Management Information System
Chicago State University
November 5, 2012
Text Mining For Gold (5)
1) What is the business impact of text mining? What problems does it solve? The business impact of text mining is that it offers a dynamic and advanced approach to review data accurately, increases operational efficiency and are used to predict customers reactions. The problem that text mining solves is that it shortens the amount of time it takes to accurately find data.
2) How does text mining improve operational efficiency and decision making? Text mining improves decision making by analyzing customer satisfaction and dissatisfaction. Also, text mining improves operational efficiency by limiting the amount of time it would usually take to perform a task. Some companies use sentiment analysis to determine advertisements based off customer opinions.
3) Is text mining more effective than human beings doing the work manually? Explain your answer? I would say only regarding taking manual labor from employees that text mining is more efficient not effective. I would measure the effectiveness of something by its ability to influence and help others become effective. Anyone can perform research. On the more realistic side, it is more efficient and effective because it helps employees operate more efficiently and effective as it relates to business decisions, relevance and customer satisfaction.
4) What are some of the drawbacks or shortcomings of text mining? Some of the drawbacks and shortcomings of text mining is that if the topic is unclear it would be hard to retrieve accurate data relevant to the subject because of the substantial amount of information given.