Text analysis (also known as text mining) utilizes machine learning and NLP (natural language processing) techniques to gather and analyze unstructured text. It can assist you in quickly and easily extracting useful information from big amounts of text.
The quantity of information available on the web today is mind-boggling. Irrespective of what industry you operate in, companies and individuals can use this data to make informed decisions. With the recent advancements in text mining capabilities, businesses can leverage this vast volume of data to gain valuable insights.
Here are some of the industries that are already taking advantage of the text analysis in 2021.
Finance
In terms of complexity, the financial industry is unrivaled. Contact, paperwork, risk assessment, and adherence are just a few of the many facets of this project. Customers’ comments, contacts with customers, complaints, and compliance issues are all being analyzed using text analysis in the financial sector.
Consider the case of conformity. When searching for phrases related to money or fraud in internal legal documents, personnel might utilize a text analysis tool derived from natural language processing (NLP). When compared to completing it manually, this will save considerable time.
Hospitals and Pharmaceuticals
Healthcare and medical experts assist pharmaceutical companies in the transition from R&D to distribution. To complete the project successfully, you must be well-versed in drug body and legal regulations, as well as summaries of drug information. Medical affairs professionals use text analytics to transcribe and notify on each of these.
The experts will then be able to make changes based on the effects of the changes on the drug they are working on. By automating the process of monitoring these changes, text analysis saves time while also improving accuracy and scalability.
Retail
Isn’t it true that the customer is king in the retail industry? With the increase in online purchases during the pandemic, e-commerce retailers must focus on providing the best possible end-user experience. A negative incident means a customer is unlikely to return, much more than in physical establishments where customers visit because they are nearby.
Many e-tailers are turning to text analytics to collect, and analyze information that aids in the detection of issues while using an e-commerce platform or interacting with customer service.
Public Relations and Advertising
Text analysis excels at sentiment analysis, which is the focus of public relations (PR). Text analysis can be used in real-time to monitor the sentiment in customer feedback. You can then easily notify your public relations team about the potential brand reputation crisis and devise a strategy to address it before it worsens.
Advertising text analytics can help you track the reach and reception of your marketing campaigns. You can examine how people respond to or interact with your campaign. If the response is negative, you have the option of changing your campaign strategy before it harms your brand’s reputation.
Hospitality
A hotel’s success or failure is directly related to its online reputation. Ratings are important for deciding whether to book a stay, as well as for gaining insight into how well – or poorly – a business performs. Even if COVID-19 has destroyed the hotel industry, a rapid vaccination rollout in 2021 and beyond holds great promise.
Hotels use text analysis to better understand their own strengths and weaknesses, as well as what their competitors are doing. Some customers have expressed dissatisfaction with the service’s wi-fi. These reviews can assist a hotel in determining whether the problem with the area network is widespread or limited to a few select guestrooms. Then they can fix it, thank the critic for their time, and get better ratings in the future.
Human Resources
Text analysis could help with both the screening and evaluation phases of the recruitment process. The most basic application would be determining a potential employee’s skills before making a hiring decision. Prospect identification is essential in the recruiting industry because it identifies job seekers before they actively seek employment.
Knowing, for example, if someone posts about not enjoying their job or wanting to work in a specific profession, a significantly larger organization, or a new location would be extremely beneficial. Once you’ve identified a potential customer like this, you can use text analysis to see if they’re a good fit based on what others are saying. The use of news, discussion boards, and other information sources can help in the evaluation of prospective employees.
Closing Thoughts
Unstructured text data is growing rapidly and becoming more widely available, presenting significant opportunities for businesses. The willingness to use text mining and predictive analytics, on the other hand, is insufficient for progress. As a corporation, you must first assess your position and then devise a strategy for capitalizing on these new opportunities. Knowing where you are now will help you decide what to do next and will keep you from taking on more than you can handle.
Start leveraging text analysis to get access to insights and propel your brand to new heights. BytesView can help you dissect large volumes of data with ease and provide actional insights to make data-driven decisions.
If you have any questions, do let us know in the comments.
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