How Using Text Analytics Can Improve Your Business
Are you the owner of an organization in need of some type of data analyzation? Perhaps you are interested in social media monitoring in order to understand what your customers are saying and how they are feeling about your product, or maybe your business performs identity verifications before providing service to customers and you need a more nuanced way of doing just that. The good news for you is that you absolutely have options. In fact, the text and data analytic market is worth over $3 billion right now and will increase to nearly $6 billion by 2020. In other words, other business owners need this service as well which is driving up the competition. Below are three popular services that data analysis companies offer:
1. Text Analytics – Text Analytics is one of the most commonly used services of companies like the ones mentioned above. Essentially, text analytics is a way to turn unstructured data into data that your company can use to measure things like your customers opinions of products, the consensus of product reviews and other feedback, and more. All of this information can be used to help your company make decisions on the future. For instance, if you realize that a new product that you launched is not resonating at all with it’s target audience, you and your project team and choose to create a new marketing strategy that will work or scrap the product altogether and save the money you would have spent to start something new.
2. Entity Extraction – Another popular service offered by analytic companies is a process called entity extraction. This process typically uses a software to analyze raw text in order to find and catalog it into various entities like people, places, events, companies, and more. Essentially the process finds every time an entity is mentioned and creates a set based on that. Again, if the entity is your business or product you can probably already see the benefit of knowing how often it is being mentioned online.
3. Identity Resolution – The third service that has become invaluable for many business owners over the last decade is identity resolution. This software is especially helpful for companies that must complete some type of identity verification before providing service to their customers. When identity resolution software is used, it can assist in determining when similar information is actually describing the same person.
According to The International Data Corporation, less than 1 percent of data is ever analyzed. As a business owner, think of all that you are missing in the remaining 99 percent. With the help of text analytics, entity extraction tools, and identity resolution software, you could be understanding so much more about what your customers really want. So what’s stopping you?