September 17, 2013
Text is everywhere—and its volumes are growing rapidly. Text analytics,
a technology used to analyze the content of this text, is rapidly
gaining momentum in organizations that want to gain insight into
their unstructured text and use it for competitive advantage.
Text analytics is being used across industries in numerous ways,
including customer-focused solutions such as voice of the customer,
churn analysis, and fraud detection. In fact, many early adopters
have used the technology to better understand customer experience,
and this is still one of the most popular use cases. However, text
analytics is also being used in other areas such as risk analysis,
warranty analysis, and medical research.
Text analytics can help answer
questions involving why and what. For example, why did my customer
leave? What is causing the increase in service calls? What are the
best predictors of a certain risk? Text analytics can aid in discovery
and improving the lift or accuracy of analytical models. This impacts
an enterprise’s top and bottom lines.
Companies are realizing that text is an important source of data
that can improve and provide new insight. The questions these
companies face include where to start and how to think about text
as data. Download this Checklist Report to get started with text analytics.