Explore the business applications for text analytics, and learn how Amenity Analytics is leading innovation for alternative data in Finance.
Much as oil powered the industrial economy, data is the fuel powering the information economy. By effectively collecting and analyzing data, companies can operate more efficiently and claim significant competitive advantages.
Yet the challenges that accompany the transition to Big Data are substantial. Data creation is growing with incredible velocity. By 2025, worldwide data creation will reach 163 zettabytes (or about ten times the amount created in 2017). This speed and the diverse nature of today's data can quickly overwhelm even sophisticated enterprises.
Compounding this difficulty is the fact that much of this data is unstructured (not easily classifiable or searchable), and therefore more difficult to parse and analyze. Structured data found within IT systems represents only a portion of the information decision-makers need to consider.
Despite the Big Data hype cycle, we are still at early stages for treating data as an asset. This means that today's organizations can carve out a distinct competitive advantage by adopting innovative new data technologies.
One such technology is text analytics, an essential tool for capturing and unlocking critical intelligence within large data sets.
Much of the data that is critical to making informed business decisions—news, documents, reviews, and online conversations—is locked away in unstructured text. Recent advancements in text analytics mean that organizations can now access this intelligence to gain a competitive advantage.