Text Mining and Data Mining

- Data Becomes The New Language For Innovation

Data has become a torrent flowing into every aspect of the global economy. Companies generate vast amounts of transaction data, capturing trillions of bytes of information about their customers, suppliers and operations.

Millions of networked sensors are embedded in physical-world devices such as mobile phones, smart meters, cars, and industrial machines that sense, create, and transmit data in the Internet of Things era. In fact, as companies and organizations conduct business and interact with individuals. 

They are generating large amounts of digital “exhaust data,” data created as a by-product of other activities. Other consumer devices such as social media sites, smartphones, and personal computers and laptops allow billions of people around the world to contribute to the vast amounts of data available. 

The growing volume of multimedia content has played an important role in the exponential growth of big data volume. For example, high-definition video produces more than 2,000 times the number of bytes per second required to store a single page of text. 

In the digital world, consumers create their own massive data trajectories in their daily lives - communicating, browsing, purchasing, sharing, and searching. Harnessing this huge data and information resource can produce significant economic benefits, including improving productivity and competitiveness, and creating added value for consumers.  Techniques such as text and data exploration and analysis are needed to exploit this potential.

Text mining and data mining are becoming increasingly common as companies try to process unstructured data or big data to gain business value. While the goal is often the same - leveraging information for knowledge discovery - these technologies vary widely in data complexity, deployment time, and applications.

​

- The Key Properties and Techniques of Data Mining

Data mining is the practice of automatically searching large stores of data to discover patterns and trends that go beyond simple analysis. Data mining uses sophisticated mathematical algorithms to segment the data and evaluate the probability of future events. 

Data mining can improve customer acquisition and retention by helping companies identify customer needs and meet them. It can also create targeted campaigns by delivering tailored products to a specific type of customer.  

The key properties of data mining are: 

• Automatic discovery of patterns
• Prediction of likely outcomes
• Creation of actionable information
• Focus on large data sets and databases

Data mining can answer questions that cannot be addressed through simple query and reporting techniques. 

Here are some data mining techniques: 

• Cluster analysis: A method that analyzes large data sets based on similar structures. Similar objects are grouped together in clusters.
• Association analysis: A tool that provides insights into complex data relationships. It can help businesses understand customer behavior, preferences, and trends.
• Classification: An essential task in data mining. Associative classification tries to find all the frequent patterns existing in the input categorical data.
• Neural network: A popular data mining technique in machine learning models used with Artificial Intelligence (AI). It seeks to identify relationships in data.
• Regression analysis: A statistical method used to determine the strength of the relationship between certain variables.
• Prediction: A powerful aspect of data mining that represents one of four branches of analytics. Predictive analytics use patterns found in current or historical data to extend them into the future.

- The Process of Data Mining

Data Mining is an analytic process designed to explore data (usually large amounts of data - typically business or market related - also known as "big data") in search of consistent patterns and/or systematic relationships between variables, and then to validate the findings by applying the detected patterns to new subsets of data. The ultimate goal of data mining is prediction - and predictive data mining is the most common type of data mining and one that has the most direct business applications. The process of data mining consists of three stages: (1) the initial exploration, (2) model building or pattern identification with validation/verification, and (3) deployment (i.e., the application of the model to new data in order to generate predictions). 

Data mining is a process that is used by an organization to turn the raw data into useful data. Utilizing software to find patterns in large data sets, organizations can learn more about their customers to develop more efficient business strategies, boost sales, and reduce costs. Effective data collection, storage, and processing of the data are important advantages of data mining. 

- Data Mining Tool To Train Machine Learning Models

Data mining method is been used to develop machine learning models. Machine learning allows computers to learn and discern patterns without actually being programmed. When statistical techniques and machine learning are combined together they are a powerful tool for analysing various kinds of data in many computer science/engineering areas including, image processing, speech processing, natural language processing, robot control, as well as in fundamental sciences such as biology, medicine, astronomy, physics, and materials.

Data mining is concerned with the applications of statistical machine learning for exploratory analysis and predictive modeling from large data sets. Causal discovery is concerned with algorithms for eliciting the underlying causal (as opposed to the merely predictive) relationships from observational and experimental data.  

[Switzerland]

- Text Mining

Text mining (also referred to as text analytics) is an artificial intelligence (AI) technology that uses natural language processing (NLP) to transform the free (unstructured) text in documents and databases into normalized, structured data suitable for analysis or to drive machine learning (ML) algorithms. Text mining is one of the most important tools currently used by business professionals and established companies. 

Text mining, also referred to as text data mining, roughly equivalent to Text Analytics (Unlocking the Value of Unstructured Data), refers to the process of deriving high-quality information from text. High-quality information is typically derived through the devising of patterns and trends through means such as statistical pattern learning. The purpose of Text Mining is to process unstructured (textual) information, extract meaningful numeric indices from the text, and, thus, make the information contained in the text accessible to the various data mining (statistical and machine learning) algorithms.

Text analytics software created for data mining is evolving to include artificial intelligence and machine learning. This new generation of text analytics software is unifying structured and unstructured textual data, providing contextual analysis, and helping businesses execute data driven decisions. Data Mining and Text Analytics Platforms can unify huge volumes of data in minutes to provide near real-time insight into text analytics for any business. 

- The Benefits of Data Mining

As data mining works on the structured data within the organization, it is particularly suited to deliver a wide range of operational and business benefits. For example, it can organize and analyze data from IoT systems to enable the predictive maintenance of factory equipment or it can combine historical sales data with customer behaviors to predict future sales and patterns of demand.

The knowledge or information which is acquired through the data mining process can be made used in any of the following applications:

• Market Analysis
• Production Control
• Customer Retention
• Science Exploration
• Fraud Detection
• Sports
• Astrology
• Internet Web Surf-Aid

- The Benefits of Text Mining

Businesses use data and text mining to analyse customer and competitor data to improve competitiveness; the pharmaceutical industry mines patents and research articles to improve drug discovery; within academic research, mining and analytics of large datasets are delivering efficiencies and new knowledge in areas as diverse as biological science, particle physics and media and communications.

Text mining can take this a stage further by synthesizing vast amounts of content into easily understood information and allowing you to understand what people are actually saying about them. Sentiment analysis has become a major business use case of text mining as it uncovers the opinions and concerns of customers and partners by tracking and analyzing social content.

The main benefits of text mining:

• Efficiency. A key benefit of text mining is that it enables much more efficient analysis of extant knowledge. ...
• Unlocking 'hidden' information and developing new knowledge. ...
• Exploring new horizons. ...
• Improved research and evidence base. ...
• Improving research process and quality. ...
• Broader benefits.

- Data Mining vs. Text Mining

Data mining is a broader term that includes text mining. Data mining is the process of analyzing large data sets to find patterns and relationships. Text mining is the process of analyzing unstructured text data to extract insights and information. 

Here are some differences between data mining and text mining: 

• Data format: Data mining deals with structured data, such as highly formatted data in databases or ERP (enterprise resource planning) systems. Text mining deals with unstructured textual data, such as text in social media feeds.
• Analytics: Data mining and text mining have different approaches to analytics.
• Techniques: Data mining uses statistical techniques. Text mining uses computational linguistic principles to evaluate the meaning of the text.

Data mining combines disciplines like statistics, artificial intelligence, and machine learning to apply directly to structured data. Text mining uses computer systems to read and understand human-written text for business insights

- Data Mining vs Machine Learning

Data mining and machine learning are both analytics processes that use large amounts of data to learn and improve decision making. Data mining is a part of data analysis that aims to extract knowledge from data, while machine learning is a field of study that teaches computers to learn from data and make predictions.

Data mining is designed to extract the rules from large quantities of data, while machine learning teaches a computer how to learn and comprehend the given parameters. Or to put it another way, data mining is simply a method of researching to determine a particular outcome based on the total of the gathered data.

[More to come ...]