Which Business Analytics Tool is Best Designed to Perform Text Analysis?
A successful business can evolve with the prevailing trends and keeps a keen eye on customer reviews and feedback. In a world dominated by data, it needs to be analysed and converted into actionable insights for a company to grow. Business analytics converts gathered data into meaningful insights. These insights are the key to offering a business to assess its strengths and weaknesses and start developing products and services loved by customers.
Data is key to today’s mastery of products and services and thus making text analysis an essential part of a business’s success. Once we have learned about the benefits of text analysis tools and business analytics, we shall answer the question, “Which business analytics tool is best designed to perform text analysis?”. Answer the question, and you will have a recipe for success and continuous improvement for your business.
What is Text Analysis?
The process of extracting useful information from raw, unstructured & unorganised data is called text analysis. It starts with gathering data readily available to us in the form of online reviews, posts, social media musings and so on. After collecting the data, it is processed so that it can be read by a machine or analysed by a program.
The conversion of raw data into an organised manner also employs modern-day tools such as artificial intelligence (AI) and natural language processing (NLP). Natural language processing is a handy tool when it comes to text analysis. It is the backbone of any textual analysis as it helps the machine to read unstructured data by making it more machine-readable.
Once the process of making the data more readable, it is analysed by passing it through different programs, usually algorithms, to get helpful information. These algorithms are typically trained beforehand to pick human nuances from within a given text. Once the program can assess these sentiments or feelings, they can be presented to the end user in a tabular or chart form for analysis.
Why Is Text Analysis Important?
Text analysis is a vital process that enables businesses to get helpful information about their current and prospective customers. Companies usually rely on customer feedback to tweak their products for customer satisfaction. Since we live in a digital world with our digital footprints surpassing our physical connections, feedback and reviews are also done via the internet.
These reviews hold equal importance to the ones a customer may offer sitting in a restaurant after a meal. Thus, businesses today give these reviews a lot of weight as they could make or break their business. The extraction of useful information from online reviews is referred to as text analysis. Text analysis is like sentiment analysis which analyses human sentiments for the betterment of a business.
What Are Business Analytics Tools?
Business analytics tools gather data from different businesses and store them in a central place (known as a repository) for further analysis and review. Companies can use the analytics tool for other purposes. Typically, there are three types of such devices, which include predictive analytics, descriptive and prescriptive analytics.
Descriptive tools tell us about the data gathered and how things have occurred in any business. Meanwhile, predictive analytics tells us what could happen based on the given data and how things could pan out if no intervention were performed. Finally, the prescriptive analysis offers remedial measures as to how the current trajectory, if not suitable, the owner could alter the business.
Applications of Text Analysis in Business Analytics
Business analytics is the ability to interpret data to learn trends and suggest future trajectories. With the help of data, we can accurately predict how future interventions will pan out. Thus, any given data must be machine-readable and ripe for analysis. Text analysis involves modern tools such as artificial intelligence and AI-based tools.
One such process that can help business analytics tools to come up with an accurate picture of the current trends and future predictions is text analysis. Text analysis based on natural language processing and deep learning models can provide accurate and actionable insights into any business venture’s viability. Such tools offer the best insights into the customer’s mindset and how companies can exploit it for one’s success.
Business analytics is the ability to take decisions in real time. Text analysis is the perfect precursor to this ability as it sifts through tons of raw data to extract useful information. This information can be acted upon in real-time to allow businesses to be on top of their game.
Text Analysis Examples for Business Analytics
A prime example where text analysis can help in business analytics is social media monitoring. Social media posts and data have considerably overshadowed other amounts of conversations and online presence. There are over 4 billion internet users worldwide, and over 82 per cent of the US population has a social media account.
Gauging this immense online presence is only possible via text analysis applied on a large scale. With the help of deep learning models and artificial intelligence at its back, text analysis can help executives analyse trends in real-time, thus making informed decisions in real-time.
A second application for business analytics via text mining tool is leveraging your marketing strategies based on real-time insights. Marketing towards the wrong audience or a wrong message can have drastic consequences. Thus, knowing what to market and when to send out a specific message can save a company on exorbitant marketing campaigns.
Business Analytic Tools
When answering the question ‘Which business analytics tool is best designed to perform text analytics?’, one can think of programs such as excel, Google Analytics, SAS, Qilksense, and Splunk that can help you analyse quickly and efficiently. Business intelligence tools provide dashboards with summarised information for swift and informed decision-making.
VizRefra is your one-stop solution to text analysis, be it data mining or text Smining tools or simply employing text analysis for business analytics tools. We know what data means to you, and we are here to help you extract meaningful information from the data to enable your company’s success.