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Why Businesses Are Heading Towards New Age Of Analytics?

Analytics is not just piling up data. Rather delivering the best-suit information to the decision makers

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Organisations today understand the concept of making better use of their information assets to manage competitive advantage. That is why they have been opting for big data environments. Big data offers both opportunities and challenges to all industries and types of enterprises. In particular, it offers significant new revenue openings for the services organizations.

However, to really use it to its promised potential, businesses must become data-driven. There is no meaning in having piles of data without the right analytics to apply to it. The key is to know how exactly big data can be transformed into business value, through having analytics as its essence.

Digital analytics is the core data for most organizations. But the New Age Analytics is working with unsampled data combined with other data sources, and using more sophisticated tools to analyze it. This can certainly change our lives, change how we manage our businesses, change how we communicate with our customers, and increase our revenues. Furthermore, a holistic approach in understanding the customer brings meaning to analytic outcome.

Text Analytics Revamping New Age Analytics

Most of the data generated today is natural language or text data. According to a Gartner reports the data mining projects focusing only on structured data may be using less than 20 percent of the information available. That means the remaining 80 percent is unstructured/ text data.

Thus, unstructured data is extremely complex and text analytics makes it easy to filter, search and verify this data within a single, unified view. It provides insight to the businesses for healthier understanding making text analytics a core implementation in all business types. The following are 3 reasons to choose text analytics as the next age analytics:

1. Control and Manage Organization Data Explosion
Many industries are experiencing explosive growth in their unstructured enterprise data, having simultaneous access to external data repositories like Websites, Network File shares, Wiki, RSS, Databases, custom unstructured/structured formats and many more.

Until now, much of the information passed through an organization was left unanalyzed. But in the new age analytics, tools have come up with Multiple Data Sources Analysis which effortlessly handles massive complex data from unlikely resources. It also becomes easier to access and refine search data by indexing multiple data sources for a single search.

2. Understand Your Customers and Their Feelings

Text analytics along with deep language processing capabilities such as sentiment analysis are becoming popular. User-friendly and holistic approach are makes them accessible to a broader range of business users. These tools make it easier to process social data, semi-structured data, and unstructured data together to find hidden patterns and trends, helping the industries apprehend their customers' sentiment and satisfaction over time and across locations. And the understanding gets simplified with quickly identifiable patterns and trends generated with the help of visual tools by processing responses and feedback in real time.

3. Integration, Aggregation and get Alerts

Imagine toggling between various data sources to find records or information to support the customer either in call or in-person. Integration of faceted search solution with text analytics to index and search a specified data field solves the problem while saving expenses and time. The handiness is when data aggregation is possible from dozens of channels including websites, social, emails, surveys and reviews and it becomes overwhelming when you can actually set alerts based on range of issues so that you can respond quickly.

Moreover, Text analytics can be embedded into applications for tracking voice of customer, fraud detection, anti-money laundering, compliance etc.

Thus, text analytics and sentiment analytics can provide a great opportunity for companies in terms of understanding the customer perspective in depth thereby achieving higher customer satisfaction and quality improvement.

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.

Tags assigned to this article:
corporate big data Digital analytics opinion

Timo Selvaraj

The author is Co-Founder / VP Product Management, SearchBlox Software, Inc

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