Week 7:
Competency 7.1: Describe prominent areas of text
mining.
Unstructured text mining is an area which is seeing a sudden spurt
in adoptions for business applications. The spurt in adoption is triggered by
heightened awareness about text mining and the reduced price points at which
text mining tools are available today. Text mining is being applied to answer
business questions and to optimize day-to-day operational efficiencies as well
as improve long-term strategic decisions. The objective of this article is to
demystify the text mining process and examine its ROI by exploring practical real-world
instances where text mining has been successfully applied in three industries:
1. Automotive industry
(warranty management)
2. Health care industry
3. Credit card industry
Text Mining in the Automotive Industry
It’s been estimated that warranties cost automotive
companies more than $35 billion in the U.S. annually. Considering this tough
environment, it is imperative that auto companies explore all opportunities for
reducing costs. Optimizing warranty cost is a very important lever in the cost
equation for automobile manufacturers. If one is able to get even a marginal
improvement in money spent in warranty cost, it can have a multiplier effect on
the overall bottom line. One of the most underutilized dimensions of optimizing
warranty cost is input from service technicians’ comments. From those comments,
the text mining process can surface nuggets of component defect insights
yielding interventions for preventing them in future.
Text Mining in the Healthcare Industry
Most countries typically spend anywhere between 3-10% of
their GDP on healthcare. The healthcare industry is a huge spender on
technology and, with the proliferation of hospital management systems and
low-cost devices to log patient statistics, there is a sudden increase in the
breadth and depth of patient data. By mining the comments of doctors’ diagnosis
transcripts, outputs can yield information that benefits the healthcare
industry in numerous ways, such as:
1. Isolating the top 10 diseases by keyword
frequencies per region and leveraging the findings to optimize the mix of
tablets/medicines to stock on the limited outlet shelf, keeping in mind the
changes in frequency of disease related keywords.
2. Based on doctors’ comments, an early warning
system can be woven within text mining outputs to detect sudden changes to
“chatter” from doctors regarding specific diseases. For example, if the
frequency of the keyword lungs or breathing exceeds
45 appearances in the last 30 days for a given ZIP code or region, it can be a
clue to excessive environmental conditions which are resulting in respiratory
problems. A proactive intervention can be activated to remedy the situation.
The components of such a successful text mining
solution can be found in Figure 1 below.
Figure 1
Text Mining in the Credit Card Industry
With the proliferation of credit cards, companies need to do the difficult balancing act of identifying which card features (i.e., line of credit, billing cycle, outlet points and coverage) are resonating with customers and, at the same time, minimize the number of defaults/recovery related interventions. Text mining can help optimize both the collection process as well as the customer experience optimization process.
1. A top ten complaint keyword watch list can be
generated by mining the inbound customer service rep (CSR) call transcripts on
a daily basis. From this, you can filter out keywords that were expressed by
high-value customers. For example, if the keyword billing error occurs for
customers with a credit limit over $200,000, then relationship managers can
call the customer and put interventions into the billing process to help
prevent reoccurrence.
2. Text mining can also be used to rate call
center staff performance. As an example, a large credit card company in the
U.S. had about 600 call center reps receiving inbound calls. Every rep was
expected to enter verbose comments to record the nature of the call, but not
all were entering detailed text. On one end of the spectrum, there were call
center representative entering an average 5 to 6 lines, whereas on the other
hand, there were a few who entered just 3 to 5 words. As a result, the
organization was missing out on valuable intelligence if only sparse text was
recorded. A text mining process was built which gave keyword frequency count by
call center representatives. The bottom decile had to undergo additional
training to ensure that they entered detailed text, which is valuable for the
credit card company. Please see figure 2 below.
Figure 2
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