Uses of Unstructured Data Through Text Analytics
Unstructured data, or data that is not easily categorized such as text data, comes from many sources of interest for businesses. Unstructured data can allow businesses to analyze trends and to identify how the market is changing around their existing operations. Unstructured data can provide a window to gaps in performance that businesses may not have otherwise seen, allowing them to fix minor issues before they become major problems.
Business utilizes this information in a variety of ways to further understand their customer base and create data driven decisions that affect their operations. For many years, the true value in unstructured data was unrealized due to the difficult and time consuming process of analysis. However, advances in text analytics have provided powerful software to generate actionable intelligence from text data through artificial intelligence and machine learning.
With unstructured data growing at 62% year over year, legacy analytical methods are unable to keep pace with the growing amount of information. By leveraging new technologies, business can dive into their data oceans and greatly improve their practices on every level. Here are three key ways that businesses can use unstructured data to their advantage in the changing market place.
Improve the Quality of Early Warning Signs
Currently, businesses who are not using AI based text analytics are still using predictive taxonomies to attempt to find potential issues. Better analysis of unstructured data through artificial intelligence can reveal relevant information without the need for prediction in order to alert businesses to arising issues.
Reduce Customer Churn
Through in depth analysis of unstructured feedback from customers, businesses can identify those individuals who are exceedingly happy and most likely to stay a customer. They can also recognize those customers who are very displeased with the product or service, allowing them to take steps to resolve any issues to retain that customer.
Blogs, news articles, and consumer portals increasingly affect a customer’s buying decisions. Businesses can monitor the media and blogosphere to measure how their business is perceived on a wider scale. By recognizing any potential issues, companies can proactively engage with the media and customer base to bolster perception and ease consumer concerns.
The real challenge in unstructured data is in unifying every piece of available information from every channel to create a overall view of the company. The advances in AI and ML are allowing businesses to keep their finger on the pulse of their industry, understand consumer concerns, and detect potential issues as they arise. Data analytics will continue to advance, and businesses will continue to leverage this technology to find increasing value.