Half of the world’s population uses the internet for several purposes; companies generate text data like reviews, tweets, blogs, live chats, emails, surveys, and forum discussions from the internet. The data is unstructured and found all over the web, but companies such as Verint use text analytics to create reports that you can use to make crucial decisions. They gather, structure, and analyze this data correctly to gain valuable knowledge.
Organizations benefit from analytics reports in various ways. Consequently, they can enhance customer satisfaction, improve research, and increase profitability. The following are insights into five ways of how companies use the technology.
Definition:
Text analytics is a process that mixes statistics, machine learning, and linguistic techniques to analyze unstructured text that lacks a predefined format to establish patterns and insights.
Therefore, the technology offers an automated approach to visualizing and analyzing unstructured text data. In addition, it allows individuals and businesses to learn more about what people are feeling, thinking, and talking about their products and services. The technology uses diverse techniques. They include topic modeling, sentiment analysis, named entity recognition, event extraction, and term frequency.
Benefits:
- Understanding Public Opinion:
Analytics offer valuable information to governments that want to gather precious intel from opinion polls or focus groups. Moreover, when assessing public opinion, it maintains the privacy of the respondents and only highlights the information. The technology has an alternative that comes with numerous benefits.
- Research:
The technology makes it possible to evaluate trends in research. It uses automated analysis of textual sources. Therefore, it prevents research companies from reinventing old ways while focusing new work on previous studies.
Companies can benefit from research obtained from textual analysis to improve user experience, enhance business intelligence, detect product issues and conduct market research. Consequently, when companies analyze the benefits and act on them, they can gain from the market in the following ways:
- Increase in revenues
- Productivity
- Save costs
- Reforming Unfair Practices:
Companies use analytics in policymaking, and since data is available online, organizations can use it to gather information about areas of concern and trends. Therefore, it helps to protect consumers from unfair financial practices. In some instances, they can be used by those in office to reform unfair practices through legislation. The Consumer Financial Protection Bureau uses the technology to evaluate consumer complaints and send them to the companies in question.
- Save Lives:
An organization can implement the technology to assess recovery needs and wants during a crisis. They evaluate practical implications that will help prepare responses to various requirements and seek the necessary support. Companies can also plan for disaster relief as they will have the correct information on what is happening.
- Prevent Crime:
Police can employ analytics to establish crime patterns by looking at data obtained from various states or countries. In addition, they can help to identify accurate information and implement actions that work to eliminate certain crimes.
Technology is an essential tool that can help businesses implement changes. All companies on social media can benefit from hiring companies that implement this tool.
