Text Mining ? A Requisite for Developing Business Intelligence

Abstract Extracting relevant information from data repositories in the context of an event and disclosing hidden patterns from it is termed as Mining. The data repositories are enormous, capable of storing huge transacted data to support business organizations. Discovering the hidden patterns in the sea of information is getting tedious and complex in nature and possesses a challenge to the organization in planning procedures. Since business planning requires both internal as well as external recorded data, the nature of data is in form of highly unstructured text and hence for information retrieval and knowledge innovations, organizations are using text mining for salvation of textual information. The decision maker review both the historical and current information by applying analytical models over it for effective and efficient decision making to explore new opportunities and trends in business world and keep abreast with the demands and sentiments of the market. The support of text mining in business knowledge management and intelligence is discussed in the current paper