Words’ meaning depends on their context
I’m off to the Text Analytics Summit in London in April to hear how companies are starting to use text as data, and how they’re overcoming difficulties inherent in our language.
The text analytic market is set to exceed £635M. Until very recently, the only data that business could see value in, was the ‘structured’ numerical data. Now, as Natural Language Processing at scale becomes a possibility, businesses can also look for the value in ‘unstuctured’ or textual data.
Businesses that can capture customer sentiment can gain competitive advantage.
Industries as diverse as financial services, pharmaceuticals and online retail are now looking at the voice of the customer across social networks to improve their services, respond more quickly to growing Customer Service issues, see opportunity for NPD and understand the story behind the story.
The Text Analytics Summit press release says, “the technology to capture customer sentiment is becoming increasingly sophisticated, responsive, and flexible to distinct business needs. Despite the recent surge in uptake there remains a general lack of understanding among businesses about the full potential of text analytics to boost the bottom-line.”
I’ll be there in April to find out more. Come and say Hi if you’re there to. Otherwise, watch this space…