How to Leverage Entity Analytics in Your Business

July 13, 2017

How to Leverage Entity Analytics in Your Business

Entity extraction tools

In the modern world, the average person produces a wealth of data. When the right information is collected, that data can be incredibly useful to your business, whether you want to know what your customers think or identify security risks.

Unfortunately, most of that data is rarely analyzed. The International Data Collective (IDC) estimates that less than one percent of data is ever analyzed. Text mining can help bridge this data analysis gap.

Text mining software is designed to make the daunting task of collecting and analyzing data painless so you can focus on putting that data to use for your company. Entity analytics, such as entity extraction

What is Entity Resolution?

Entity resolution is best described as the practice of finding mentions within data sets, and then linking them to other mentions within the same data sets. There are three primary tasks involved in entity resolution, which are deduplication, record linkage and canonicalization.

Dedeuplication is the elimination of duplicate data, which makes data much easier to navigate and understand. Record linkage is the process of finding records in a data set that refer to the same entity across different sources.Canonicalization helps convert data into a “standard” form.

How Can Your Business Use Entity Analytics?

Entity analytics can help a business in three major ways:

    1. It can provide accurate insights across a wide range of sources and documents.

    2. It can accurately provide risk, compliance and threat detection.

    3. It can provide insight into what your customers are thinking.

Here’s how you can leverage entity analytics in your business.

Data Collection and Analysis

Text mining is a four-step process. The four steps are:

    1. Information retrieval

    2. Natural language processing

    3. Information extraction

    4. Data mining.

If you’re looking for distinctive patterns in your data sets or trying to pin down specific information, this process is essential.

Security

Entity analytics can help your company assess security threats, both digital and physical. As stated above, entity analytics help provide your business ways to identify potential risks, whether it’ through screening individuals’ data or by making note of weaknesses in you digital security.

Social media

Social media produces a wealth of data. Every month, Twitter sees traffic from 319 million users. Meanwhile Facebook has 1.97 billion active users worldwide, resulting in an enormous amount data being produced every second. It is estimated that in 2018, there will be 2.67 billion social media users worldwide.

Social media data analysis incredibly necessary if a business
hopes to make sense of large amounts of data. Using text analytics in social media, businesses can get a sense of how their customers feel about their business and respond accordingly through marketing campaigns.

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