Last week Lexalytics CEO Jeff Catlin wrote an article for insideBigData, a news outlet that distills news, strategies, products and services in the world of Big Data Analytics for data scientist, IT and business professionals. Catlin drove several valuable points home and helped to dispel some of the mist surrounding the still mysterious field of Big Data. Even defining it, which seems innocuous enough, is something of an endeavor. “The term “big data” is ambiguous—” says Catlin, “when does it actually cross the line from just being ‘data’?” Well, he determines that “It can be more useful to define Big Data as the data necessary to make decisions that have a positive impact on a business.” He continues to illustrate this point, saying “think about the ‘bigness’ not in terms of literally how much data there is, but in its potential to help make more money.”
Data is what constitutes your brand’s image. “Using text analytics” says Catlin, “enables a business to listen to customers and partners, unlocking the potential from 80% of the data that is what people are actually saying, leveraging conversations as leading indicators, rather than waiting for lagging sales data.” Text analytics, the science of turning unstructured text into structured data by extracting key pieces of information from conversations, has already created a paradigm shift in the way brands do business around the world. And the potential for it continues to grow. “The generally accepted maxim is that structured data represents only 20% of the information available to an organization. That means that 80% of all the data is in unstructured form. If businesses are gaining value from analyzing only 20% of their data, then there is a massive potential waiting to be leveraged in the analysis of unstructured data.” And this potential is on the precipice of being leveraged. Learn more about it by reading Jeff’s whole article here.