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Text AnalyticsThe three-minute guide
Text Analytics The three-minute guide 1
Text Analytics The three-minute guide 32
Detecting hidden signalsThere’s a good chance that your organization is awash in unstructured, text-rich data—everything from emails to customer tweets. The information buried in all that text holds the potential to deliver valuable business insights.
Text analytics is the practice of using technology to gather, store and mine textual information for hidden signals that can be used to inform smarter business decisions.
What is text analytics?
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An explosion of unstructured dataMany types of organizations are experiencing explosive growth in their unstructured enterprise data—at the same time that they have unprecedented access to external sources of data such as social media, blogs, and mobile transaction data.
Until now, much of this information passed through the organization virtually unanalyzed. But today, new tools for handling large amounts of this complex data make it easier to squeeze value from such unlikely sources.
Why it matters now
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Insights greater than the sum of their partsFor the first time, deep language processing capabilities such as sentiment analysis, summarization, and faceted search are becoming mainstream. And they’re being helped along by a user-friendly approach that makes them accessible to a broader range of business users.
These user-friendly tools make it easier to process social data, semi-structured data, and unstructured data together to find hidden patterns, trends, and anomalies.
Why text analytics?
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Text analytics can show how people are feeling ...whether they like your brand
Brand X
Brand Y
75
50
25
0
-25
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25
0
-25Aug ‘11 Sept ‘11 Oct ‘11 Nov ‘11 Dec ‘11 Jan ‘12 Feb ‘12 Mar ‘12 Apr ‘12 May ‘12 Jun ‘12 Jul ‘12
Net Sentiment Positive Negative
Net
Sen
tim
ent
Positives &
Neg
atives
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-50Aug ‘11 Sept ‘11 Oct ‘11 Nov ‘11 Dec ‘11 Jan ‘12 Feb ‘12 Mar ‘12 Apr ‘12 May ‘12 Jun ‘12 Jul ‘12
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Neg
atives
3,000
3,500
4,000
2,500
2,000
1,000
1,500
500
Jan 1 Jan 16 Jan 31
Total Mentions
29,108 9,742
8,409
10,957Positve
Negative
Neutral
Mentions by Source
Source
Total 29,108
Mentions
22,219
6,851
33
5
YouTube
GlassDoor
satisfactory
products
services
health reform
availability
prices
quality
insurance
prescriptiondrugs
disease
preventative care
family historyquality of life advertisements
commercials
TVInternet
radio
drugssupplement
telephone
findings
new products
preexistingconditions
education
dependency
symptoms
prescription
herbs
over-the-counter
legal
illegal
insurance
customer concerns
requests
customersatisfaction
research and development
care plans communications
healthissues
drugs
website
marketing
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…topics most frequently mentioned in your data …and who, what and where is being talked about.
Drugs
Customer Concerns
Customer Satisfaction
Website
Research and Development
Marketing
Requests
Health Issues
Communications
Care Plans
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SimplicityUnstructured data is notoriously complex. Text analytics makes it easy to filter, search and cross-reference this data within a single, unified view.
Enterprise-wide analyticsUnstructured textual data doesn’t tend to respect organizational boundaries. Crack the code on this cross-enterprise data and you can create a foundation for enterprise-wide analytics along the way.
Boost other analytics effortsAnalytics that relies on structured data can often benefit from an injection of unstructured data like that produced by text analytics. Combine the two to boost the overall effectiveness of your analytics initiatives.
The benefits
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Go where the data isThere’s a good chance your organization is sitting on a mountain of unstructured (and unused) data. Don’t worry about finding sources of data to feed the analytics machine—instead, start with existing document or knowledge management systems, or even your organizational email.
Ask pointed questionsThere are plenty of hidden signals in your unstructured data that could have a big impact on your business—if you know how to identify them. Asking the right questions can make all the difference. The more focused and specific, the better.
Target quick winsGain momentum by focusing on a series of small, achievable text analytics projects that can lay the foundation for bigger initiatives down the road.
What to do now
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What a difference a few months can makeWhen it comes to text analytics, you probably already have most of the components you need to start generating insights. It’s just a matter of putting them together in the right way. While every organization is different, many have reported seeing results within just a few months of getting started.
To learn more about how to get your text analytics initiative off to a smart start—and start using all that unstructured data, please contact:
Time’s up
David SteierDirectorDeloitte Consulting [email protected]
Ali HadjarianSenior ManagerDeloitte Financial Advisory Services [email protected]
Cindi ThompsonSpecialist LeaderDeloitte Consulting [email protected]
Jianping ZhangSenior ManagerDeloitte Financial Advisory Services [email protected]
This publication contains general information only and Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor.
Deloitte shall not be responsible for any loss sustained by any person who relies on this publication.
As used in this document, “Deloitte” means Deloitte Consulting LLP, a subsidiary of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.
Copyright © 2013 Deloitte Development LLC. All rights reserved.
