Big Text Analytics As A Business Intelligence Tool

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!

text-analytics-as-business-intelligence-tool

Image credit of businessnewsdaily.com

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.

Rising Importance Of Big Text Analytics

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.

Big Text Analytics As A Business Intelligence Tool

Text Analytics not just promotes work efficiency, it is also a powerful tool to integrate across business functions:

        > Marketing
Social media listening, consumer feedback analysis, market research, consumer’s perceived value of company

        > Customer Relationship Management
Addressing product issues, responding to complaints and executing service recovery, managing brand’s reputation

         > Business Development
Developing competitive strategies, monitoring competitors’ activities, keeping up with social trends in the industry, innovating for new ideas

         > Administration
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:

  • The problem is not a lack of data. Most companies have access to plenty of customer feedback surveys, mobile tracking data, loyalty program activities, and social media feeds — but, it’s not easily available to business leaders to help them make decisions.
  • Insights derived from unstructured sources lag those based on structured data. The latest survey data shows that, on average, enterprises leverage about 35% of their structured data for insights and decision-making, but only 25% of their unstructured enterprise data

In Conclusion

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:

Go to our full list of Text Analysis APIs.

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