The Benefits of Text Analytics

Apart from common structured data, huge amounts of textual data are lying dormant in company databases or are hidden in the vastness of the Internet. This is increasingly prevalent as more and more communication is shifting towards digital communication channels like e-mail and social networks. Most often, this textual data encompasses unfiltered statements made by a very important peer group – your customers. These statements, may they be complaints or even praise of your products, have one important thing in common: properly read, they can give you direct insight into your customers' thinking.

Despite this huge potential for gaining customer insight, textual data is still overlooked, rarely analyzed or never used in decision-making processes. This is due to the fact that the manual reading of texts and the extraction of insight is a tedious and time-consuming task. This task might be costly, at best, but might even be impossible due to dramatically increasing data volumes. To overcome this issue, text analytics software from Rapid-I processes and analyzes textual data automatically, and it provides valuable insight by transferring the raw data into structured and manageable knowledge.

Relevant textual data can emerge from various sources in- and outside your company and cover a wide variety of topics. Any opinion expressed or comment related to your product is inherently relevant since it allows you to gain insight into your customers' thinking. Text analytics solutions from Rapid-I allow you to derive knowledge comparable to traditional market research, but in real-time as soon as the opinion is extracted. Moreover, those insights are available at a fraction of the costs of traditional market research. Modules for automatic topic detection and sentiment analysis are just two of the possible options available by Rapid-I to extract valuable and structured information from text. Integration of these modules within your infrastructure means accessibility to the information hidden within your data universe. Because of Rapid-I's seamless integration within your data warehouses, co-existence with traditional KPIs and derivation of business intelligence, including customer insights, becomes effortless for your business.

Posts in blogs, forums or social networks may be meant to be directed at only a small community of people. The content however may get virally amplified and flood the Internet in just a few seconds. For example, customers who send you a complaint one day may be ready to quit your services the next day. Problems with products described in support tickets may be filling the news outlets within hours.

When deployed, the Rapid-I text analytics solution begins scanning relevant statements automatically within your market, monitoring complaint management and support ticketing systems. This solution immediately protects your company by providing added insurance against marketing catastrophes. The combination of text analysis with predictive modeling and forecasting lets you anticipate issues and act before it is too late and before you are forced to react at a higher price.

The more successful your business is, and the more customers you have, the more you interact with your customer community. But this success comes at a cost because of the increased level of communication necessary to be efficient and react in a timely manner. Wouldn't you like to reduce the amount of emails that need to be manually read to 20 percent? Or reduce the number of times an email needs to be reviewed until it reaches the right expert? The use of automatic text categorization supports routing emails and support tickets to the responsible recipients. Real-time processing reduces latencies to a minimum. Not only can costs be saved, but your processes will be streamlined and customers will experience the improved responsiveness of your company.

Without a doubt, the volume of content exchanged between you and your customers will continue to increase in the coming years, yet it is unlikely the quality of this transmitted content will improve. With Rapid-I text analytics the gap between high volume and poor quality can be closed. You do not need to waste time manually reading and evaluating content. Just give a few examples of what you think is important and interesting – the Relevance Scoring Module of the Rapid-I Text Analytics suite interprets your measure of interest and valuates the content automatically. Going forward, you will only read what is relevant to your business. Are you thinking of your customers and leads as well? Maybe you have subscribers that might be bothered by potentially irrelevant information sent by your organization? Rapid-I Text Analytics will learn what is relevant to each of your subscribers and allow you to send only the content that interests them. This means true targeted communication, with you in control of the impact.