Corpus software can perform several functions to analyze text data:
1. It can generate concordances to locate words or phrases within texts and show surrounding context. Concordances are generated either by processing texts on-the-fly or building an index of word locations.
2. It can create word lists by identifying words as alphanumeric strings separated by non-alphanumeric characters like spaces.
3. It can identify key words that occur unusually frequently in a given text by comparing word frequencies to a reference corpus. This helps find important or distinguishing terms.