What is text analysis? – Bytesview Analytics
Large organizations and businesses evaluate a large amount of unstructured data such as e-mails, reviews, social media reviews, and feedback, which cannot be done manually and does require an AI to ease this job which is done by text analysis.
In this article, we will discuss text analysis, including what it is, how to utilize AI tools to perform text analysis, and why it is more important than ever to review your content in real-time automatically.
What Exactly Is Text Analysis?
Text analysis is a machine learning technique that automatically derives important insights from unstructured text data. Businesses utilize text analysis technologies to quickly ingest reviews and feedback and take actionable insights.
Text analysis may be used to extract particular information from hundreds of emails, such as keywords, names, and information, or to categorize survey replies based on attitude and topic.
Why is text analysis important?
Text analysis helps in extracting useful insights and information from large amounts of unstructured data, such as social media posts, customer feedback, and news articles. It enables businesses and organizations to make informed decisions based on patterns, trends, and sentiments found in the text data. Additionally, it can also aid in natural languages processing tasks such as sentiment analysis and topic modeling which can help businesses to take appropriate action.
1. Text Analysis Is Scalable
Text analysis technologies allow enterprises to arrange massive amounts of information, such as emails, chats, social media, papers, and so on, in the blink of an eye, allowing them to focus on more critical business duties.
2. Analyze text in real time.
Businesses are inundated with information, and client comments may surface everywhere on the internet these days, making it tough to keep track of everything.
3. Methods and techniques
We have basic and advanced text analysis techniques, each with its own set of goals. Here are some easy analytic tools and how you may utilize them.
- Text Extraction
- Word Frequency
- Word Sense Disambiguation
- Text Classification
Customers share their thoughts on firms and goods through customer service contacts, surveys, websites, and on the internet. Sentiment analysis helps to classify opinion polarity (positive, negative, and neutral) as well as the writer’s moods and emotions, as well as context and sarcasm.
Companies, for example, can identify complaints or urgent requests using sentiment analysis. Sentiment classifiers use user input to enhance goods.
Test Bytesview’s pre-trained classifier. Simply type in your own words to see how it works.
Topic analysis (or topic modeling) is another frequent form of text categorization, which automatically organizes text by subject or theme. For example “The software is simple to use,” Try Bytesview’s tool for more.
Text classifiers are machine-learning algorithms that are taught to categorize or classify incoming text. They are often used for sentiment analysis, spam detection, and topic categorization. They may be taught using a variety of methods, including supervised learning, unsupervised learning, and semi-supervised learning.
Try out Bytesview’s tool for more.
The technique of automatically extracting specific information from a larger text document is referred to as text extraction. This may be accomplished through the use of several approaches such as natural language processing (NLP) and regular expressions. Named Entity Recognition (NER), is a subtask of information extraction that seeks to locate and classify named entities mentioned in unstructured text into predefined categories such as person names, organizations, locations, medical codes, time expressions, quantities, monetary values, percentages, and so on, is one common method.
A named entity recognition (NER) extractor detects entities inside text data that can be persons, corporations, or locations. As with Bytesview’s pre-trained name extractor, the results are labeled with the relevant entity label.
How does text analysis work?
It’s comparable to how people learn to distinguish between subjects, objects, and emotions. Assume we have urgent and low-priority items to address. We don’t recognize the difference intuitively; we learn gradually by connecting urgency with particular statements.
How to Analyze Text Data
Text analysis may stretch its AI wings across a range of texts depending on the findings you want. It can be used for:
- Full documents: gets information from an entire document or paragraph. For example, consider the general tone of a customer review.
- Single sentences: collects data from particular sentences, such as the more precise feelings of each sentence of a customer review.
Once you’ve decided how you want your data to look, you can begin analyzing it. Let’s take a step-by-step look at how text analysis works.
- Internal Information
This is the information you collect on a daily basis, from emails and chats to surveys, client inquiries, and customer support issues.
Simply export information as a CSV or Excel file from your program or platform, or connect to an API to access it directly.
- External Information
This is text data gathered from various sources on the internet. Web scraping technologies, APIs, and open datasets may be used to collect and analyze external data from social media, news reports, online reviews, forums, and other sources.
Visualize Your Text Data
You’ve learned how to use text analysis tools to break down your data, but what do you do with the results? Business intelligence (BI) and data visualization technologies make it simple to grasp your findings by displaying them on visually appealing dashboards.
The BytesView data analysis tool is one of the most efficient and straightforward methods for extracting insights from unstructured text data. Get customized insights to help you improve marketing, customer service, human resources, and other areas.
- Google Data Studio
Google’s free visualization tool lets you generate interactive reports from a range of data sources. After you’ve imported your data, you may use several tools to construct your report and transform your data into an eye-catching visual tale. Share the findings with people or groups, post them online, or embed them on your website.
Looker is a corporate data analytics tool that delivers actionable insights to anybody in a firm. The objective is to provide teams with a wider picture of what’s going on in their firm.
Text Analysis Applications & Examples
Did you realize that text accounts for 80% of all corporate data? From support requests to product feedback and online consumer interactions, the text is involved in every key company operation. With a wide range of commercial applications and use cases, automated, real-time text analysis may help you get a hold of all that data. Increase efficiency and eliminate repeated jobs, which frequently have a significant turnover impact. Without having to go through millions of social media postings, online reviews, and survey results, you may better grasp customer insights.
1. Social Media Monitoring
Assume you work for Uber and want to hear what customers are saying about the company. You’ve seen both good and negative responses on Twitter and Facebook. However, 500 million tweets are generated every day, and Uber receives thousands of social media mentions each month. Can you picture manually examining all of them?
This is where sentiment analysis comes in to examine a particular text’s viewpoint. You may automatically categorize your social media remarks as Positive, Neutral, or Negative by evaluating them with a sentiment analysis model. Then, to comprehend the subject of each text, run them through a topic analyzer. You may automatically discover the reasons for favorable or negative remarks by executing aspect-based sentiment analysis and gain insights such as:
- What is the most common complaint about Uber on social media?
- The success rate of Uber’s customer service – are consumers pleased or dissatisfied?
- What do Uber consumers enjoy about the service when they talk about it positively?
Text analysis may be used not just to monitor your brand’s social media mentions, but also to watch your rivals’ mentions. Is a client complaining about the service of a competitor? This allows you to attract potential clients and demonstrate how much superior your brand is.
2. Brand Monitoring
Follow comments about your brand anywhere they may surface in real-time (social media, forums, blogs, review sites, etc.). You’ll be able to utilize favorable remarks to your advantage when anything unpleasant occurs.
Unfavorable reviews have a significant impact: 40% of buyers are discouraged from purchasing if a company gets negative ratings. An irate consumer complaining about bad customer service may quickly spread: a buddy shares it, then another, then another… And before you know it, the bad remarks have spread like wildfire.
- Recognize how your brand’s reputation changes over time.
- Compare your brand’s reputation to that of your opponent.
- Determine which issues are harming your reputation.
- Determine which factors are enhancing your brand’s image on social media.
- Identify potential public relations issues so you can deal with them as soon as possible.
3. Customer Service
Contrary to popular belief, text analysis does not imply that customer support will be fully automated. It simply implies that firms may streamline procedures for teams to spend more time-solving problems that require a human connection. Businesses will be able to enhance retention in this manner, considering that 89 percent of customers switch brands due to bad customer service. But how might text analysis help your business’s customer service?
Allow machines to handle the heavy lifting. Text analysis recognizes and tags each ticket automatically. This is how it works:
The algorithm examines client language and terms such as “I didn’t get the appropriate order.”
Then it compares it to other chats of a similar nature.
Finally, it discovers a match and automatically tags the ticket. In this situation, it may be classified as Shipping Issue.
4. Sales and Marketing
Prospecting is the most challenging aspect of the sales process. And it’s becoming increasingly difficult. The sales staff is continually looking for methods to clinch deals, which necessitates making the sales process more effective. However, 27% of sales agents spend more than an hour a day on data entry labor rather than selling, implying that important time is lost to administrative work rather than making agreements.
Text analysis eliminates the need for manual sales procedures such as:
- Updating the offer status in your CRM to ‘Not interested’.
- Lead qualification based on corporate descriptions.
- Identifying social media leads who exhibit want to buy.
Text Analysis Resources
We have discussed in a detailed manner why is text analysis important and how it can help business organizations. You can check out Bytesview if you are looking for the best text analysis tools and get personalized insights to improve marketing, customer support, human resources, and more