One of the most important aspects of a business is consumer feedback. Businesses are ultimately providing products or services to please consumers so they can receive their business from them, or their friends/family, in the future. While there are many ways to receive feedback on how your products or services please your consumers (comment sections/cards, emails, social media, etc.) one of the ways you can receive feedback is from text analytics and entity extraction. While you might not have heard of either of these important online tools, we are here to show you why they are so many of the biggest companies see them as important.
First thing is first, what is text analytics? In simplest terms, it is the process of converting unstructured text data into meaningful analysis. Text mining can help businesses in three major ways: it can provide more accurate insights across a broader range of documents and sources; it can provide accurate risk, compliance, and threat detection; and finally it can improve customer engagement by using natural language processing to generate early insights into what customers are thinking. Those are all huge for your business and an insight into what consumers are thinking about you and the product or service you provide.
After understand the broad spectrum of text analytics, you need to understand entity extraction and everything that comes with it. Entity extraction analyzes raw text to identify and catalogue unique entities such as people, dates, places, events, companies, etc. Entity resolution is the practice of finding and linking mentions of the same entity across and within data sets. The three primary tasks involved in entity resolution are reduplication, record linkage, and canonicalization. Proper entity extraction software is important if you want to get the most out of this data. The software should have all of the entity extraction tools you need to make your company successful.
Consumers might not be filling out comment cards like they did in the old days, but that doesn’t mean they aren’t still providing feedback. One of the biggest companies in the world, Facebook, uses this data to their best advantage. The social media site has 1.97 billion monthly active users worldwide, producing an enormous amount of data every second. This allows them to know what consumers like and don’t like and why the site has stood the test of time. So if things like text analytics and entity extraction are good enough for Facebook, shouldn’t you be using it for your company too?
