Marketing scientist Kevin Gray asks Professor Bing Liu to give us a quick snapshot of text analytics. The interview was first published in GreenBook on January 24, 2017 and on Linkedin on February 9, 2017.
KG: I see “text analytics” and “text mining” used in various ways by marketing researchers and often used interchangeably. What do these terms mean to you?
BL: My understanding is that the two terms mean the same thing. People from academia use the term text mining, especially data mining researchers, while text analytics is mainly used in industry. I seldom see academics use the term text analytics. There is another closely related term, called natural language processing (NLP). Text mining and text analytics usually refer to the application of data mining and machine learning algorithms to text data. NLP covers that and also other more traditional natural language tasks such as machine translation, syntax, semantics, etc. But there is really no clear demarcation between the terms. Read more →
So you have heard about the hot new analytics field, the crazy demand for well-trained analysts and the great salary. You’ve decided to throw your hat in the ring. But before you go too far, you must know these 5 key things.
- Analytics Aptitude is a must for success. Just because your best friend is an analyst and very happy with his job doesn’t mean you will be too. Make sure you were born to think analytically by testing your analytics aptitude If you score 16 or above in this test, you would likely be happy being an analyst.
- Analytics skill development is not optional. It is one thing to have an innate aptitude, it is entirely another to land a job and conduct analytics to drive a business forward. So once you know you have an aptitude, invest in developing hands-on business analytics skills at a bare minimum for any analyst or analytical role. Additionally, having hands-on comfort in predictive analytics skills and A/B testing will come in handy for pure analyst roles. If you are serious about your career transition, I will personally train you when you enroll in our analytics career transition track, which includes the above courses plus real-time experience on a client project.
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Another Halloween just got over. I am sure all of you had a great time putting the lights and carving the pumpkin – at least your kids had really a fun time. I too enjoyed standing at the door and giving out candies. My 11-year-old boy just came after a 2 hour Trick-or-Treat journey in my neighborhood. Not only that he was tired, but he was very upset. I asked him on his concerns and he listed a few: Read more →
Driving value from existing data is one of the most common challenges faced by organizations, however, that doesn’t mean that you should not be working towards a Big Data Strategy. You might think you want to implement a big data strategy but feel you should utilize the data you already have first. This dilemma (or confusion) leads to not having a comprehensive strategy for leveraging your current data (Big, Small, Fast, and Slow) but to plug holes in your current data landscape with the addition of a few new tools and technologies. You have to Read more →
Businesses are moving towards becoming a true “Data Driven Enterprise” and are committed to improving data-driven decisions. Increasingly, enterprises are formulating analytic strategies to drive insights, finding new patterns and relationships in data, understanding why certain things happened within their business, and forecasting the future. Self-service analytics has become an integral part of the core enterprise analytics strategy due to the increasing number of tools available for data visualization and data preparation.
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The right information for the right stakeholder at the right time:
The ability to take action based on up-to-date information rather than a gut feeling or last week’s report is increasingly important to decision- makers regardless of their role – it’s not a question of growth but survival. Traditional approaches to business intelligence (BI) delivery fail to meet business needs especially on – Agility, Speed and Total Cost of Ownership (TCO). Read more →