The next time you hear someone says “Be careful, the walls have ears”, do take it very seriously. We’re not even talking about concrete walls here. Web crawlers today are getting so sophisticated that they are crawling onto your Facebook wall, Twitter, listening to your virtual voice, watching which pages or content you liked and gathering various information about you. Don’t be surprise now that they probably know you more than you know yourself!
Now don’t get me wrong, I’m not trying to highlight how web intelligence is invading our privacy. On the contrary, I appreciate how Youtube suggests videos which I may like based on my browsing records and Amazon notifying me of the latest deal about the new gadget I’ve been eyeing. Let’s put it this way, I see Big Data more as a beneficial tool rather than a hindrance for both businesses and consumers alike.
Saying that, in recent years, the new popular kid on the block, Big Text Analytics has been drawing a lot of attention from businesses. According to Seth Grimes, 80% of an organization’s data is unstructured, meaning they are rich with insights, but unreadable. Manual sorting of data can be inefficient and costly which is why analysts are turning to text analytics for consumer opinion mining.
Text Analytics not just promotes work efficiency, it is also a powerful tool to integrate across business functions:
Social media listening, consumer feedback analysis, market research, consumer’s perceived value of company.
Addressing product issues, responding to complaints and executing service recovery, managing brand’s reputation.
Developing competitive strategies, monitoring competitors’ activities, keeping up with social trends in the industry, innovating for new ideas.
Classifying and keeping records of documents in short, to get more comprehensive insights, it is ideal to incorporate both Big Data and Big Text Analysis in the analytics. Together, they provide complementary strategies that can help to improve overall customer satisfaction, increase customer retention, and boost profitability for the business.
A research by Forrester has found that:
SMEs to small businesses regardless, to stay ahead of competitions, it is essential to deploy and start reaping benefits from Text Analytics Technology.
Here are some links to Twinword’s Text Analysis APIs to get you started: