What best practices should inform your company’s text analytics initiatives? Executive Lessons on Modern Text Analytics, a new white paper prepared by: Geoff Whiting, principal at GWhiting.com and Alesia Siuchykava, project director at Data Driven Business provides some insight. Contributors to the lessons shared in the report include Ramkumar Ravichandran, Director, Analytics, at Visa and Matthew P.T. Ruttley, Manager of Data Science at Mozilla Corp
One of the interesting points made in the paper is that text analytics can be applied to many use cases: customer satisfaction and management effectiveness, product design insights, and enhancing predictive data modeling as well as other data processes. But at the same time, a takeaway is that it is better for text analytics teams to follow a narrow path than to try to accommodate a wide-ranging deployment. “All big data initiatives, and especially initial text analytics, need a specific strategy,” the writers note, preferable focusing on “low-hanging fruit through simple business problems and use cases where text analytics can provide a small but fast ROI.