The increase in global data available poses a real challenge for businesses, but text mining tools can help deal with large amounts of unstructured data. These tools can extract key information out of an ocean of data, including large sets of complex data, to discover various patterns and relationships. More and more, businesses are using the wealth of information that text mining is capable of extracting on a given subject to guide business decisions.
What is text mining in business?
Text mining is an artificial intelligence technology that pulls out key information from unstructured data (emails, phone chats, online customer surveys, social media posts, tweets, etc.). Text mining in business is often used for marketing purposes, to inform decision-making and to optimize revenues.
Natural language processing (NLP) involves the techniques and steps involved in the processing of unstructured data to dig out the targeted information lying underneath. This data can exist in any form such as speech, images, simple texts, and even signboards. Natural language processing mainly extracts semantic meaning and grammatical structures out of the information provided as input. It can help understand the sentiments conveyed behind any information.
How is text mining helpful to businesses?
Text mining is primarily responsible for promoting growth in businesses and enhancing productivity. What is most remarkable with text mining tools is that they fast track the analytical process and leave more time for innovation in the workplace. For instance, to predict the demand of a particular brand in a given environment, predictive analytical models based on text mining tools can help anticipate the whims of the market more accurately.
Here are other ways text mining helps businesses:
- Valuable data can be sieved out of the bundles of information gathered from social media, customer support tickets, the voice of the employee (VoE), and the voice of customer (VoC).
- The valuable information gathered from the past, and present data can be compared and used to know which event can impact the brand negatively.
- Adopting text mining organization-wide can lead to synergetic success, including nurturing clients and empowering the brand’s reputation.
- Text mining can be efficacious when dealing with policy violations. It can help detect warranty issues with return policies and even cyberbullying on social platforms.
- Customer experience can be optimized with text mining, which results in business expansion and growth.
What kind of companies benefit from text mining software?
The kind of companies that benefit from text mining software include:
- Hotels and restaurants
- Pharmaceutical and healthcare
- Advertising companies
- Retail businesses
- Insurance companies
- Financial services
When it comes to multiple complex manufacturing datasets, text mining can help predict and therefore reduce costly mistakes that can result from poor data analytics. Text mining and AI machine learning technologies can help connect the dots between sophisticated data sets and subject matters.
Hotels and Restaurants
Hotels and restaurants rely heavily on the comments and reviews of satisfied guests as growing numbers of potential customers look at reviews before checking in or placing a reservation. Text mining can help determine the weak and strong points as reported by customers of any business in the hospitality market , essentially providing an improvement strategy to close any customer experience gaps. Text mining is also a great way to identify the top industry practices that have a real impact on customer satisfaction, while also revealing negative customer experiences to be remedied.
For example, if the WiFi is not working adequately at the hotel, customers might leave reviews that can be collected through text mining software. The number of complaints regarding WiFi specifically can then be assessed in contrast with the room numbers of the customers who gave feedback. This quick analysis can reveal that only a certain section of the hotel is generating this negative feedback online due to abnormally poor connection.
Pharmaceutical research, manufacturing, and commercialization involve pharmacopeias, drug compendia, and all the government laws imposed on their usage. Using text mining to find information related to a particular drug or any new scientific report pertinent to the development of a drug is much easier, convenient, and time-saving.
Advertisement can be a real motor to the main operation of a business. Text mining is a reliable technique to make sure advertisements reach their target audience since text mining tools can optimize the market segmentation of any business. Marketing branches around the world employ text mining to find new markets and better grasp customer experience.
In the e-commerce industry, creating a stellar customer experience can lead to consumer loyalty and free advertising. Satisfied individuals share their positive interactions with those around them which may lead to potential conversions. On the other hand, negative feedback can drive away business as it impacts a brand’s legitimacy. Text mining can notice patterns and relationships such as whether the online comments come from a bot or a troll, or if the latest comment happens to be a reoccurring source of frustration.
Financial ServicesFinancial services are complex as they gather documentation, daily interactions, and real-time analysis at every step. Financial firms use text mining to check for compliance risks. NLP text analytics permits financial institutions or firms to dissect a document thoroughly to track any information that may be considered fraudulent. Take a look at our Analytics Tools for Product Management
Text Mining Examples
Here are examples of text mining:
- Analysis of social platforms
- Spam filtering
- Risk control and management
- Customer service
1. Analysis of social platforms
Social media platforms are a massive source of unstructured data. They are a marketing asset that makes it possible to better analyze the needs of consumers. Text analytics dive into unstructured data to uproot opinions or sentiments and guide decision-making.
2. Spam Filtering
Email is the most widely used and convenient method for business communications, but it comes with the drawback of spam. External entities can take advantage of entry points like emails for viruses and other malware that can threaten the integrity of your company’s information.
This risk can be mitigated with the use of spam filters. These filters, when built with the help of text mining tools, can accurately prevent spam emails from entering your employees mailboxes, sparing your company from potential breaches and information leaks.
3. Risk Control and Management
Risk analysis and management is a crucial piece of any business success. A risk management software based on text mining can be used to link information together thanks to its patterns and relationships establishment feature.
4. Customer Care Service
Large companies greatly rely on text analytics and natural language processing for customer service. Text mining of customer surveys, feedback, and reviews can be used to improve problem-solving capability. In addition to customer call centers, businesses also rely on automated systems that can respond to complaints or questions immediately thanks to text mining and artificial intelligence.
The Internet has dark corners and text mining can help investigate online crimes efficiently. Law-enforcement companies and national defense entities safely employ anti-crime applications based on text mining for crime prevention.
What are the benefits of text mining?
Here are key benefits of text mining:
- Optimized customer experience
- Automated comprehensive reports
- Increased productivity
- Automated translations
Optimized Customer Experience
Open-ended feedback is of no use if the context and sentiments behind it are unexploited. Text mining technology and machine learning have now become a necessity to optimize the experience of consumers, clients, employees, and stakeholders. The only way for businesses to flourish and compete successfully in today’s market is by providing stellar customer experiences, anticipating problems and reacting in a timely manner- all of which can be accomplished by integrating text mining into business operations.
Automated Comprehensive Report
Text analytics software can automatically analyze data and generate insightful reports faster thanks to the power of AI. Choose a software that has advanced filtering and parameter customization to generate real-time analysis of product experience and customer experience.
Conducting large-scale analysis manually can be extremely time-consuming and draining for the employees, not to mention the high possibility of human errors. Real-time insights obtained through text mining can save companies time and resources, while allowing skilled teams to focus on analyzing results and implementing strategies faster.
International entities and businesses receive feedback from around the world in multiple different languages. The use of aspect-based sentiment analysis and multi-lingual translators based on text mining helps businesses collect and understand feedback from every corner of the Internet.
Text analytics software for feedback analysis
Semeon’s natural language text analysis technology allows users to quickly organize customer feedback or large amounts of complex data. For example, a user can browse automatically through thousands of unstructured customer comments, extract the most important concepts expressed, classify these as positive, negative, or neutral opinions, in order to help the organization adjust their communication and marketing strategies to improve customer experience and satisfaction.
Whether it is an acceleration of customer feedback processing, the identification of key parts in a supply chain or key elements in financial forecasting models, among others, Semeon ensures gains in analysis speed allowing critical decision making in hours rather than weeks or months.