The modern world generates enormous amounts of data, and it is growing year by year. Data has become the most valuable managerial resource to provide a competitive edge and create knowledge management initiatives. Now manual data processing and classification has become costly and ineffective — and it has to be either automated entirely or used only when the important data is already selected automatically from the total quantity.
Text mining is essentially the automated process of deriving high-quality information from text. Its main difference from other types of data analysis is that the input data is not formalized in any way, which means it cannot be described with a simple mathematical function.