How social media text analytics can support business
Social media text analytics: why it matters
Can companies automatically detect, manage and extract insight from social media content and conversations? The answer is yes, through social media text analytics. It allows companies or government agencies to intercept and analyze the signals and feedback left by consumers or citizens on the web. As a result, developing a real-time capability for accessing access and using social media content is critical for improving business processes and generating a competitive advantage.
Taking advantage of competitive information can be easy to do when the volume of information is at a manageable level. However, today’s information exists at a volume that is anything but manageable without powerful technology. Let’s put this in concrete terms. In just one minute, three million items are shared on Facebook, more than 430,000 tweets are sent on Twitter, more than 55,000 photos are uploaded on Instagram, more than 2.7 million videos views are watched on Youtube and 120 new accounts are opened on Linkedin (Data source: Go-Globe Infographic, Things that happen every 60 seconds, May 2016). Every minute. This information is fuel for social media text analytics processes.
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Cognitive technology for more effective social media text analytics
Our cognitive technology Cogito is able to recognize, read and automatically understand the opinions expressed by users, including the nuanced locutions, slang, jargon, acronyms and abbreviations that are commonly used in human communication. Using technology like Cogito, social media text analytics can effectively analyze customer feedback found on millions of blogs, forums and social media posts.
In this way, Cogito helps companies process the voice of customers in real-time. It them to provides constant updates about trends, tipping points, marketing campaigns, and reveals the variety of viewpoints expressed online about products, services, the brand, etc.
Which car is “fine”? Cogito understands
Traditional technologies can identify the presence of keywords but are unable to understand a customer’s opinion. Cogito understands the meanings of words the way that people do. It recognizes the inner structure of the text and the relations between the elements, and can manage the content with a high level of accuracy and relevance. For example, in a user’s Facebook post about his car, Cogito can understand which car is :
“The BMW, the car I bought to replace my Mercedes, is a very fine car”
“The BMW is the car I bought to replace my very fine Mercedes”
In the first sentence the BMW is fine, while in the second sentence the Mercedes is fine.
Social media text analytics using Cogito identifies and comprehends the most relevant concepts with the precision that only cognitive technology can offer.Cogito detects sentiment, opinions and emotions, assigning each comment to a different level of sentiment (not just positive or negative polarity) according to the concepts, not keywords, expressed.