What is Text Analytics?
Text analytics is the process of analyzing and processing unstructured text data. Businesses are pushing to better analyze the unstructured data that provides feedback about their company from customers in the form of textual data. Some estimates put the amount of unstructured data at 80% of all available information in the world today. That is an astounding amount of text that companies need to analyze in order to find useful insights.
The process of text analytics has greatly improved in the last several years through the advent of powerful AI based platforms that utilize machine learning and natural language processing to provide insights into various forms of unstructured text data. These platforms can unify the structured and unstructured in order to reveal an overall view of company performance by analyzing surveys, chat data, reviews, social media posts, and call center logs among other sources. These text analytics tools provide context behind engagements and give companies the opportunity to see issues as they arise to create data driven solutions that effect change.
Historically, text analytics has been an arduous process involving teams of data scientists and analysts scouring information manually to produce insights based on a fraction of available data. Artificially intelligent text analytics software can greatly improve analytics by automatically processing vast amounts of information in near real time. AI powered software provides analysis on the entire data set in minutes and not months, allowing users to quickly leverage their knowledge and make data driven decisions based on relevant feedback and sentiment analysis.
To tackle the growing wealth of information in the world and to stay on top of areas such as customer experience, human resource management, marketing trends, and product management, businesses will need to continue to deploy advanced analytics solutions and powerful business intelligence tools. Textual analysis on the mountain of unstructured data with an AI powered text analysis tool such as Stratifyd’s will allow companies to understand how they are viewed by their customers, reveal potential opportunities for growth, retain a better workforce, and gauge reaction to their products. The latest developments in text analysis will allow companies to execute on their insights in almost real time, making full use of the important revelations buried under their mountain of unstructured data.