TOPIC: Text Mining Innovation for Business
Please read Paper 4: Text Mining Innovation for Business page 49
In this article, two text-mining-related projects from different industries with different challenges are discussed to identify standard procedures and methodologies that can be used. In the gig work sector, one of the partners offers a platform solution for employee recruitment for temporary work. The work assessment is performed using short reviews for which a method for sentiment assessment based on machine learning has been developed. The other partner creates an information extraction service for business documents in the financial advice sector, including insurance policies.
Critically analyze the paper.
Which one of the text mining scenarios is more of a challenge to business?
Provide your reasoning and rationale behind your choice.
As you read and assimilate this new trend of managing part of a business, take a close look at the required automation in the extraction of structured information from pdf files. Try to critically analyze the reasoning behind the standard path to innovation in such projects, including business process modeling and the need to implement novel technological solutions.
Be sure to proofread carefully (Use Grammarly – the premium version! Make sure your writing score is more than 90) and cite your sources (APA 7.0 ed).
Lesson 1 Material BUS 7050
Lesson 1: Paper 1 and 4
Chapters 3 & 4
Digital Innovation and Digital Business Trans-formation in the Age of Digital Change
By the end of this lesson, students should be able to:
1. Explain what we mean by Digitalization: yesterday, today and tomorrow.
2. Explain Gartner’s “the process of exploiting digital technologies and supporting capabilities to create a robust new digital business model.”
3. Identify Identifying Promising Technologies and Quantum Computing as an Example for Digital Innovation
4. Explain Leveraging Digital Business Transformation Through Digital Technologies.
5. Rethinking Managerial Approaches for Business Transformation in the Age of Digital Change
6. Identify the business innovation supported by developing text mining solutions to meet the business needs communicated by Swiss companies
7. identify common procedures and methodologies that can be used
8. Explain Gig Work Platform Processes
9. Explain the Tasks and Challenges in Text Mining
10. Explain Data Anonymization.
11. Identify how an organization can use business process reengineering to improve its business.
12. Explain supply chain management and its role in business.
13. Explain customer relationship management systems and how they can help organizations understand their customers.
14. Summarize the importance of enterprise resource planning systems.
15. Define the primary MIS roles along with their associated responsibilities.
16. Define critical success factors (CSFs) and key performance indicators (KPIs), and explain how managers use them to measure the success of MIS projects.
17. Explain why a business would use metrics to measure the success of strategic initiatives.
Paper 1: Digital Innovation and Digital Business Transformation in the Age of Digital Change
This chapter (paper) introduces the central theme of the book and the following chapters. In our book, we present 20 selected examples of digitalization in the age of digital change. The chapters are divided into two parts, called “Digital Innovation” and “Digital Business Transformation”. On the one hand, digital innovation includes cases where a new technology stimulates or enables new business opportunities. On the other hand, digital business transformation collects examples of digitalization in which business or management concepts exploit certain technological solutions for their practical implementation. To share this mind-set with the reader, quantum-computing technology will be taken as an example of digital innovation. This will be followed by reflections on digital business transformation, which seeks and uses digital technologies. Finally, the next chapters will be presented accordingly.
Keywords: Digital innovation · Digital business transformation · Digitalization · Quantum computing · Digital ecosystem
Paper 4: Text Mining Innovation for Business
This chapter reflects on the business innovation supported by developing text mining solutions to meet the business needs communicated by Swiss companies. Two related projects from different industries and with different challenges are discussed in order to identify common procedures and methodologies that can be used. One of the partners, in the gig work sector, offers a platform solution for employee recruitment for temporary work. The work assessment is performed using short reviews for which a method for sentiment assessment based on machine learning has been developed. The other partner, in the financial advice sector, operates an information extraction service for business documents, including insurance policies. This requires automation in the extraction of structured
information from pdf-files. The common path to innovation in such projects includes business process modeling and the implementation of novel technological solutions, including text mining techniques.
Keywords: Digitalization · Text mining · BPMN · Innovation · Anonymization · Gig work · Insurance brokerage
Chapter 3: Strategic Initiatives for Implementing Competitive Advantages
Chapter 3 provides an overview of supply chain management (SCM), customer relationship management (CRM), business process reengineering (BPR), and enterprise resource planning (ERP). Explain to your students that this is simply an introduction to SCM, CRM, BPR, and ERP, and that each of these strategic initiatives is discussed in detail throughout the text. There are also business plug- ins offering advanced material on SCM, CRM, BPR, and ERP.
Chapter 4: Measuring the Success of Strategic Initiatives
Chapter 4 discusses how to measure organizational performance. Efficiency focuses on the extent to which an organization is using its resources in an optimal way, “doing things right”. Effectiveness focuses on how well an organization is achieving its goals and objectives, “doing the right things”. It is important that your students understand the differences between efficiency and effectiveness if you are planning to cover the business plug-in for Supply Chain Management since it deals in detail with efficient and effective supply chains
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