Text analysis can help extract useful information from unstructured data through techniques like sentiment analysis and entity detection. Some key industrial applications of text analysis include using it in the hospitality industry to analyze customer reviews and enhance services, in healthcare to classify and organize large volumes of medical documents, and in pharmaceuticals for drug development and analysis of clinical trials. Text analysis is also used in financial services to analyze customer feedback and transactions, in retail to understand customer reviews, and across industries for risk management, business intelligence, customer service, and social media monitoring.

1. Industry
Applications of
Text Analysis

2. Text analysis can help you make extensive volumes of
unstructured data accessible. Also through text
analysis techniques such as sentiment analysis, entity
detection, topic labeling, and more, you can extract
various kinds of useful information.
Now that we are done with the fine print, let’s look at
some industrial applications of text analysis. Let’s dive
in.

3. Hospitality
In the hospitality industry reviews can mean the
difference between success and failure. While the
industry is at a standstill due to COVID-19, the quick
deployment of vaccines shows great promise.
Using the insights and suggestions from customers
you can enhance the quality of your services and live
up to their expectations.

4. Healthcare
Hospitals generate a ton of documents daily which
can difficult to keep track of. These documents
valuable information such as patent details,
medications, equipment maintenance, staff, etc.
Text analysis can help you classify these documents
as per the information available in them.

5. Pharmaceuticals
Medical affairs specialists help move pharmaceuticals
products from the experimental phase to
commercialization. Although, this requires an in-
depth analysis of the drug, its effects on the human
body, and government regulations.
These specialists use text analysis solutions to
analyze and make sense of this complex and
unstructured data with ease. Depending on the
outcome gained from the analysis, they can take the
necessary measures to develop the drug.

6. Financial
Services
The financial services sector has to process a ton of
data daily. Also, the data is far too complex to be
analyzed by any individual. Therefore, financial
services firms use text analysis to analyze customer
feedback, analyze interactions, access claims, and
evaluate risks.
By using text analysis, financial institutions can
analyze unstructured text from various sources to
manage risk and better serve their customers.

7. Retail and E-
commerce
A poor customer experience will keep customers away
from your products and services. Furthermore, the
reviews of such unsatisfied users could drastically slow
down sales. Eventually, you will have a hard time finding
new customers.
Many online sellers and retailers are using text analytics
solutions to analyze the feedback or reviews of
customers to identify areas where they lack and need to
make improvements.

8. Risk
Management
Irrespective of the industry a business operates in, it
is essential to analyze all aspects of the business
which also includes accessing risk. The financial
sector is one of the most prominent industries
leveraging text analysis to minimize risk.
Risk management text analysis solutions can
drastically increase the ability to mitigate risk, enable
easy analysis of thousands of documents.

9. Business
Intelligence
Finalizing the right course of action for your business
without analyzing all factors that are related to your
business can result in a devastating outcome. It is
more difficult when you have to answer to your
shareholders.
Businesses have started to use text analysis to
analyze extensive volumes of unstructured text
related to your business.

10. Customer Care
Providing the best customer support experience is
the most effective way to build brand loyalty. But
managing thousands of customer support queries
and analyzing surveys is not easy.
Text analysis solutions can help you automate the
classification of customer support queries based on
the issue or intent expressed by the consumer.

11. Social Media
Monitoring
Social media platforms are now the most preferred
platforms by consumers to express their opinions.
Text analysis can help you analyze the vast user-
generated content posted by users on social media
platforms.
It can help you understand how people engage with
your brand and thus allowing you to understand the
reaction of users and how they perceive your brand.

12. BytesView is an amazing tool that has a ton of features and can help
you analyze large volumes of unstructured text with ease.
Here is the link - https://www.bytesview.com/