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Industry Applications of Text Analysis

Industry applications of text analysis<br>Text analysis has already shown great promise in industries like healthcare, pharmaceuticals, and finance. And the technology is expected to gain wide-scale adoption in the next few years.<br><br>Letu2019s look at some industrial applications of text analysis.

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Industry Applications of Text Analysis

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  1. Industry Applications of Text Analysis

  2. Text analysis can help you make extensive volumes of unstructured data accessible. Also through text analysis techniques such as sentiment analysis, entity detection, topic labeling, and more, you can extract various kinds of useful information. Now that we are done with the fine print, let’s look at some industrial applications of text analysis. Let’s dive in.

  3. Hospitality In the hospitality industry reviews can mean the difference between success and failure. While the industry is at a standstill due to COVID-19, the quick deployment of vaccines shows great promise. Using the insights and suggestions from customers you can enhance the quality of your services and live up to their expectations.

  4. Healthcare Hospitals generate a ton of documents daily which can difficult to keep track of. These documents valuable information such as patent details, medications, equipment maintenance, staff, etc. Text analysis can help you classify these documents as per the information available in them.

  5. Pharmaceuticals Medical affairs specialists help move pharmaceuticals products from the experimental phase to commercialization. Although, this requires an in- depth analysis of the drug, its effects on the human body, and government regulations. These specialists use text analysis solutions to analyze and make sense of this complex and unstructured data with ease. Depending on the outcome gained from the analysis, they can take the necessary measures to develop the drug.

  6. Financial Services The financial services sector has to process a ton of data daily. Also, the data is far too complex to be analyzed by any individual. Therefore, financial services firms use text analysis to analyze customer feedback, analyze interactions, access claims, and evaluate risks. By using text analysis, financial institutions can analyze unstructured text from various sources to manage risk and better serve their customers.

  7. Retail and E- commerce A poor customer experience will keep customers away from your products and services. Furthermore, the reviews of such unsatisfied users could drastically slow down sales. Eventually, you will have a hard time finding new customers. Many online sellers and retailers are using text analytics solutions to analyze the feedback or reviews of customers to identify areas where they lack and need to make improvements.

  8. Risk Management Irrespective of the industry a business operates in, it is essential to analyze all aspects of the business which also includes accessing risk. The financial sector is one of the most prominent industries leveraging text analysis to minimize risk. Risk management text analysis solutions can drastically increase the ability to mitigate risk, enable easy analysis of thousands of documents.

  9. Business Intelligence Finalizing the right course of action for your business without analyzing all factors that are related to your business can result in a devastating outcome. It is more difficult when you have to answer to your shareholders. Businesses have started to use text analysis to analyze extensive volumes of unstructured text related to your business.

  10. Customer Care Providing the best customer support experience is the most effective way to build brand loyalty. But managing thousands of customer support queries and analyzing surveys is not easy. Text analysis solutions can help you automate the classification of customer support queries based on the issue or intent expressed by the consumer.

  11. Social Media Monitoring Social media platforms are now the most preferred platforms by consumers to express their opinions. Text analysis can help you analyze the vast user- generated content posted by users on social media platforms. It can help you understand how people engage with your brand and thus allowing you to understand the reaction of users and how they perceive your brand.

  12. BytesView is an amazing tool that has a ton of features and can help you analyze large volumes of unstructured text with ease. Here is the link - https://www.bytesview.com/

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