October 8, 2020
Today organizations have access to an unprecedented amount of data.
But they are no longer able to analyze it manually. There’s just too much of it.
That is why more and more companies are using text analytics tools and AI to extract insights from the data in their possession.
In this article, we are going to discuss:
- What is text analytics
- How can your organization benefit from analyzing unstructured text data
- How text analytics as a full-service can help you make better decisions
Want to learn how you can use text analytics and AI to make better decisions?
Then continue reading…
What Is Text Analytics?
Text Analytics refers to the process of deriving meaningful insights out of text-based data.
It is an automated process that analyzes large quantities of written communication from different mediums. It gathers insights, identifies patterns and topics of interest.
Organizations can use the gathered information to take practical actions in: customer experience, marketing or branding for instance, or even address social issues.
You probably want to know how it operates. Well, Natural Language Processing (NLP), a branch of AI, is at the heart of it all. Here’s an idea of how it works:
- One or more NLP techniques are used to extract value from raw text data.
- Sentiment analysis, intent detection and topic analysis are some of the advanced and more commonly used NLP techniques.
- You can then use this information to make better decisions for your organization.
Text analytics allows you to take full advantage of all the text-based data that would otherwise just accumulate without ever being put to use.
How Can Text Analytics Benefit Your Organization?
#1 Managing Your Organization’s Reputation
With text analytics, you can always know what topics people are discussing, how they feel about them, and the words they use to express themselves. This is extremely valuable because it allows you to know about problems and to solve before they snowball.
#2 Understanding The Needs Of Customers
Every company has to figure out how to best meet their customers’ needs with the limited resources they have at hand. Text analytics can help you sift through all the relevant data, identify what your customers care about the most, then prioritize those things. And the data could come from various sources that include customer feedback, product reviews, chatbot discussions, robocalls and more.
#3 Understanding The Business Environment
Providing excellent customer experience is absolutely crucial for the success of your organization. Text analytics can not only help your organization understand the concerns of your customers or users, it can also help you understand the business environment better, get more insights on competitors and regulators. All of these are vital for establishing effective strategies.
And Here's the Most Important Benefit: Text Analytics Saves You Time
You know what underlies all three benefits that we have just discussed?
It’s the fact that text analytics helps you save the most valuable resource there is: time.
Sure, in theory, you could try to analyze all this data yourself, but in practice, you simply don’t have enough time for it.
Hubspot found that collecting, organizing, and analyzing data is the most time-consuming of routine marketing tasks, with marketers spending an average of 3.55 hours a week on it:
And this doesn’t take into account all the other tasks that could be simplified by text analytics, such as the previously mentioned reputation management, customer support, etc.
Why waste your most precious resource on tasks that can be better performed by a specialized service provider?
What You Need To Know About Text Analytics Software
We are going to keep it real: there are quite a few great text analytics software and tools out there.
And they may work well for your company considering you have the in-house expertise required to use them, which will be beneficial if you need automatic results without the need for insight development.
However, it’s important to understand that with all the current solutions, the user has to do at least one of the following:
- Locate and extract the data.
- Prepare and clean the data
- Have access to advanced tools and knowledge to analyze the data.
- Extract statistically accurate results.
- Turn the results into actionable insights.
Moreover, several popular options only provide over-simplified sentiment analysis, meaning they only tell you if the overall feeling is negative, neutral or positive.
Why Full-Service Is Better Than Just Text Analytics Software
Meanwhile, here at DrAI, we provide a full-service alternative:
- We take care of the whole project from data collection to analyzing and distilling the results into practical and actionable insights.
- We conduct complex sentiment analysis overtime; comparing and contrasting the discussion around brands, revealing shifts in it.
- We deliver the results fast, first results can be delivered in 24h.
- We have our own visualization tools to help you understand the findings.
- We can analyze texts in 60+ languages.
You don’t have to spend time researching the best text analytics software, mastering that software, and then using it to analyze your data.
We help everybody; from private enterprises to public institutions, from satisfying customer needs and wants to addressing social issues.
All you need to do is brief us, give us access to the data if it is in-house or let us know what data you want analyzed. Be it tweets, enormous amounts of customer feedback, open-ended survey results, comments in discussion forums or robotic phone call transcripts, we’ve got it.
We care about our users, your projects are our projects.
Text analytics is fast becoming a powerful tool that provides organizations with actionable insights that helps them make better decisions. The only way to keep up with ever-changing technological landscape is to embrace change and look for ways to boost productivity, save time and automate tasks.
If you would like to avoid the daunting task of setting up your own tool and consider text analytics full service, we can take care of everything for you.
Want to learn more about our services? Feel free to book a demo anytime. We would love to talk to you!
Header photo by Scott Graham on Unsplash