What are the Benefits of Text Analytics?
Data science and text analytics have a long history dating back many decades. The techniques and processes to turn raw data into real insight have evolved over the years to include powerful analytical tools that make the time consuming process of big data analytics so much easier. Today, text analytics software has developed to include artificial intelligence and machine learning that can analyze unstructured data in the form of text faster and more efficiently than ever. Businesses are leveraging this new technology to gain valuable insight into the feedback from their customers across a wide variety of sources. As the public engages with companies over multiple channels, better and more versatile tools are necessary to make use of all that data.
Analyzing textual data can provide a wealth of information that businesses have previously been unable to access. Structured and semi-structured data in the form of CRM information, ERP data, or sales figures can provide the when and what of an interaction, but to delve deep into the context behind engagement, business is turning to analytics tools powered by artificial intelligence and machine learning. These analytical tools provide deeper insight into things like customer sentiment analysis, and create a clearer picture of company performance above and beyond the typical structured data sets.
As the sheer volume of data has increased, companies need to improve their time to insight on larger amounts of information. AI and machine learning make processing and analyzing huge numbers of data faster and easier by removing the limiting human element and allowing the artificial intelligence to analyze and present the relevant information. AI’s built to scour millions of reviews, surveys, chat logs, emails, and other text based data then automatically provide insight augment human knowledge to leverage important information quickly. Advanced analytics with natural language processing allow businesses to dive into their available data to create a true overall picture of company performance and customer engagement.
Data analytics with next generation technology are revolutionizing how businesses unify the structured and unstructured data in their possession, while providing faster time to insight on complete data sets. By analyzing 100% of relevant data, businesses can leverage data driven insights to create meaningful change in their practices and better engage with their customer base across a wide variety of channels.