Method, apparatus, and computer program product for classification and tagging of textual data

An apparatus for identifying one or more services based on machine readable text, the apparatus comprising at least one processor and at least one memory including computer program code, the at least one memory and the computer program code configured to, with the processor, cause the apparatus to at least:

• access a corpus comprising a plurality of documents, each of one or more documents of the corpus having one or more labels indicative of one or more services offered by a merchant;
• generate, using the processor, at least one query based on one or more extracted features and the one or more documents;
• generate a precision score for at least a portion of the generated at least one query, wherein the precision score is calculated based on a number of true positive documents returned by the query divided by a total number of documents returned;
• and
• select a subset of the generated at least one query based on an assigned precision score satisfying a precision score threshold, wherein the selected subset of the generated at least one query are configured to provide an indication of one or more labels to be applied to machine readable text.

A computer program product for identifying one or more services based on machine readable text, the computer program product comprising at least one non-transitory computer-readable storage medium having computer-executable program code portions stored therein, the computer-executable program code portions comprising program code instructions for:

• accessing a corpus comprising a plurality of documents, each of one or more documents of the corpus having one or more labels indicative of one or more services offered by a merchant;
• generating, using a processor, at least one query based on one or more extracted features and the one or more documents;
• generating a precision score for at least a portion of the generated at least one query, wherein the precision score is calculated based on a number of true positive documents returned by the query divided by a total number of documents returned;
• and
• selecting a subset of the generated at least one query based on an assigned precision score satisfying a precision score threshold, wherein the selected subset of the generated at least one query are configured to provide an indication of one or more labels to be applied to machine readable text.