How Text Analytics Software Can Benefit Your Company

Text analytics combines machine learning, statistical, and linguistic techniques with other analytical processes to make sense of large volumes of unstructured text.

From sentiment analysis and topic modeling to entity recognition, event extraction, and frequency charting, text analytics offers itself as a revolutionary way of understanding the marketplace with unique potency in a variety of sectors and use cases. Text analytics software helps businesses, governments, and other entities make sense of vast networks of text-based data. Text inputs are an excellent resource in the analysis of market sentiments, public policy and debate, and virtually all other contexts. Text analytics helps end-users make sense of interviews, speeches, and other media resources in order to make predictions about the future that stands the test of time. With the help of text analytics, decision-makers are able to evaluate sentiments and much more. This is useful in all manner of business spaces and beyond the world of business.

Continue reading to learn more about how text analytics can benefit your company and improve your predictive capacity and analytical processes.

Text analytics goes beyond the value of simple text mining.

Brand managers often confuse text mining and text analytics for the same process. However, while these terms may be used interchangeably, they are actually quite different in their utility and output. Text mining is a nuanced and text-focused segment of data mining, covering the simpler process of deriving qualitative insights from unstructured text. This is useful for identifying levels of satisfaction in a customer base or evaluating product utility based on surveys and customer reviews.

Text analytics is used for deeper analysis that goes beyond simple metrics, and it dwarfs the utility that data aggregation and mining operations provide to businesses as a result. For instance, analytic processes in this space can be deployed to make sense of why consumers feel the way they do rather than just overall trends of positive or negative responses.

Used in combination with data visualization techniques, text analytics can offer a brand new approach to data analysis and market insight utilization.

Text analytics can offer a new way forward for your business.

In today’s world, over half the globe's population has reliable access to the internet. While this represents a monumental shift in connectivity, the truly unbelievable component of this statistic is that nearly all of these people engage with social media platforms on a monthly basis. Social media is a vast network of text data. Users tweet, post, and share relevant information every day. With the help of text analytics, businesses are able to make sense of what users are saying about their products and their segment of the market, and more importantly, why they are saying it.

This change in the way people interact with the world around them has made for a new requirement in the world of business analytics. Instead of actively engaging with the market in the form of focus groups, research interviews, and other approaches, brands are able to analyze large datasets of publicly available information with the help of text analytics software platforms. This helps businesses understand customer trends, product performance, and the quality of their services in a simple and intuitive format. What's more, often users are reluctant to share their unfiltered beliefs in the context of a focus group setting. However, social media platforms have removed a level of inhibitions that many users feel as they go about sharing their experiences with companies and products.

Consider adding text analytics software to your business processes today for a versatile and agile analysis tool that is transforming the way brands do market research.