Application of Text Mining in Effective Document Analysis: Advantages, Challenges, Techniques and Tools

Abstract

Age of Big Data is leading to a drastic increase of digital information. Immeasurable amount of data and information are produced on regular basis through financial, education and social means. Manual analysis and extraction of useful information from such a huge data is a challenging task. Without the technological help, understanding the text contents and correlations is something which cannot be carried out solely by human mind. There is a need for text mining to extract the exact information which the user requires. Potentially valuable business insights and high-quality structured data can be derived by organizations from unstructured text using Text mining. Collection and extraction of additional information pertaining to customers from the unstructured data can be either to enrich customer master data, or in production of new customer insights or in determining product and services sentiments. For all these, text mining plays a vital role. This survey paper provides information and brief idea on text mining, its advantages, applications and various text mining techniques that can be used for effective and efficient document analysis that in turn will provide information to build product roadmaps and make better decisions about their activities.