How Text Analytics Uses Massive Amounts of Data
Every company collects data in huge volumes. Much of this information goes unused and is forgotten inside terabytes of data on servers or hard drives. The trouble isn’t that companies don’t recognize the value in their wealth of information, many businesses have enormous difficulty analyzing and processing this data to gain any relevant insight. Much of the data, somewhere near 80%, is unstructured textual data. This form of information has presented a problem for businesses for many years. The process of analyzing unstructured data has historically been incredibly time consuming and costly. For this reason, much of it goes unanalyzed in the stores of company data.
85% of businesses are working to make better use of their data, with 60% of business leaders recognizing that failing to adopt strong data analytics strategies will make them obsolete. Even given this realization, only 37% of businesses believe that their efforts in data analysis will be successful. The solution for businesses is to employ powerful data analytics tools that use artificial intelligence and machine learning to automatically process huge volumes of information in less time. By removing the manual human analysis and allowing analysts to let technology make their job easier, businesses can improve efficiency in data analytics and gain better insight in minutes, not months. Just a 10% increase in data accessibility could potentially give companies a $65 million increase in annual net revenue.
Use of data analytics in marketing can also create better engagement with customers and help marketing teams generate a better customer journey. 91% of marketing officers believe that successful brands should use customer feedback data to create informed decisions about strategy and customer preferences. Those businesses who are leveraging data for marketing and operational decisions could expect a 49% increase in revenue growth versus those that do not. Those businesses that use big data to its full potential could increase their operating margin by more than 60%. The value of data analytics is obvious, but some businesses still require the right tools and technology to truly use it to their advantage.
By understanding, processing, analyzing, and using big data analytics, companies will be able to create data driven decisions that will affect their bottom line and build efficiency into their operations. Through AI driven data analytics, companies can recognize issues in near real time, fully understand customer sentiment, and make changes that will drive revenue growth and customer satisfaction.