Text analytics, also known as text mining, has countless applications. Savvy businesses are taking advantage of this technology to resolve customer complaints, create better products, and even improve healthcare.
Here are 5 cool and clever examples of industries taking advantage of text analytics.
While waiting to board his connecting flight, one unfortunate traveller learned that his luggage had been misplaced. He took to Twitter to express his frustration. Using their social media monitoring platform, the airline was able to intercept his Tweet almost instantly. By the time the disgruntled traveller boarded his flight, the airline had already deployed its customer service team to track down the rogue suitcase.
Upon disembarking, an airline representative greeted the traveller with quite a pleasant surprise. She was able to give him the detailed whereabouts of his suitcase (and assurances of its speedy retrieval), and a complimentary upgrade to first class on his return flight for the trouble. Needless to say, he was a happy camper and Tweeted positively for the rest of his trip.
The stock market is one of the most dynamic environments to work in. Traders buy and sell stocks in split second intervals. Any small tidbit of information can cause the market to turn on a dime. Text analytics makes it easy to track breaking news stories and sift out relevant information. This allows traders to form faster and more accurate predictions about the rise or fall of their assets.
Record-keeping methods in the healthcare industry are strictly regulated. Storing all those records has lead to the creation of giant databases, filled with untapped data. This dataset is so large, in fact, that it is predicted to reach the zettabyte (10^21 gigabyte) in only a few years. Without computer aid, analyzing all that information would be impossible. That’s why doctors and medical researchers are taking advantage of text analytics to categorize the huge volumes of text in their records. Analyzing all that previously unaccessible data has produced some pretty spectacular results. They’ve uncovered trends in their records that have reduced costs, improved care, and even saved lives.
Text analytics has the potential to help revive the flagging journalism industry. News companies have begun trawling social media sites like Facebook and Twitter for better insights on their readers. Using their preferences and online activity, the news companies are able to craft a tailored list of headlines for individual readers.
Yankee Candle, a well-known candle and home accessory store, needed new scent ideas. Using Semantria to search through tons of text online, they were able to discover the scents people most strongly associated with certain times of year. The result? An incredibly successful new line of seasonal scented candles.
Is your business taking advantage of text analytics?
How? Let us know in the comments!