Response to 2 authors on the subject (150 words each)-MIS

Business costs or risks associated with poor data quality

Poor quality data is unarguably one of the most common and huge problem for a lot of organizations. Some of the very concerning costs or risks associated with poor quality data are listed as below:

1. Missed opportunities: An organization might end up missing important opportunities for NPD (New Product Development) or a new customer need simply because missing or poor quality data. Eventually, a competitor or new entrant in market might make money off that opportunity. This will lead to lost revenue and ultimately the profit that the organization could not make. 

2. Reputational damage: Poor quality data in any organization can lead several problems if the financial institutions do not have the most accurate information about its customers. Some times these can also lead to huge public relations disasters. 

3. Decreased productivity: Bad data can cause employees to be slow because poor quality data would require more work to clean and structure or even to verify the accuracy of the source of such data while verifying their analysis. This in turn causes slow growth. 

Data mining

Data mining is the process of extraction of data, analysis of it and then generation of useful information in form that can be used to make sound business decisions. This process is usually automatic searching large databases. The purpose of it is to identify patterns and trends that go beyond the conventional data analysis processes. Data mining can also be  used in predictive modeling since it already uses mathematical algorithms that can extrapolate the data for future events. Hence, this can generate a lot of valuable information for organizations which can use it to make important and critical business decisions. 

Text mining

Text mining is the process of examining large chunk of text data or several large collections of documents to retrieve new information. It identifies facts, assertions and relationships from massive amounts of texts. This process is also called Natural Language Processing. Also, it is all about processing unstructured data to produce structured results that can be integrated into the conventional databases to further analyze it as a whole. It is very similar to data mining but has the focus on non-numerical data i.e. text or unstructured data. That said, the very first step in text mining is to organize and structure that data so that it can undergo qualitative as well as quantitative analysis. 

References:

Releases, F. (2017, May 31). Poor-Quality Data Imposes Costs and Risks on Businesses, Says New Forbes Insights Report. Retrieved November 03, 2020, from https://www.forbes.com/sites/forbespr/2017/05/31/poor-quality-data-imposes-costs-and-risks-on-businesses-says-new-forbes-insights-report/?sh=40e2926b452b

By, A. (2020, April 01). The Costs of Poor Data Quality. Retrieved November 03, 2020, from https://www.anodot.com/blog/price-pay-poor-data-quality/

Bolander, J. (2019, July 26). How Poor Data Quality Negatively Impact Your Business. Retrieved November 03, 2020, from https://www.thedailymba.com/2019/07/26/how-poor-data-quality-negatively-impact-your-business/

Oracle, D. (2008, July 01). Data Mining Concepts. Retrieved November 03, 2020, from https://docs.oracle.com/cd/B28359_01/datamine.111/b28129/process.htm

Talend, C. (2020, July 17). What is Data Mining? Definition and Examples. Retrieved November 03, 2020, from https://www.talend.com/resources/what-is-data-mining/

Greiner, L. (2011, January 07). What is Data Analysis and Data Mining? Retrieved November 03, 2020, from https://www.dbta.com/Editorial/Trends-and-Applications/What-is-Data-Analysis-and-Data-Mining-73503.aspx

Oracle, D. (2008, July 01). Text Mining Concepts. Retrieved November 03, 2020, from https://docs.oracle.com/cd/B28359_01/datamine.111/b28129/text.htm

Flair, D. (2018, September 21). What is Text Mining in Data Mining - Process & Applications. Retrieved November 03, 2020, from https://data-flair.training/blogs/text-mining/

Rouse, M. (2020, September 24). What is text mining (text analytics)? - Definition from WhatIs.com. Retrieved November 03, 2020, from https://searchbusinessanalytics.techtarget.com/definition/text-mining