With precise sentiment and text analysis, businesses amplify their initiatives to drive high ROI. Learn how leading text analytics companies help businesses ensure customer-centric strategies.
Contents
1. Text Analytics as a Core Component of Strategic Decision-making
2. Understanding the Approaches and Techniques of Text Analytics
3. Key Advantages of Text Analytics for B2B Businesses
4. Top Text Analytics Software Providers Enabling Business Success
5. Wrap Up
1. Text Analytics as a Core Component of Strategic Decision-making
Recent strides in machine learning, natural language processing (NLP), and big data technologies have tremendously strengthened the applications and capabilities of text analytics, turning it into a powerful decision-making tool for businesses. Text analytics software utilizes machine learning to extract crucial information from vast amounts of unstructured text data, enabling companies to leverage actionable insights, fine-tune business strategies, and boost profitability.
Correspondingly, with text analytics, businesses can retrieve critical details like keywords or company information from free-form texts like emails. It can further be used to classify unstructured texts, such as customer feedback or reviews, based on themes, sentiments, and patterns. For instance, by analyzing customer sentiment on social media, businesses can easily optimize their services and fine-tune their strategic initiatives for higher ROIs. Text analytics, therefore, facilitates informed decision-making by offering crucial insights to companies, empowering them to identify upcoming trends, areas of improvement, market dynamics, buyer preferences, and so on.
2. Understanding the Approaches and Techniques of Text Analytics
The core strategies in text analytics aim to highlight deeper information, like patterns and trends, made visible through data visualization techniques. The quantitative insights gained by companies significantly help them make sound decisions and fine-tune their operations.
Here’s a list of the prominent text analytics methods that enable prompt decision-making:
The method involves recognizing key themes or subjects in vast text volumes or documents to retrieve relevant keywords. Such identification helps companies classify texts according to prevalent themes and additionally enables exploratory analysis.
Reflecting the emotional tone of various non-formatted texts, including customer interactions, social media posts, and product reviews, this text analytics method focuses on sorting emotions under negative or positive categories. It further emphasizes a detailed categorization for identification, such as disappointment, anger, or confusion.
Document grouping or clustering is another valuable text analytics technique that groups congruent documents together. This method helps companies classify large datasets and extract associated information. It is particularly beneficial for improving search results, as it augments relevance for users by grouping similar documents.
The advantageous text summarization approach aims to simplify large texts, transforming them into shorter summaries while retaining key points or themes. Accordingly, this technique helps people and machines understand large chunks of text data with greater ease and agility.
Also called Named Entity Recognition (NER), this natural language processing approach automatically derives structured entities from free-form texts. In other words, it classifies vital information within an unstructured text into pre-set categories such as events, organizations, places, and people.
With the Term Frequency—Inverse Document Frequency (TF-IDF) text analytics technique, companies can establish the importance of a term in the context of a document and an entire corpus. While term frequency showcases the number of times a term appears in a single document, inverse document frequency assesses the whole document collection to highlight terms with higher relevance.
3. Key Advantages of Text Analytics for B2B Businesses
From ensuring the most effective marketing strategies to higher lead conversions, employing text analytics tools ushers in many benefits for B2B businesses. Some of its key advantages include:
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Targeted Improvements and Better User Experience
By understanding open-ended comments across varied platforms, like social media, surveys, and customer service interactions, text analytics software offers vital insights into customer preferences and enables companies to optimize their strategies. It further empowers businesses to refine their existing products, make new offerings, ensure targeted enhancements, and elevate user delight.
Text analytics automates the retrieval of meaningful data from vast amounts of unstructured texts, significantly lessening the time and resources needed for data processing and empowering businesses to focus on innovation and critical endeavors.
With text analytics platforms, businesses can explore raw data from points of origin like social media and emails to effectively recognize potential leads. Companies can, therefore, focus on rewarding opportunities by adequately assessing leads’ requirements and interests.
B2B businesses can further leverage advanced text analytics tools to recognize and diminish risks. These tools promptly analyze and address user complaints, read market fluctuations, and cater to supplier sentiments.
Companies notably employ text analytics to assess textual data related to expenses, resource allotment, and procurement. Such evaluation gives them crucial insights into existing shortcomings and cost-saving opportunities, empowering decision-makers to implement cost-cutting strategies and amplify expense management.
With text analytics, businesses can understand different patterns, trends, and dynamics of the market, gaining excellent market intelligence from varied sources like news articles, social media and industry reports. Businesses can evaluate their competitors’ behavior and stay ahead of the curve by employing leading-edge technologies and optimizing their processes.
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Strategic Decision-Making and Increased ROIs
Last but not least, text analytics helps businesses assimilate the latest trends and developments, rendering actionable insights to optimize their pricing and promotion strategies. Additionally, companies harness text and
data analysis to boost marketing, benefitting from effective personalization and augmenting customer satisfaction to drive higher ROIs.
4. Top Text Analytics Software Providers Enabling Business Success
Leading text analytics software providers efficiently empower companies to design strategic initiatives. With their advanced features and technologies, they induce enviable business success.
The following list showcases some of the top text analytics companies that offer powerful platforms for reliable text data analysis:
Displayr is a transformative data analytics and reporting software provider that helps market researchers and businesses gain meaningful insights. The company’s forward-thinking platform makes intricate tasks like text analytics easy, enabling stakeholders to harness the power of information. It combines visualization, reporting, and data science to assist users in making informed decisions.
With an impressive array of features, such as ML and text coding tools, responsive dashboards, and auto-updating abilities, the company strengthens varied research requirements, increasing data preciseness and reliability. It further boasts tools for user opinion analysis, brand analytics, text analytics, pricing research, and survey analysis, ensuring dependable conclusions across diverse data collections and corpora.
A leader in customer experience (CX) intelligence, Chattermill provides actionable insights to customer support and product teams, enabling them to augment customer experiences, meet their expectations, and ensure retention. It employs leading-edge deep learning technology to automate information retrieval from extensive non-formatted customer data, such as user reviews, customer service interactions, surveys, and social media.
With Chattermill, businesses can effortlessly track retention rates and leverage the sentiment analysis tool to assess opinion trends at scale. The company’s platform further helps businesses understand positivity drivers, strengthening product and pricing strategies along with brand standing. Its distinct features include its proprietary model, Lyra AI, which eliminates the gap between tactical customer feedback analysis and strategic business objectives along with an Experience-Led Growth roadmap that checks CX maturity and suggests meaningful applications. The company also offers training and promotes community engagement initiatives, enhancing members’ expertise.
At the forefront of experience and research technology, Forsta promotes a human experience (HX) approach and drives informed decision-making. The company’s platform effortlessly combines market research, customer experience, and employee experience, rendering an all-inclusive understanding of audience interactions and enabling companies to fine-tune their strategies.
Notably, Forsta boasts an incredible suite of features, which includes personalization solutions, expert consultation, and advanced analytics. The company strives to augment retail businesses’ revenue by encouraging repeat purchases and maximizing conversions. With state-of-the-art tools, it further allows companies to conduct in-depth interviews and community studies, empowering them to grasp customer sentiment, transform qualitative data into actionable insights, and earn increased revenues with sound decisions.
Employing innovative software technology, DataWalk helps users eliminate data silos and convert raw data into intelligible components, such as transactions, individuals, or events. The company caters to government agencies and commercial enterprises, facilitating data visualization, analysis, and sharing endeavors. Significantly, its leading-edge tools, like text analytics, enable users to make rational decisions by deriving actionable insights from consolidated data.
Through its holistic platform, the company empowers users to analyze extensive data across different applications. Businesses can employ team-based graph analytics to identify hidden patterns and connections within varied data sources, gaining insights for strategy refinement. DataWalk further effectively ensures fraud mitigation and enhances efficiency in anti-money laundering. Its many use cases entail customer intelligence, social network analysis, analytics modernization, root cause analysis, etc. Combining machine learning with end-to-end processes, the company strongly supports entities to boost their operational efficiency and earnings.
Canvs AI is a premier insights platform provider specializing in analyzing open-ended texts, like audience feedback, ad tests, and customer surveys, and turning them into actionable business intelligence. The company leverages state-of-the-art artificial intelligence (AI) and NLP technologies, like text analytics, to expedite insights retrieval for leading global brands and agencies. Known for its unmatched efficiency and preciseness in gauging user sentiments, Canvs AI focuses on emotion measurement to promote sound decision-making and stronger customer relationships.
Significantly, the company’s platform has an easy-to-use insights dashboard for quick data filtering and in-depth text analysis, strengthened by Boolean search capabilities. With its striking features, it helps organizations identify chief themes and sentiments within social comments, interpret colloquialisms, and leverage reliable insights. Its high-tech customization options further allow businesses to tailor emotions, codes, and topics, enabling them to customize what they want to focus on. Also facilitating multi-source data integration, Canvs AI ensures workflow integration, optimized action planning, and augmented decision-making.
Top global companies rely on Kapiche, a pioneering feedback analytics platform provider, to analyze vast volumes of user feedback from varied sources, like support interactions and CRM systems. With its powerful text analytics solutions, the company facilitates the streamlining of data integrations, offers analysts quick and accurate insights for influential decision-making, and elevates the efficiency of CX metrics analysis.
From centralizing data from multiple sources to allowing accurate evaluation of CX impacts, Kapiche helps businesses make impactful decisions. It further speeds insights extraction compared to the established practices, eliminating the need for manual tagging and intricate setups. It also promotes collaboration through tailorable dashboards and automated reporting and renders live status monitoring into user opinion dynamics, boosting operational efficiency and customer experiences.
A renowned name in the intelligent document processing (IDP) field, Acodis is transforming data management by enabling businesses to convert non-formatted documents into structured data. The company employs AI-powered data extraction to manipulate documents at scale speedily. Catering to top manufacturing, chemical, and pharmaceutical companies, Acodis augments operational efficiency by eliminating data entry tasks and offering personalized workflows.
The company’s leading-edge platform combines with existing systems, such as CRM, ERP, and RPA, via API for tailored process automation and analytics. It employs predictive analytics technology, elevates resource efficiency, and eliminates GxP compliance concerns through document digitization. Powered by AI, it further secures data precision and security with traceability elements and tailorable parameters. Notably, the company promises excellent data extraction from both formatted and unstructured data in addition to any format of batch records, augmenting businesses’ analysis endeavors and empowering them to implement advanced text analytics for in-depth insights.
As a business empowerer, Lumoa allows extraordinary CX management through its revolutionary Generative AI platform. It combines feedback data from telephonic conversations, surveys, customer reviews, etc., into an integrated platform, effectively allowing businesses to understand customer sentiments at various touchpoints. By providing real-time actionable insights tailored to business metrics, Lumoa enables companies to undertake customer-oriented approaches, ensuring growth and high customer retention.
Among the key features of the company’s platform remain its incredible analysis capabilities, multi-language support, collaborative tools for feedback management, phrase detection for enhancement scope, and GPT integration. Its executive dashboard lets users get detailed insights into users’ journeys, while automated event creation and feedback analysis help businesses monitor live KPIs. Furthermore, through GDPR compliance and ISO certifications, the company demonstrates a stellar commitment to data security, strengthening customer satisfaction and brand performance.
Wonderflow is a leading AI-powered platform provider committed to evaluating the voice of customers (VoC) across diverse touchpoints, such as reviews and customer service records. The company empowers businesses to make data-backed strategies and amplify operational efficiency by converting vast customer feedback data into implementable insights with advanced NLP and text analytics technologies. The company’s mission and endeavors reverberate the ‘think global, act local’ maxim, helping businesses drive enhanced audience experiences.
Correspondingly, the company offers comprehensive VoC analytics solutions, including sentiment analysis, predictive analytics, and competitor assessment capabilities. Wonderflow’s innovative platform facilitates text analysis automation to quickly recognize trends, topics, and sentiments, along with their impact on critical metrics. Furthermore, it boasts a simple setup, which makes adopting VoC practices and interpreting feedback data easier. Businesses can effortlessly visualize data, replicate practical approaches, and tailor customer engagement tactics with the forward-thinking platform.
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A next-generation AI-powered CX solutions provider, Thematic specializes in text analytics and supports businesses’ data analysis efforts. It converts unstructured text feedback from multiple channels into usable insights, like product refinement opportunities, payment pain points, or order cancellation causes. Trusted by premier organizations, it empowers companies to amplify their products, services, and customer interaction through in-depth thematic analysis of feedback data and subsequent strategic decision-making.
By integrating customers’ feedback from various channels, like chats and surveys, the company renders an advantageous unified approach to data analytics and allows quick access to excellent insights. Thematic’s innovative platform implements robust visualizations for user-friendly data review and boasts features like real-time analytics and intuitive theme editing. Its Thematic Answers feature combines generative AI with a trust layer, ensuring the feasibility and reliability of its insights. Also, its Conversation AI feature enables effortless assessment and monitoring of solution details, ensuring high user delight and profitability.
5. Wrap Up
Text analytics technology has emerged as a vital aspect of modern business intelligence, which harnesses machine learning and natural language processing to convert non-formatted data into pragmatic suggestions. Today, distinguished text analytics software providers empower companies to identify user sentiments and drive higher customer fulfillment and business productivity with advanced analysis technologies.
Yet, as analytics technology advances, the future of text analytics remains full of possibilities for further refinement. For instance, with the progression of machine learning, the capability of data analytics software to provide more sophisticated assessments and predictive insights would increase manifold. One would especially witness an increased emphasis on multilingual text analytics for global e-commerce, IoT and blockchain integration, ethical considerations, and data security. These developments reflect that text analytics would not only offer accurate observations but also promote meaningful ventures and growth.