Text Analytics is an artificial intelligence (AI) based technology that extracts key insights from unstructured data, using natural language processing (NLP). Text analytics does away with the manual processing of text data. It categorizes the data in such a way that Machine Learning (ML) algorithms can analyse it based on different topics, themes, etc. This is how companies can draw meaningful and actionable information from survey responses, social media comments and videos, and product & service reviews.
Do you want to understand your customers on a deeper level?
Decipher the true meaning behind hashtags when your customers use them?
With Repustate's text analytics, you can do all that. Your customers have a lot to say but a few words won't do justice to the true meaning behind a social media post or review. With our text mining software, you can understand the voice of customer and serve exactly what customers want from your company.
Is “Text Analytics” The Same As “Text Analysis”?
No. Text analytics and text analysis are not the same. They are separate techniques that serve different purposes. But both are required to draw insights from data. Text analysis understands the intent and meaning behind words, while text analytics allows that data to be presented in graphs and charts.
Text analysis uses Named Entity Recognition (NER) and text classification to detect entities (people, events, brands), topics, sentiment, and intent in a text. This translates to getting competitor evaluation, brand insights, location-based information, and such. To analyse data that is in audio and video formats, it uses Video Content Analysis (VCA) and Audio Analysis.
Text analysis also applies techniques such as concordance and collocation to identify words that occur commonly, or together. In this way, it is able to understand a text semantically and in the correct context. For example, the algorithm will figure out that at an airport, the words “flight delay”, will be used together more often than not. Or the term “air conditioning” is used more often together in hospitality than otherwise.
Data analysts can view all the semantic insights derived from text analysis in a graphical format using text analytics. These graphical representations give companies a tangible view of how the information is affecting them. They can use this information to study historical data and identify past trends, and strategize on what they can do for the future.