When many of us hear terms like “machine learning” and “data coding,” we immediately turn away since we assume that these topics are too complex for us to understand. However, when you break these concepts down into simple terms, they’re actually not that difficult to comprehend on a basic level. Because these types of AI tools and capabilities can offer businesses unique advantages, it’s worth your while as a CEO and business owner to learn more about how they work and why they’re useful.
One of the hottest new customer experience tools is text analytics software using AI. Text analytics is the process of taking written information and turning it into quantitative data. It’s used by companies large and small for a variety of purposes, including market research, risk management, customer feedback analysis, and more.
Think of it this way: If you launch a new product and receive 2,000 online reviews and survey responses on that product, how do you actually analyze how people feel about it? Combing through each and every review is extremely time-consuming and a waste of employee resources. Text analytics tools program a bot to process written information for you and turn it into specific data points.
If this all still sounds confusing, it may be more helpful to visualize this process. Take a look at the animated infographic from Chattermill below to learn more about how text analytics for business works.