structured analytics from unstructured.
A lot of solutions exist in the market place but it is a complex problem and we have a long ways to go.
Q. What if anything in text analytics have you found that really works well? What doesn’t?
I don’t have direct experience with text mining beyond what we’ve done with Attensity.
What works well is the flexibility and ability to change and implement once you have the engine built. What doesn’t work well is the overpriced text analytics tools, which makes many, develop their own and miss the opportunity to focus on analytics instead of transforming the unstructured data.
Works well: Qualitative data, opinion based data.
Doesn’t : Certain KPIs without benchmark
High level sensitivity analysis and high-level signaling works well. But the solutions are not at a place for granular actionable insights. In other words, use them as an indicator and not as an actionable solutions.
Stop by for the next blog post as I ask our experts about tips for selecting a software vendor, how much software should cost. I’ll even be asking how our client side speakers like to be sold to…
[Full Disclosure: Tom H. C. Anderson is Managing Partner of Anderson Analytics, developers of patented Next Generation Text Analytics™ software platform OdinText. For more information and to inquire about software licensing visit ODINTEXT INFO REQUEST]