Artificial intelligence is often portrayed as a technology that will make robots rule over humans. No wonder many people fear that computers and other AI—enabled devices will control us. However, if we keep aside this dangerous depiction of AI, we can see how beneficial such systems are in our lives. Businesses are including more of it in their companies and adopting methods like AI text analysis.
What is text analysis?
In this age of the internet, we come across enough text that will cost us an entire lifetime to read. Multiple emails, social media posts, blogs, articles, and other text forms are generated daily. The crux of the matter is that a humongous amount of text is available globally, and we are prone to missing out on valuable content.
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In smaller companies, too, one can see that they take in more textual information than they can handle. This problem will not stop as more documents and other types of information are collected and stored. This will eventually lead you to situations where you know that valuable data is inside these documents, but you cannot extract them.
This is where text analysis comes into the picture. Text analysis, or text mining, is a machine—learning technique that can extract valuable data from large amounts of unstructured text. Artificial intelligence, machine learning, and advanced data analytics techniques come together to accomplish this.
Why is text analysis needed?
When machines can easily procure needed information from a pile of unorganized data, you know the benefits of such technology are enormous. Here are some reasons why text analysis is required:
1. Text analysis makes businesses more scalable
If data had to be sorted manually, it would easily take months or even years to do it. But with text analysis tools, information in the form of emails, documents, and more can be easily structured. The entire process can be done in a few minutes, giving you more time to focus on other essential business tasks.
2. Text analysis can be done in real—time
Businesses are overburdened with information, and customers contribute more to it by adding more information on the web. Unfortunately, this prohibits companies from keeping an eye on each content type. Text analysis can up the game here by locating important data at any time and in real—time, no matter its location.
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3. AI—enabled text analysis delivers consistent criteria
Humans may be more intelligent than computers, but they are also prone to make more errors. But by using AI text analysis, all data and related algorithms can be quickly sorted. As a result, this process is faster and has fewer errors.
What is the relation between AI text analysis and Natural Language Processing?
AI text analysis only deals with extracting valuable data from a massive pile of content. Then, NLP is used to make the data more understandable. It uses artificial intelligence to transform the data into how humans write and speak.
The usage of NLP has become widespread in the past few years. Its use can be seen firsthand in products like Siri, Alexa, and Google voice search that respond to user requests quickly. Considering the amount of unstructured data produced daily, NLP has become integral to efficiently understanding and analyzing text—based data.
Some of the real—world applications of AI and NLP are:
- Natural language generation to answer questions via customer service chatbots
- Voice—controlled assistants like Alexa and Siri
- Language models, such as the autocomplete feature that predicts your following words based on what you have typed
- Streamlining the recruitment process on LinkedIn, where people’s skills and experience are quickly scanned
- Usage of NLP in tools like Grammarly that can correct errors and simplify writing styles
What are the benefits of using AI for text analysis?
Artificial intelligence uses NLP to understand the information the same way humans do for text analysis. Some of the benefits of using it are:
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1. Performs text analysis on a large scale
NLP technology analyses all types of documents, no matter how big their size. Suppose the exact text is analyzed manually. But with NLP and AI, a complete analysis can be done in just seconds or minutes. Additionally, NLP can scale up or down as per your needs and computational power.
2. Streamlines processes and reduces costs
As mentioned earlier, NLP can work at any scale and any given point during the day or night. For manual text analysis, you would need a group of staff working around the clock. But with AI text analysis, you can keep the team to a minimum.
An automated NLP that operates in real—time works best for customer feedback. You will get to know about the problems your customers are facing with a product or a service instantly. This ensures that no processes are repeated and that procedures are streamlined.
3. Improves customer satisfaction
AI—enabled NLP tools help you automatically analyze and sort customer service tickets. These tickets can be further sorted as per urgency, sentiment, intent, topic, etc. Doing so, you will never leave any customer hanging.
Integrated CRM systems can instantly arrange, manage and respond to customer service queries. In addition, analyzing customer satisfaction surveys using NLP can help you figure out the satisfaction level of customers at each step of the journey.
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4. More objective and accurate analysis
Performing repetitive tasks like reading and analyzing text can be tedious. Moreover, the data collected is not free from error or biases if humans handle it. NLP tools can perform tasks more accurately and without any shadow of judgment or skewing of results.
5. Provides honest and actionable insights
Unstructured data can be difficult to skim through. For example, online surveys and open—ended survey responses require more rigorous analysis by breaking down the text for easy understanding. But AI—guided NLP tools can delve inside piles of unorganized data and provide accurate and actionable insights.
6. A better understanding of the market
Market research is a time—consuming task, susceptible to incorrect or incomplete data analysis. But when you put NLP to work to understand your customer base, you will get a better idea of the market segmentation. Artificial intelligence also prepares you to target audiences directly and decrease customer churn.
7. Empower your employees
Just imagine the human hours you will be saving by automating processes! Using a full—fledged artificial intelligence software for data analysis will increase the focus on employees on their actual jobs. Furthermore, your staff will be free from repetitive and boring tasks.
Closing out on AI text analysis
The benefits of using NLP in businesses are aplenty. It is also a technology that keeps your business ahead of the times. It is no longer something that only the IT guys could experiment with, but all companies can use it for their gain. An NLP tool will always help you get the most out of your data.