In today’s fast digital era when we are constantly bombarded with so much data on every platform, valuable information gets blurred. The information which is really important for us or our business can be hard to filter through. So, what can be done? Well, Information Extraction (IE) is the answer to that.
This blog will shed some light on this particular aspect.
Let’s dive right in by starting with the basics.
As the concept suggests, information extraction is the method of filtering through unstructured data and textual sources and storing them in an organized database.
The information will be very well structured and semantically organized for usage. Many companies have millions of unstructured data, and sorting through them could be an expensive and tedious endeavor. For such tasks, companies like WebDataGuru works round the clock to deliver the best results on time. Isn’t that wonderful!
How does Information Extraction Work?
Textual data can be very vague and scattered. Parts of Speech the very basic of the English language which comprises of verb, noun, pronoun, adverb, adjective, preposition, conjunction and intersection can be used to define the information. How you ask? Basically, Parts of speech tagging is utilized to classify and extract information from the unstructured data.
This method helps in achieving a number of entities in the data field. That’s something right?
Typically, information extraction can be applied to a myriad range of textual sources like emails, webpages, reports, legal papers and presentations. Now, who would have thought that valuable information can be extracted from such an unstructured textual format.
Business Intelligence: Information extraction can be applied for analyzing deep organizational business insights. This can help in making an effective strategy for business growth. Understanding which kind of segmentation to take into consideration and calculating through the best medium possible is one of the ways to save time and money. And, obviously, as a business, you would want the same.
Scientific research: We all know that research needs verified and authentic data to support the hypothesis or the study. Scientific research needs more in-depth analysis which can be time-consuming. Information extraction can be a savior in such a scenario.
Media Monitoring: In today’s digital times, where an average user’s attention span is just mere 3 seconds, then it’s important to stay on toes and build strong content. Monitoring every aspect of media that mentions your company, brand or the competition needs to be constantly monitored. And information extraction can make this possible with complete automation.
Healthcare Records: COVID 19 has made health a priority like never before. In these tough times, healthcare records prove vital for every person. Information extraction can help organize and frame the healthcare records of patients, so hospitals can provide the best care on time with precision.
Not just these, many more applications like drug research, financial investigations, real estate data classification are possible with valuable information extraction.
To sum up, information extraction is very crucial for all businesses and it’s high time that companies invest in filtering from unstructured data.
WebDataGuru is one of the leading data extraction companies in Alberta.
Contact us today!