Text Analytics Tools are Widely Used in Various Industries for Various Applications Including to Understand Customers and Improve Products

 

Text Analytics
Text Analytics

The cost to replace an employee can run anywhere from twenty to thirty percent of their salary, and companies are increasingly struggling to find good talent. A structured employee satisfaction survey rarely provides the true picture, so companies often do not identify the root cause of employee churn until it is too late. Luckily, text analytics tools can help human resources professionals identify problems earlier and take action.

According to Coherent Market Insights the Text Analytics Market Global Trends and Forecast to 2025.

First, consider the types of entities that can be identified using text analytics. For example, named entity recognition is a method for identifying individuals, organizations, and places. It is also useful for recognizing abbreviations and telephone numbers. Tokenization can also be used to distinguish different types of words, including names, places, and symbols. For example, the named entity recognition algorithm uses statistical techniques to find a specific word or phrase. Once it identifies a word or phrase, the tool then assigns it a grammatical category.

Another way to use text analytic is to train the program to understand customers' intentions. Companies can train their algorithms by providing feedback on how to improve their product. However, they must remember that the algorithm will only learn insights about the categories that users have trained it to understand, and will miss the unknowns. For this reason, it is best to monitor the feedback.

Another important use of text analytic is for detecting trends. Topic analysis, for example, helps to identify trends in a given market. It can help businesses predict how successful a product or service is. Moreover, it can be used by anthropologists to identify emerging issues and trends in a society. By analyzing the text content, text analytic can reveal how important it is to certain fields of study. For example, link analysis uses text analytic to identify who met whom and when, while the method is also used by law enforcement agencies for national security purposes. In March 2020, Luminoso, announced the availability of its cloud-based text analytic application, Daylight Express for channel partners through Luminoso Partner Program. 

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