Spotting trouble via text mining
Text mining is perhaps a $100 million industry (maybe a little less only counting software license fees, but certainly a bunch more if one counts more liberally). A large fraction of that business, and of its applications, can be grouped under one umbrella — spotting signs of trouble. For example (and this is not even a complete list), text mining has been used in: * Vehicle safety * Other manufacturing/warranty analysis apps * Reputation management (for the most part) * Other customer sentiment apps (some, perhaps most) * Anti-terrorism * Sarbanes-Oxley compliance * Antifraud * Stopping money laundering * Clinical applications (some) * Early insurance risk management apps * Early experimental hedge fund apps If there’s one area to look at for introducing text mining to your enterprise, it’s this one. At the link above, I went into a little detail about how it’s actually done.