Transforming unstructured text into a structured format to identify meaningful patterns and new insights
Transforming unstructured text into a structured format to identify meaningful patterns and new insights is what text data mining consists of (IBM.com, 2020). Text data mining can help to compile personal information from online accounts, provide product reviews, help to provide exemplary customer service, filter spam and junk, help with risk management, and automate decision making (IBM.com, 2020). An example of this in action are the chat features on some websites for customer service. This customer service uses data to answer questions or provide information instead of using people. This also includes the frequently asked questions area that is prefilled in due to the knowledge of what questions will be asked the most. It is known in advance what a person is likely to ask. Answers can be provided immediately instead of having to call or chat with an actual person. Walmart utilizes this service along with many of the other features of text data mining.A website that allows people to browse products and make purchases is one benefit of web data mining. The things people buy are what allows a company to make decisions about how to market to its customers and what products to offer. The website also obtains information about how long it takes to make purchases, how many clicks a person will perform before abandoning a search, and how people prefer to use a website. Do they like pop up windows, or to click on links? Having an account on Walmart’s website links personal information to products purchased. A person can buy something in a Walmart store and it will show up on his or her online account. This is because the credit or debit card used for the account is known by Walmart. When the credit or debit card is used in a store, it is automatically connected to a person’s online account. This provides a history of products to rebuy. Historical data provides the past history between a customer and a company (Sharpe et al., 2019). Having a history of purchases made makes buying online easier and faster. Buying online becomes as convenient if not more so than buying in stores.ReferencesIBM.com (November 16, 2020). IBM cloud education. https://ibm.com/cloud/learn/text-mining (Links to an external site.).Sharpe, N. D., De Veaux, R. D., & Velleman, P. F. (2019). Business statistics (4th ed.). Retrieved from https://www.redshelf.comWalmart.com. (n.d.). https://walmart.com (Links to an external site.)
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