Sentiment analysis and natural language processing can reveal opportunities to improve customer experiences, reduce employee turnover, build better products, and more. The most common applications of natural language processing fall into three broad categories: Social Media Monitoring, Customer Experience Management and Voice of Customer, and People Analytics and Voice of Employee.
Social media is a goldmine of consumer stories and opinion data. But social posts are full of complex abbreviations, acronyms, and emoticons. Many social analytics platforms can't handle those inconsistencies. The sheer volume is a problem, too. Some social media monitoring tools struggle to scale. Meanwhile, data analysts waste valuable hours parsing mountains of social data by hand.
Lexalytics uses natural language processing (NLP) and machine learning to transform mountains of hashtags, slang, and poor grammar into structured data and useful insights. Data analysts upload, process and analyze mountains of social text data in our platform to understand the conversations surrounding products, brands, people and services. Technology companies integrate our NLP APIs into their social listening product to deliver better insights to their own customers.
Employee turnover is at a record-high. Companies are struggling to improve employee engagement and morale. Meanwhile, unhappy employees create bad customer experiences. The result? $62 billion in lost revenue for U.S. businesses each year. To turn the tide, data-driven HR organizations are implementing comprehensive People Analytics programs. McKinsey & Co. finds that People Analytics can improve recruiting efficiency by 80%, raise productivity by 25%, and reduce attrition by 50%.
Within the People Analytics framework, Voice of Employee programs gather, analyze and interpret employee feedback to uncover the factors that drive down employee engagement and loyalty. Lexalytics provides a complete Voice of Employee analytics platform for processing, analyzing, and understanding text-based employee feedback in all its forms.
Great customer experiences add 4-8% revenue, 6-14x higher lifetime value and up to 55% greater retention. Meanwhile, gaining a new customer costs 5-8x more than retaining an existing one. Customer Experience Management and Voice of Customer programs bring together product management, customer support, and engineering teams to understand customer needs, improve customer satisfaction and deliver better products. But building an effective VoC program is not a simple task. Consider the volume of data out there: hundreds of customer surveys, thousands of reviews, millions of social media comments. Manual analysis is too slow and expensive.
Voice of Customer tools like the Lexalytics Intelligence Platform use natural language processing and sentiment analysis to transform customer feedback into structured data and useful insights at scale. We help you understand how people perceive and interact with your brands, products, and services, so you can make better decisions and recommendations across your company.
We also offer NLP solutions for data extraction from semi-structured documents, useful for regulatory compliance and legal document review. Don’t see your NLP application here? We can probably customize our tools to fit your needs. Contact us to see how we can help.
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