Resurgent text-mining technology can greatly increase your firm's 'intelligence' factor

CHANCES ARE you're probably already analyzing the information housed in your company's relational databases. Doing so can provide you with vital statistics regarding sales, inventory, customer buying trends, and much more.

But what of the data housed outside your relational databases? We face a serious glut of information today, and unstructured data forms a large part of your corporate information assets.

Documents on your intranet, e-mail that contains internal research, and groupware applications that house customer comments are all examples of unstructured data sources you may already have. Moreover, your operations may also need to tap external, nonrelational data.

Enter text-mining technology -- part of the knowledge management category. Text mining is similar to data mining; both uncover information relationships. However, text mining focuses on nonrelational data -- whether inside or outside your company.

The idea behind text mining is not new; many companies have used it for some time as the technology that drives custom data-analysis solutions. The Gartner Group estimates that companies have already spent nearly $1.5 billion on consulting services to tap into a wider array of corporate data, and the figure is expected to jump to $5 billion by 2001. However, the market for text-mining tools is also expected to expand greatly in the next several months.

Text-mining tools are ideal for information "discovery." The cost and types of text-mining tools vary greatly today because the general-use market is still emerging, but they usually include analysis and search facilities. As one who is always discovering business and technology data, I believe text mining will be a positive investment for those who employ it.

What can you expect to gain from implementing text mining? Obviously, you'll see an increase in the value of your existing data assets. Your staff will be able to quickly draw upon a much wider assortment of information, which should help increase your productivity. Moreover, you can potentially step ahead of your competition by having more complete information to proactively make better-informed decisions.

Because the text-mining tool market is still evolving, those evaluating the technology will need to consider a few key elements before making a purchase. Chief among these should be choosing a tool that does not require a huge first-time categorization, tagging, or integration effort.

The tool you select should be capable of automatically identifying and indexing unstructured data concepts. You should also expect some form of graphical interface that supports a high-level view of the data as well as the capability to drill down to a very detailed level. At this time, the types of interfaces differ by product.

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