Why Is the Demand for Text Analytics Services Increasing?
Expect the demand for text analytics to rise in the foreseeable future. According to market research firm MarketsandMarkets, the text analytics market could grow from $2.65 billion in 2015 to $5.93 billion by 2020. In addition, MarketsandMarkets pointed out that the demand for text analytics is expected to increase among organizations in a wide range of industries.
"Text analytics is a holistic approach which converts the data into insights and the insights into business outcome. The technology is being widely adopted by sectors such as retail and CPG. It is also being implemented by government institutions and high tech and telecommunications to enhance the business revenue," MarketsandMarkets noted in a prepared statement.
Ultimately, text analytics empowers business managers to retrieve customer feedback from many online sources, including web polls and surveys, social networks and blog posts. The service even helps managers organize customer data and access this information at any time. That way, managers can mine customer data sets to obtain insights into consumer sentiment, customer loyalty and other customer metrics.
With text analytics, managers gain a powerful data collection tool. However, text analytics alone often fails to help managers review customer data and maximize its value.
Understanding the Limitations of Text Analytics
Business managers may deploy text analytics in the hopes of generating meaningful customer insights. Conversely, text analytics merely provides a data collection service, and managers will need to mine customer data sets on their own to obtain insights that they can use to improve their businesses.
Data mining is complex, particularly for managers who are assessing customer data sets for the first time. Managers may be forced to commit significant time and resources to mine customer data sets. Despite managers best data mining efforts, there are no guarantees that managers will be able to obtain meaningful customer insights, either.
Text analytics offers a great starting point for managers to generate meaningful customer insights. When text analytics is used in combination with Self-Service Text Analysis, managers can retrieve actionable customer insights with ease.
Self-Service Text Analysis provides managers with a free data analysis service. It enables managers to produce charts, graphs and other visuals based on customer data sets, ensuring that managers can optimize the value of customer data.
With Self-Service Text Analysis, managers can generate interactive PDF (iPDF) reports that are easy to navigate and display a wealth of customer insights. Each interactive PDF (iPDF) report features an intuitive user interface, and a manager can click to navigate between sections of the report instantly. Plus, an interactive PDF (iPDF) report may include dozens or hundreds of pages of customer insights to help managers understand customer behaviors and trends.
Let's not forget about the speed and accuracy of Self-Service Text Analysis, either. The service allows managers to produce interactive PDF (iPDF) reports based on customer data sets in just minutes.
To create an interactive PDF (iPDF) report via Self-Service Text Analysis, a manager only needs to upload an Excel spreadsheet that contains user-generated content. After the upload is finished, a manager will receive an interactive PDF (iPDF) report within about 15 minutes. The interactive PDF (iPDF) report will feature a vast array of data visualizations to help a manager learn why customers may select one brand over another, how customers feel about a company, its products and its services and more.
Thanks to Self-Service Text Analysis, managers no longer have to worry about allocating substantial time and resources to their text analytics efforts. Instead, managers can use text analytics and Self-Service Text Analysis to transform customer data into meaningful insights quickly and effortlessly.
Text analytics is generating interest among organizations worldwide, but the service frequently fails to deliver immediate and long-lasting value. Now, business managers can utilize text analytics in conjunction with Self-Service Text Analysis to understand the true value of customer data. Self-Service Text Analysis streamlines the process of generating meaningful customer insights based on customer data sets. The data analysis service enables managers to produce interactive PDF (iPDF) reports and assess customer data in a reader-friendly format. Therefore, text analytics and Self-Service Text Analysis empower managers to obtain meaningful customer insights and explore innovative ways to help a company improve its products, services and customer interactions.