In any business, strategic planning and the power to make quick decisions can make or break your business. Getting timely and accurate information will go a long way to enable any business owner in the above aspects. Gathering insights and knowledge from ‘Unstructured data’ is what most enterprises are doing to give them a competitive edge.
Text Analytics is a method of Data Analytics that enables the business to know the insights and the customer pulse from the unstructured data to make that step forward to improve customer satisfactions, improve the business, identifying the process gaps ,retain the customers, providing added value services to premium customer, product promotions, customer needs, innovation of ideas.
Text Analytics make it easier to analyze customer survey data, helps in interpretation, identifies trends, pattern and identifies the context of business objectives, and helps you in the decision process bringing dynamic changes to your business. Text Analytics iterates through various data points to bring hidden insights from the 90% of unstructured data.
The Text Analytics process includes the collection of data from various channels, cleansing the data, Identifying Named Entity recognition, Categorization, Intention, Sentiment of customers, relationships, Event extraction, Cause and Effect analysis. Analysis outcome helps in identifying what customers think about your organization, product, and services.
The source channel for customer data can be anything including Social Media sites (like FB, Twitter, YouTube etc.), Case logs, voice data, Survey feedback, CRM etc.
Text Analytics applicable domain areas:
- Retail: store monitoring, case logs, device logs, sensor data, customer survey
- Telecom: Call logs, Exchange logs, Fulfilment, Revenue Assurance, Payments, Dealer commissions, case logs, network logs, Billing
- Banking: Customer Transaction logs, ATM logs, case logs, security logs, KYC, Credit cards and Payments, Web logs, Stock Trading, Fraud Detection, Loans
- Insurance: Underwriting, NBU, Services, Policy Administration and management, Clearance, Claims, CRM, Product Pricing
- HealthCare: Drug sale and services, Drug invention, Patient management, Drug management, Symptom analysis
- Domain agnostic: Product planning, pricing, R&D, Customer feedback