We are continuously producing data. Further, IOT systems hooked to the internet share and collect data as well. Over 80% of the data shared on the internet is unstructured and difficult to make sense of. However, it contains a lot of valuable insights that help you find areas of focused improvement. But the amount of information collected around the globe is too is just too immense to interpret and make sense of. This is where text analysis comes into play.
Text analysis can help you make extensive volumes of unstructured data accessible. Also through text analysis techniques such as sentiment analysis, entity detection, topic labeling, and more, you can extract various kinds of useful information.
Now that we are done with the fine print, let’s look at some industrial applications of text analysis. Let’s dive in.
Hospitality
In the hospitality industry reviews can mean the difference between success and failure. While the industry is at a standstill due to COVID-19, the quick deployment of vaccines shows great promise. Hotels can use text analysis to analyze large volumes of reviews with ease. It can guide you towards what needs improvement along with areas where you excel. Using the insights and suggestions from customers you can enhance the quality of your services and live up to their expectations.
Healthcare
Hospitals generate a ton of documents daily which can difficult to keep track of. These documents valuable information such as patent details, medications, equipment maintenance, staff, etc. Text analysis can help you classify these documents as per the information available in them.
Another promising application of text analysis is analyzing physicians’ notes. Physicians record a lot of patient details in their notes, although, this data is hardly accessible for future use as most of it is unstructured text. Text analysis solutions can help you dissect and interpret data from physicians’ notes for future use.
Pharmaceuticals
Medical affairs specialists help move pharmaceuticals products from the experimental phase to commercialization. Although, this requires an in-depth analysis of the drug, its effects on the human body, and government regulations. Manually processing and analyzing this data can be tedious and time-consuming. Also, any mistakes or irregularities while processing the data can be lead to devastating outcomes.
These specialists use text analysis solutions to analyze and make sense of this complex and unstructured data with ease. Depending on the outcome gained from the analysis, they can take the necessary measures to develop the drug.
Financial Services
The financial services sector has to process a ton of data daily. Also, the data is far too complex to be analyzed by any individual. Therefore, financial services firms use text analysis to analyze customer feedback, analyze interactions, access claims, and evaluate risks. Take stock market predictions for example. Before, the financial sector could only leverage numerical data to identify opportunities and minimize risks. But by using text analysis, financial institutions can analyze unstructured text from various sources to manage risk and better serve their customers.
Retail and E-commerce
In the retail industry, living up to the customers’ expectations is most important. E-commerce retailers in particular have to focus on providing the best positive customer experience. Especially when the retail industry is witnessing a boom in online purchases amid the worldwide pandemic. A poor customer experience will keep customers away from your products and services. Furthermore, the reviews of such unsatisfied users could drastically slow down sales. Eventually, you will have a hard time finding new customers.
Many online sellers and retailers are using text analysis solutions to analyze the feedback or reviews of customers to identify areas where they lack and need to make improvements. This helps them live up to the customers’ expectations and draw positive feedback that can help them attract new customers.
Risk Management
Irrespective of the industry a business operates in, it is essential to analyze all aspects of the business which also includes accessing risk. The financial sector is one of the most prominent industries leveraging text analysis to minimize risk. Risk management text analysis solutions can drastically increase the ability to mitigate risk, enable easy analysis of thousands of documents. This helps them take link together relevant information from multiple sources and use the insights to find the right course of action to minimize risk.
Business Intelligence
Finalizing the right course of action for your business without analyzing all factors that are related to your business can result in a devastating outcome. It is more difficult when you have to answer to your shareholders. Businesses have started to use text analysis to analyze extensive volumes of unstructured text related to your business. This helps analysts quickly identify the right course of action that can propel your business to new heights.
Customer Care
Providing the best customer support experience is the most effective way to build brand loyalty. But managing thousands of customer support queries and analyzing surveys is not easy. Text analysis solutions can help you automate the classification of customer support queries based on the issue or intent expressed by the consumer. You can then move the query to the right executive, thus enhancing your response times. Similarly, by automating the classification of customer complaints, you can also identify frequently occurring complaints too.
Social Media Monitoring
Social media platforms are now the most preferred platforms by consumers to express their opinions. Text analysis can help you analyze the vast user-generated content posted by users on social media platforms. It can help you understand how people engage with your brand and thus allowing you to understand the reaction of users and how they perceive your brand. Similarly, you can also identify key issues or complaints that users face while using your brand’s products or services.
Wrapping Up
Text analysis has already shown great promise in industries like healthcare, pharmaceuticals, and finance. And the technology is expected to gain wide-scale adoption in the next few years. It can help you uncover valuable insights from complex unstructured data with ease.
BytesView is an amazing tool that has a ton of features and can help you analyze large volumes of unstructured text with ease.
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