Are Text Analytics Companies Learning the Silicon Valley Way?
August 11, 2011
Seth Grimes, founding chair for the Text Analytics Summit, interviewed three experts in order to find out what it is that Silicon Valley and the world of text analytics have in common. The full interview, “What Can Text Analytics and Silicon Valley Learn From Each Other?” can be found at Text Analytics News.
Grimes reports, “Business markets are global, yet the Bay Area stands out as a source and consumer of innovative technologies and in particular, as a pace-setter for the online and social worlds. With the Text Analytics Summit coming to San Jose, I reached out to a few west-coasters who are making Valley text analytics news: Nitin Indurkhya, principal research scientist at eBay Research Labs; YY Lee, COO of FirstRain; and Michael Osofsky, co-founder and chief innovation officer at NetBase.”
Osofsky explains the balance between precision and recall in text analytics, and urges Silicon Valley to understand that time and energy should be devoted to experimenting to find a balance between the two principles. On the other hand, Silicon Valley’s fast and exciting nature could be a good influence on the text analytics world. Software can be launched, edited, and evolved quickly and risks can be taken. Absorbing a bit of that mentality could enable text analytics to be a little more innovative and adventurous.
Indurkya encourages the text analytics world to adopt the Valley principle of “fail often and fail quickly.” In this way, he explains, innovation happens and failure does not bog down the overall momentum.
Lee encourages text analytics companies to focus separately on each of three equally important components: 1) Input 2) Internal process 3) Presentation. Each of the categories falls broadly under the category of text analytics and yet Lee stresses each must be treated independently during development.
Grimes concludes with his own collective thoughts on the three interviews.
The key takeaways that I see in these responses involve problem and product focus, agility, and the desirability of pulling and integrating information from multiple sources with the application of a variety of analytical techniques, in order to achieve technical and business goals. There’s no “Do X, Y, and Z” formula here, but there is definitely a sense of the rewards that are possible if text analytics is done right.
Out-of-the-box thinking is beneficial in any business arena, but especially those known more for rigidity than innovation.
Emily Rae Aldridge, August 11, 2011
Sponsored by Pandia.com, publishers of The New Landscape of Enterprise Search. And our own Stephen E Arnold is speaking at this year’s November 2011 event.
The Text Analytics Summit has been a staple of the text analytics community for the past 7 years. To help this community grow, the Text Analytics Summit is finally coming to the west coast to foster new networking opportunities, promote more healthy knowledge sharing, and create strong, long-lasting business relationships. Text Analytics is essential for maximizing the customer experience, effectively monitoring the social media world, conducting first-class data analysis and research, and improving the business decision making process. Attend the summit to discover how to unlock the power of text analytics to leverage new and profitable business opportunities. Whether you’re interested in taking advantage of social media analytics, customer experience management, sentiment analysis, or Voice of the Customer, Text Analytics Summit West is the only place to get the inside information that you need to stay ahead of the competition and profit from text mining. For more information, click here.
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