MAXset’s Niche in the Field of Text Analytics
The Value and Challenges of Text Analytics Nowadays
Text analytics has been around for centuries, as text has always been a popular form of information, long before enough measurement data was around to be of any real value. It doesn't take a data scientist to figure out that text data can be of value since all kinds of relationships among the entities present in that text can be used to reflect real-world phenomena, such as sentiment polarity, most important words, text complexity, etc. However, it has been due to data science that the value of text has become more apparent and widely accessible. There is even a whole field of text analytics called NLP that specializes in the most common kind of text data, natural language. Yet, NLP can only do so much, as the text is often very complex or noisy to be usable by NLP algorithms, while the latter cannot always get to the gist of it.
MAXset and Its Role in Text Analytics
MAXset is a tech start-up that aims to advance the state-of-the-art by utilizing a text analytics framework that goes beyond conventional NLP. Its main advantage is an intuitive taxonomy of the text that provides meaningful structure to it and enables the creation of a variety of data products based on this taxonomy. The idea is that information in a text has some inherent structure, which is not evident yet can be sensed by people when reading it. So far no computer has been able to emulate this understanding, which is why NLP has hit a ceiling when it comes to certain types of tasks. Of course many of these restrictions can be surpassed through the use of A.I. eventually, but MAXset can overcome them without involving any computationally expensive tasks such as those involved in A.I. systems.
The Future of Text Analytics
Text analytics is a blooming field, so it is unlikely that it is going to remain stagnant for long, as people involved in it expect a major disruption in it. Yet it is equally unlikely that conventional NLP methods are going to bring about any real progress in this field in the foreseeable future. Most likely, any significant innovation will require a more integral change in how text data is processed, so that it does not rely on statistical processing of the words, but rather focus on the meaning of phrases and sentences, in order to provide meaningful structures that can morph in the data products of the future. Will this be made possible via MAXset technologies? Quite likely.
How Does All This Affect You?
All this may seem a bit distant but there is no doubt that text analytics can be of benefit to you even now. In addition, as MAXset readies its services, it will be able to provide your text data with both structure and insight, enabling it to yield more value to your organization. And if you are more interested in investing in it, this is also an option worth investigating. Feel free to contact me (or anyone else in MAXset) for more information."
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