Data and its by-products dominate the world we live in. Smartphones and easy Internet access have increased this proliferation of data at a much higher rate than before. To make sense of this data and to use it for business advantage, companies analyze this huge amount of data to get insights. Such insights from text analytics, as they’re known, provide valuable and actionable information that then dictates a company’s key decision-making process.
Text data visualization is one such technique that offers many insights extracted from raw data into easily understandable forms. Such forms can include pie charts, tables, graphs, histograms, word clouds, etc. All these visual aids help executives and businesses to gauge customer sentiments by quickly viewing the data. Such text visualizations are of great importance to these business ventures, as will be seen in the following paragraphs.
Improved Decision-Making
The importance of data in the world of decision-making is experiencing new highs. With many top-notch companies favoring data analytics and insights from text analytics to guide their decision-making process, the trend is gaining strength. According to one estimate, 1 in 4 companies are now looking to make key decisions based on data analytics and through data visualizations obtained from raw text.
Executives believe that such intuitions from data are a must-have now as they provide real-time insights. They are a business’ entry points into customers’ behavior, their shopping trends, and general market patterns. Decision makers and project managers feel greater control in planning and executing their plans based on text analysis data. Such data visualizations are extremely useful in all the processes of project execution, planning, and even monitoring. Thus, project executives feel more confident basing their decisions on concrete evidence of market trends rather than going with their gut feelings.
Huge corporations such as Nike and Football Clubs are now relying on data to change their marketing strategies. This shift in adherence to data to make key decisions is a trend that is here to stay as more executives come on board the data visualization game. It is critical that businesses fully embrace this trend to stay relevant in their domains as data visualizations become more and more influential.
Increased Efficiency
Text data visualization is a great way to enhance the efficiency of a business. Text visualizations save the time of human resources that are spent on analyzing vast amounts of unstructured data. Businesses can utilize such resources elsewhere, free from mundane data mining and data entry tasks. Thus, by employing text data visualization in your business process, you can significantly increase your company’s personnel’s productivity.
Executives from companies employing data visualization tools can simply look at a pie chart and decide which market to prioritize. Checking a histogram of past performance indicates the years the company did well and the phases in it did not perform so proficiently. Word clouds and other data visualization techniques help when the crunch is on, and you must make quick yet informed decisions. Such text analysis tools summarize a lot of data into snippets that are easy to read and interpret, therefore enhancing a business’s efficiency and business readiness.
What better way to exercise such readiness is by visualizing the data and streamlining your business workflows accordingly? Text data visualization also helps to summarize large datasets into easily understandable one-pagers. Such one-pagers are a great help when explaining the company’s position to top management or prospective clients. Clients appreciate the effort made by executives to present data in such an easy-to-understand manner thus securing new business and lucrative clientele.
Enhanced Communication
Communicating your findings as a business entity is an important skill that can let your company grow exponentially. Often overlooked for other KPIs, communication is sometimes neglected, which can cause a company potentially a huge headache. The importance of communication in today’s digitally savvy marketing generation is there for all to see. Data visualizations can play a big role in improving a company’s communication policies and how they reflect on their business.
The customer tech savviness makes for an interesting shift in customer thinking as companies also look to bridge the gap between businesses and their customers. The importance of good communication grows as businesses realize they have to communicate with their customers in a certain manner. Therefore, businesses these days scrutinize every tweet and digital post through sentiment analysis, a text analysis method, giving the company an insight into the customer’s mind.
Text data visualization helps companies communicate easily and quickly with large customer bases. Such text visualizations help companies achieve their goals of keeping their customers aware of their processes. Such awareness is extremely important today as customers prefer their brands to be more transparent and less secretive. Such transparency helps build the brand as customer friendly and thus achieves the ultimate goal of having a loyal customer base.
Competitive Advantage
In a world full of data, your competitors will not spare any tech-related advancement to gain an advantage over you. Thus, it is crucial that you press this advantage of using text analysis and text data visualizations to help increase your company’s advantage. Using the latest AI and machine learning models to analyze this data will surely help companies achieve their growth targets.
AI and ML are helping us understand customer preferences and market trends like never before. The need to review data manually is becoming obsolete these days. Now you can simply design algorithms and models to do this job. The models analyze a large amount of data with ease and provide quick analysis. Employing such text analysis techniques will help your company gain that elusive competitive edge over your rivals, and thus you can stand out.
One underrated advantage of data analytics is its ability to observe current market trends and patterns. Such observations (data visualizations) make for nice summary reports but also serve a far greater purpose. Historical records and data analytics combine to predict future trends and opportunities in a highly competitive market. Such opportunities are hard to predict, but with the help of text visualizations, it is a matter of a few clicks away.
Improved Customer Experience
Text data visualizations and insights from text analytics help businesses get inside the head of their customers. Such deep knowledge of customer preferences helps businesses improve their products and after-sales services. Knowing your customers’ pain points helps businesses proactively seek to remove such complaints and gain the praise of customers.
For example, a telecommunication provider faces many complaints, and numerous such complaints are hard to diagnose one by one. Text analytics and data visualizations summarize such complaints into easily understandable charts and visual aids that are often self-explanatory. A pie chart clubbing the nature of such complaints into different categories helps the company executives make quick decisions about the company’s shortcomings.
It is a short way of addressing the concerns after the executives are made aware of such claims. Businesses must continue to evolve, and what better way to do so than by heeding their customer advice? Customers often provide the truest form of criticism, which businesses can use to make alterations to the product and thus make the product much better.
Increased Revenue
With the help of text visualizations, companies can make better decisions. Similarly, they can predict the future trends their customers would be more inclined to follow. This decision-making process and increased reliance on data result in more income streams for the business. It helps the business grow more than relying on manual data extraction.
Not only do text visualizations help find new streams of revenue, but they also help enhance existing revenue streams. Companies are becoming even more aware of their strengths now. This advantage is then pressed by strategizing the company’s policies to enhance existing well-performing streams. Such streams are then maximized to generate more revenue so that the company can focus on taking more risks down the line and generating more revenue.
Conclusion
In conclusion, text visualization is not a new way to interpret data at a glance. However, the mechanism behind it has progressed with the help of AI-based techniques and has made these visualizations data-based and highly accurate. Businesses and companies can now sift through large amounts of data and simply make their interpretations based on such data through data visualizations.
Businesses can get that elusive competitive advantage over their rivals that they strive for by making swift data-based decisions and increasing productivity by performing sentiment analysis to get insight into customers’ needs and demands. Such preferences then become the blueprint for the company to strive to make their products best suited for their customers.
Thus, text data visualization offers the cutting edge required for businesses to excel in various fields such as marketing, project & product management, research, and monitoring. Text data visualization tools are the perfect recipe for the success of businesses. The scale of advantages that can be extracted from data visualization is immense and companies of all sizes can benefit from it.
