Word cloud generators are quite popular and used a lot by students, professors, analysts, illustrators and presenters in general. Let us look at the 10 best tools out Wordclouds.com is another good tool to generate word clouds, and it’s totally free for individuals as well as for commercial use, it can run. The use of word clouds in the classroom is a powerful way to really get through to visual learners. A quick note: Wordle is quite easily the most popular word cloud generator out there. It’s free and easy to use. It does require Java though so Chrome users might have some trouble. Why do we need text analytics? Analytics is the science of processing raw information to bring out meaningful insights. This raw information can come from variety of sources. For instance, let’s consider a modern multinational bank, who wants to use all the available information to drive the best strategy. What are the sources of information available to the bank? Bank issues different kinds of products to different customers. This information is fed to the system and can be used for targeting new customers, servicing existing customers and forming customer level strategies. Customers of bank would be doing millions of transactions everyday. The information about where these transactions are done, when they are done and what amount of transactions where they helps bank to understand their customer. There can be other behavioral variables (e.g. Cash withdrawal patterns) which can provide the bank with valuable data, which helps the bank build optimal strategy. This analysis gives the bank, a competitive edge over other market players by targeting the right customer, with the right product at the right time. But, given that, at present every competitor is using similar kind of tools and data, analytics have become more of a hygiene factor rather than competitive edge. To gain the edge back, the bank has to find more sources of data and more sophisticated tools to handle this data. All the data, we have discussed till this point is the structured data. There are two other types of data, the bank can use to drive insightful information. System data: Consider a teller carrying out a transaction at one of the counter. Every time he completes a transaction, a log is created in the system. This type of data is called system data. It is obviously enormous in volumes, but still not utilized to a considerable extent in a lot of banks. If we do analyze this data, we can optimize the number of tellers in a branch or scale the efficiency of each branch. Unstructured data: Feedback forms with free text comments, comments on Bank’s Facebook Page, twitter page, etc. Alternative to parallels. Are all examples of unstructured data. This data has unique information about customer sentiment. Say, the bank launches a product and found that this product is very profitable in first 3 months. But customers who bought the product found that this product was really a bad choice and started spreading bad words about the product on all social networks and through feedback channels. If the bank has no way to decode this information, this will lead to a huge loss because the bank will never make a proactive effort to stop the negative wave against its image. Imagine, the kind of power analyzing such data hands over to the bank. Step by step coding on R Following is the step by step algorithm of creating a word cloud on a bunch of text files. For simplicity, we are using files in.txt format. Step 1: Identiy & create text files to turn into a cloud The first step is to identify & create text files on which you want to create the word cloud. Store these files in the location “./corpus/target”. Make sure that you do not have any other file in this location. You can use any location to do this exercise, but for simplicity, try it with this location for the first time. Step 2: Create a corpus from the collection of text files The second step is to transform these text files into a R – readable format. The package TM and other text mining packages operate on a format called corpus. Corpus is just a way to store a collection of documents in a R software readable format.
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March 2019
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