The process of searching for meaningful data in large amounts of text using AI technology is known as text analysis. Its ability to classify and extract text data which helps you gain valuable insights for your business.
Competitive intelligence enables you to identify opportunities as well as develop and implement data-driven strategies. In order to find relevant information, analysts must carefully search through massive amounts of data.
But the majority of the information gathered by most companies comes in the form of unstructured sources such as news, forums, reviews, and documents. This makes it difficult to identify and extract valuable information from these sources without using advanced text analytics.
Most businesses do not obtain all of the information they require from the market. They can distill the raw materials needed to make informed decisions by gathering news, comments, and reviews from various social networks and forums. But the complexity of processing content necessitates the use of more sophisticated algorithms.
To make the most of that vast amount of content, text analytics allows you to identify sentiment and keywords, extract semantic similarity between topics, discover new emerging subjects, and summarise documents.
Competitive intelligence is critical for businesses to survive and thrive now.
Benefits of Competitive Intelligence
- You can discover your competitors’ and your customers’ perceptions, opinions, emotions, and intentions.
- Deep insights can be extracted from all types of unstructured content.
- You can evaluate relevant professional information and assist in identify companies that could be chosen for financing or partnership.
- By not having to manually curate a significant amount of text data, you can scale up your operational efficiency.
- Draw conclusions from the most credible sources for your particular situation and turn them into measurable business intelligence
Text Analysis Models used for Competitive Intelligence
Topic labeling
It is a data mining technique that aids in the summarization and differentiation of any text based on its theme.
It can also distinguish and catalog documents by recognizing predefined keywords. It is a simple and quick way to automate business processes and provide insights for data-driven decisions.
Intent detection
It is the process of analyzing text data to determine the author’s intent. Intentions underpin much of human behavior and action, and understanding intentions can help you interpret these behaviors.
It can assist your company in better understanding their customers and forecasting their future course of action. Intent detection can anticipate a customer’s intent and assist in planning a future course of action.
Semantic similarity
It is the process of comparing multiple sentence structures to find similarities. It examines the proximity of words in two sentences as well as the likelihood of two sentence structures having similar meanings.
Content recommender systems are one of the most common applications of semantic similarities.
Sentiment analysis
It is the process of examining and categorizing texts as positive, negative, or neutral. It can also assist you in analyzing and interpreting mindsets, opinions, emotions, and so on, as well as weighing the sentiments expressed in the text.
It can assist data analysts in analyzing public sentiment, conducting market research, determining brand reputation, and evaluating user experiences.
Keyword extraction
It is a machine learning technique that can help you automate the recognition and extraction of important information from unstructured data.
For competitive intelligence, you can summarise the textual data and key points of discussion.
BytesView’s market intelligence solution can assist you in collecting and analyzing large amounts of unstructured text data related to your industry. Examine concrete semantic relations via subjects to uncover market-moving insights for your specific needs.
Increase efficiency by eliminating the need to manually analyze different types of unstructured data with guaranteed accuracy.
