A new report from Hurwitz & Associates seeks to put text analytics vendors in context. In an environment where unstructured text accounts for 80 percent of the data available to companies, the market analyst and research firm has prepared a Victory Index to help companies suss out who can best help them get value from this information.
By providing the ability to analyze unstructured text, extract relevant information, and transform it into structured information, “text analytics has become a key component of a highly competitive company’s analytics arsenal,” write report authors Fern Halper, partner and principal analyst; Marcia Kaufman, COO and principal analyst; and Daniel Kirsh, senior analyst. Often, the research firm notes, companies begin to experiment with text analytics to gain insight into the unstructured text that abounds in social media, and from that move on to other use cases. For instance, they’ll discover value in mining unstructured data and using it with structured data to improve predictive models.