Text analytics is shaping the future of how data is used to do business.
Using unstructured data (free form text that is not organized), text analytics can provide valuable new insights to help businesses:
– make data-driven decisions
– simplify data
– become more responsive to customers
The benefits of text analytics are redefining societal progress across industries. It happens when businesses identify, prioritize, and leverage text analytics results with real-world applications to the core of each business.
Identify Value In Unstructured Data
Text analytics enables businesses to analyze previously untapped large sets of unstructured data. Traditionally, unstructured data is difficult to get to and hard to work with. It is labor-intensive like “data trapped in virtual or physical filing cabinets”.
Discover New Opportunities In Your Text
It is estimated that 80% of unstructured data has not been accessed by businesses.
By using text analytics, businesses discover new opportunities to mine and analyze large data sets of customer feedback to identify trends in behavior from:
– social media
– live chats
– surveys
– emails
This newfound information takes the place of guesswork when it comes to concerns and decision-making for the business.
Prioritize Consumer Information
It also enables the business to be more sensitive to the changing needs of customers. Text analytics empowers businesses to prioritize decisions based on informed results. For a business, knowing the “who, what, where is being talked about” is part of the solution. Being able to prioritize that direct, verbatim information and execute on it is what makes text analytics transformational for businesses.
Leverage Text Insights
When a business discovers text analytics, it can take a single insight into a customer’s mindset to cause a paradigm shift in business operations. A business experiences increased productivity, revenues, and cost savings with the ability to:
· Improve user experience
· Enhance business intelligence
· Conduct market research
· Detect product issues
· Monitor brand reputation
Other than practical applications, text analytics has strategic benefits for businesses.
Simplify Unstructured Data
For one, text analytics makes unstructured data simple. Now, it is easy to filter, search, and cross-reference unstructured data in an instant making it much more scalable.
Scale Your Enterprise
It is precisely this scalability that makes text analytics an effective enterprise-wide solution for data-driven decisions. It has no organizational boundaries making it a process that can create a foundation for enterprise-wide analytics.
Innovate Your Enterprise With Text Analytics Insights
Today’s business climate can change drastically overnight, in response to new technology, feedback, or innovation. Text analytics can empower businesses to find new opportunities and gain a competitive advantage. A benefit of text analytics is accessing new insights that were previously unknown or unavailable to the business. This capability drives business innovations into new markets and products.
Conclusion
The new generation of text analytics tools, such as the Content Analytics Platform (CAP) from Scion Analytics, leverage Artificial Intelligence (AI) and Natural Language Processing (NLP) technologies to enhance capabilities for quantitative insights.
The bottom line is that there are many benefits of text analytics for businesses. It enables enterprises to uncover hidden signals in data to make smarter decisions. Confident and prompt decisions not based on guesswork sustain the long-term growth of the business. This is the way text analytics is shaping the future of businesses across industries.
