Text Analytics The three-minute guide

Text Analytics The three-minute guide

Text Analytics The three-minute guide 1

What is text analytics? Detecting hidden signals There 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. 2 Text Analytics The three-minute guide 3

Why it matters now An explosion of unstructured data Many 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. 4 Text Analytics The three-minute guide 5

Why text analytics? Insights greater than the sum of their parts For 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, semistructured data, and unstructured data together to find hidden patterns, trends, and anomalies. 6 Text Analytics The three-minute guide 7

Text analytics can show how people are feeling...whether they like your brand Net Sentiment 75 50 25 0-25 Brand X Aug 11 Sept 11 Oct 11 Nov 11 Dec 11 Jan 12 Feb 12 Mar 12 Apr 12 May 12 Jun 12 Jul 12 75 50 25 0-25 Positives & Negatives Mentions by Source Total Mentions Positve 29,108 9,742 Negative 8,409 Neutral 10,957 Net Sentiment Positive Negative 50 Brand Y 50 4,000 Net Sentiment 25 0-25 -50 Aug 11 Sept 11 Oct 11 Nov 11 Dec 11 Jan 12 Feb 12 Mar 12 Apr 12 May 12 Jun 12 Jul 12 25 0-25 -50 Positives & Negatives 3,500 3,000 2,500 Net Sentiment Positive Negative 2,000 1,500 1,000 500 Jan 1 Jan 16 Jan 31 Source Mentions Total 29,108 Twitter Facebook YouTube GlassDoor 22,219 6,851 33 5 8 Text Analytics The three-minute guide 9

topics most frequently mentioned in your data and who, what and where is being talked about. dependency Drugs Customer Concerns Customer Satisfaction Website Research and Development Marketing Requests Health Issues Communications Care Plans requests health reform prescription drugs customer concerns satisfactory insurance prices website customer products availability satisfaction education quality services preexisting conditions TV Internet disease symptoms commercials health marketing issues new products quality of life family history advertisements radio research and development findings care plans preventative care telephone communications mail email insurance prescription over-the-counter drugs legal herbs drugs illegal supplement 10 Text Analytics The three-minute guide 11

The benefits Simplicity Unstructured data is notoriously complex. Text analytics makes it easy to filter, search and cross-reference this data within a single, unified view. Enterprise-wide analytics Unstructured 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 efforts Analytics 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. 12 Text Analytics The three-minute guide 13

What to do now Go where the data is There 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 questions There 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 wins Gain momentum by focusing on a series of small, achievable text analytics projects that can lay the foundation for bigger initiatives down the road. 14 Text Analytics The three-minute guide 15

Time s up What a difference a few months can make When 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: David Steier Director Deloitte Consulting LLP dsteier@deloitte.com Ali Hadjarian Senior Manager Deloitte Financial Advisory Services LLP ahadjarian@deloitte.com Cindi Thompson Specialist Leader Deloitte Consulting LLP cinthompson@deloitte.com Jianping Zhang Senior Manager Deloitte Financial Advisory Services LLP jianpzhang@deloitte.com 16 Text Analytics The three-minute guide 17

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