Text Analytics : Why Businesses Analyse this Data
What is text analytics?
Also known as text analysis, text mining or text analytics.
Text analytics is the analysis and converting of text and text data into meaningful insights, patterns, and trends which assist in make fact-based decisions for a business. The text can come from numerous sources however they are often collected from social media platforms, product reviews, customer opinions, and feedback.
Why is text data is valuable?
Society is always changing. Businesses constantly need to evolve with these changes in society in order to survive. An easy way a business can keep up the latest trends and patterns in society is to tap into text analytics.
Text uncovers the very change that occurs constantly in society. There are so many clues within the style, choice, and tone of words, sentences chosen by people.
Consumers place an incredible amount of content into businesses and the internet for all to access all the time. Many businesses don’t realise that much of this information is free to access and an incredible opportunity for marketers to use for their advantage.
Finding the meanings within the written word provides a framework from which marketers can see potential future risks, expense reduction and revenue opportunities in the future.
Text analytics has the potential to efficiently discover events and patterns and trends within the data collected and form relationships between different insights to achieve better business strategies in the future.
Businesses need to filter and go through relevant text data to better understand their customers so they can make their products and services better.
Where is text data found?
Text data can be found in emails, surveys, social media monitoring, the voice of the customer, call-logs, reviews, opinions, feedback, chatbots, comments, tweets, and other documents.
It can basically come from anywhere there is text associated with the business. However, if a company doesn’t know what text data to collect this task can be never-ending and one that doesn’t provide any valuable insights and business opportunities.
A data analyst or text data software are the best ways to effectively take advantage of text analytics.
Popular text analytics
Text analytics is very useful for customer service analysts and social media managers.
Social Media is the number one area text analytics is applied.
Most social media platforms have business eyes on the number of likes and the number of followers. This is a huge error because there is a wealth of knowledge within social media within the texts and not just in the volume of engagement.
Here a business can find invaluable insights, trends, patterns the changing themes of society.
How can your business collect text data?
Filtering through terabytes of data in text from social media content is often not possible for cost or resource reasons and often businesses do not have the skills or resources required to interpret the vast amount of data collected.
For this reason, there are analytics programs that can very well do this task. The text analytics is a booming industry for software developers.
Or you can call us and we can provide a free quote for text analytics.