Text Analytics and the Eureka Moment
A note of trivia. The exclamation ‘Eureka!’ is famously attributed to the ancient Greek scholar Archimedes. He reportedly proclaimed “Eureka!” when he stepped into a bath and noticed that the water level rose—he suddenly understood that the volume of water displaced must be equal to the volume of the part of his body he had submerged. He then realized that the volume of irregular objects could be measured with precision, a previously intractable problem. He is said to have been so eager to share his discovery that he leapt out of his bathtub and ran through the streets of Syracuse naked.
Sounds more exciting than text analytics. Text analytics doesn’t have to be quite as dramatic as Archimedes, and uses the same basic steps as any project. The outcome enables the organization to form reasonable conclusions (quite simplified). It is identifying content to be analyzed, analyzing it, and making informed decisions based on the data to improve organizational performance. The initiative should be carefully planned and executed as a business led project. This includes the identification of processes where outcomes add value and is often not fully thought out before the project begins.
Text analytics capabilities are critical in becoming aware of patterns that you may not have been seeking or expecting. If done right, that’s the Eureka moment.
How does your organization get to the Eureka moment?