In an interview with Seth Grimes, AltaPlana, Dr. Lipika Dey, Senior Consultant and Principal Scientist, TCS, discusses consumer and market analytics and techniques to extract actionable information from text and social media data. This interview has been published in KD Nuggets, a leading site on Business Analytics, Data Mining, and Data Science.
Q1: The topic of this Q&A is consumer and market insight. What’s your personal background and your current work role, as they relate to these domains?
Lipika: I head the research sub-area of Web Intelligence and Text Mining at Innovation Labs, Delhi of Tata Consultancy Services. Throughout my academic and a research career, I have worked in the areas of data mining, text mining and information retrieval. My current interests are focused towards seamless integration of business intelligence and multi-structured predictive analytics that can reliably and gainfully use information from multitude of sources for business insights and strategic planning.
Q2: What roles do you see for text and social analyses, as part of comprehensive insight analytics, in understanding and aggregating market voices?
Lipika: The role of text in insight analytics can be hardly over-emphasized. Digital transformation has shifted control of the consumer world to consumers from providers. Consumers — both actual and potential — are demanding, buying, reviewing, criticisingcriticizing, influencing others, and thereby controlling the market. The decreasing cost of smart gadgets is ensuring that all this is not just for the elite and tech-savvy. Ease of communicating in local languages on these gadgets is also a contributing factor to the increased user base and increased content generation.
News channels and other traditional information sources have also adopted social media for information dissemination, thereby paving the way for study of people’s reactions to policies and regulations.
With so much expressed and exchanged all over the world, it is hard to ignore content and interaction data to gather insights.