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Text Analytics: Management Science or Art?
The use of text analytics is reflective of both management science and management art. However, it is more inclined to management science than management art. It is because the analytics software uses a variety of scientific facts which are stipulated to be able to work for every scenario in a certain industry. That is, the analysis is based on general scientific facts, which may or may not hold for a given company in a given scenario.
For instance, using the analytics software to determine customer patterns and determine market trends may prove to be a deceiving exercise since the software will analyze the status quo of a certain market without considering the various market and customer forces and dynamics that have led to the same. Therefore, a positive result from such analysis may make a prospective investor make misguided investment decisions based on the information.
That is, the investor may enter a given market or industry due to the consideration of results of analytics indicating that the market or industry is booming and go on to find that there were intricate reasons for the boom that are not necessarily favorable to the investor. It is to say that the reason why the use of text analytics can be taken to be reflective of management science is that the software used in text analytics is built based on various management theories to help people practicing the art of management.
On the other hand, the use of text analytics can be taken to be reflective of management art. It is because the text that is usually analyzed is information about actual companies, and thus the management information that is analyzed reflects the art of management pragmatically.
This means that to arrive at a decision regarding a given market or industry, information about various companies operating within the market or industry has to be collected and analyzed using the aforementioned text analytics software. Although the final decisions made regarding the industry are drawn from the application of management theories incorporated within the code of the software, true management data from companies is used, and thus the practice of text analytics can be considered to be also reflective of the art of management.
Additionally, the fact that the information pulled from text analytics is used by managers to make managerial decisions for companies is also a supportive fact of the argument that the use of text analytics is reflective of management art. It is because this information actually guides such managers in the art of management and thus it can be taken to be a resource in the art of management. It must be known, however, that the practice is more reflective of management science than management art since its foundation is based on scientific facts about management and there is no way that the practice of text analytics can be carried out without the stated foundation. This foundation is indubitably the use of management-science-based software.
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