IATUL News Alerts
Value and benefits of text mining
Thursday, 29 March 2012 3:14:12 p.m.
Vast amounts of new information and data are generated everyday through economic, academic and social activities. This sea of data, predicted to increase at a rate of 40% p.a., has significant potential economic and societal value. Techniques such as text and data mining and analytics are required to exploit this potential.
Businesses use such techniques to analyse customer and competitor data to improve competitiveness; the pharmaceutical industry mines patents and research articles to improve drug discovery; within academic research, mining and analytics of large datasets are delivering efficiencies and new knowledge in areas as diverse as biological science, particle physics and media and communications.
We have explored the costs, benefits, barriers and risks associated with text mining within UKFHE research using the approach to welfare economics laid out in the UK Treasury best practice guidelines for evaluation.
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