Hello,
In Datascience, Levenshtein and Jaro Winkler distances are used to quanitify a similarity between two strings.
Here the wikipedia pages
https://en.wikipedia.org/wiki/Levenshtein_distance
https://en.wikipedia.org/wiki/Jaro%E2%80%93Winkler_distance
Note 1 : the Levenshtein and Jaro Distances are already used in Fuzzy Matching tool, so that shouldn't be a huge work to include it in formula
Note 2 : there is a useful macro on the galley https://gallery.alteryx.com/#!app/LevenshteinDistance/5c54701f826fd30988f02779
Note 3 : some product already have it implemented such as Apache Hive or Qlik Sense
Best regards,
Simon