Business Understanding is the process of acquiring a clear understanding of the business problem or opportunity that you are looking to address with text analytics. This includes understanding the objectives, goals, and requirements of the business, as well as the context in which the text data exists. It is important to have a clear Business Understanding before beginning any text analytics project, as it will help to ensure that the project is focused on the right things and that the results are aligned with business objectives.
Business Understanding is also referred to as business acumen. Business acumen is the ability to understand and make decisions in a business context. This includes an understanding of financial concepts, managerial accounting, and business strategy. Business acumen is often developed through experience, but it can also be acquired through formal education and training.
Business Understanding can also be referred to as Domain Understanding or Problem Understanding. Outside of the text analytics industry, Business Understanding may also refer to other concepts such as market research, competitive analysis, and customer understanding. However, in the context of text analytics, Business Understanding specifically refers to the process of acquiring a clear understanding of the business problem or opportunity that you are looking to address with text analytics.
Business Understanding and Data Science
In order to address a business problem with text analytics, it is first necessary to have a clear understanding of the problem itself. This is where Business Understanding comes in. Acquiring a deep understanding of the business context and objectives is essential for any data science project, but it is especially important in the field of text analytics. This is because text data can be very unstructured and messy, and it can be difficult to understand what it all means without a clear understanding of the business context.