In the current age, technology is deeply rooted in our society. Purchasing things online is only possible thanks to the internet, and having access to the services that provide us with the products we want to buy is only possible thanks to computers, smartphones, laptops, and tablets. The same can be said for entertainment services such as Netflix, HBO plus, Disney plus, Spotify, YouTube, and even social media like Facebook, Instagram, and Twitter.
The internet has definitely changed our lives, making various services much more accessible for all of us. On the other hand, it has also changed the way companies are run, and now companies rely on technology to improve their presence and make sure that they keep up with society and its advances.
Digital marketing, customer service, accounting, bookkeeping, customer relationship management, production, scheduling, planning… All of these aspects of business management rely on technology to efficiently fulfill a company’s goals and expectations.
But there’s a particular aspect that’s been gaining a lot of awareness in the last couple of years: Data. The way in which data is used, stored, managed, and analyzed, is way different than it was decades ago, and now processes that enter the category of automation are being applied to reduce the amount of time and effort needed to make use of said data in the most efficient way.
In this article, we will showcase the actual importance of data and the way it can be used, and why automated processes such as text analysis should be considered to improve the efficiency of any company.
Understanding the Importance of Data
Earlier in this article, we mentioned a wide range of processes that can be considered important when we talk about business management. Let’s focus on a particular aspect of it, digital marketing, and talk about how data is heavily related to it.
To do that, let’s briefly explain what digital marketing is. First of all, we can say that digital marketing is the process in which a company takes advantage of electronic devices like smartphones, computers, and laptops, as well as technologies like the internet and websites, to increase their relevancy in the current market. Simply said, digital marketing is an advertising process that focuses on electronic devices and targets the people who use them.
The thing is that digital marketing is a lot more different than traditional forms of advertising. It focuses on ads that can be shaped in various ways, like videos, pictures, and even audio-based ads.
If you are interested in digital marketing, you can always check this guide over here https://www.feedough.com/digital-marketing-guide/ for more detailed information.
Here’s where data and information enter the play. Why should small companies add digital marketing to their weaponry? Well, considering that more than 6 billion people own a smartphone, seems like a very wise thing to do, right?
Now, because of the way these ads work, whenever they are visualized or clicked, it registers data that later on can be used to see its performance. Data can show a company what ads are performing better and which ones are performing poorly, thus, decisions can be made considering this information. A company then can decide whether to:
- Only use the ad that is working efficiently to reduce expenses
- Change the other ads to improve the campaign’s efficiency
Considering how many aspects of business management can be improved thanks to data and its proper use, it is accurate to say that the way we manage the information we are able to gather can essentially change the game for a lot of companies, regardless of their nice and size.
No wonder why articles like this one are claiming that we are currently living in the age of data analytics. But how are automation and text analysis related to the information companies can gather?
The Benefits of Automation
Thanks to technology, we can automate a lot of the processes required to properly run a company. Let’s put a good example on the table and talk about customer service.
Many websites today now use bots as a form of customer service. These bots provide a limited number of options that customers might be struggling with, and customers then can navigate said options until they find the information they require to solve their doubts.
Although these bots are not perfect and won’t provide the answers customers are looking for 100% of the time, they reduce the burden of constantly monitoring the problems all customers might have, greatly reducing the number of resources that otherwise would be spent on customer service.
That being said, text analysis can be considered an automated process. But how does it work?
Introduction to Text Analysis
A lot of information available on the internet, and even outside the internet, is text-based. Reports, blog posts, and websites that focus on a niche that is similar or related to your company provide information that is mainly text-based.
And as you know, this information can be used as data. Now, text analysis is the process in which a computer analyses this information and focuses on retrieving valuable information, and organizes it in a way that can be stored as data, to be later on used for data analytics.
Do some people wonder what the uses of analyzing texts are? A good example of how text analysis can be used also involved customer service. Consider that a lot of the feedback and complaints companies receive from their customers are actually received in text forms. A text analysis process can actually determine what customers complain the most, the way in which they are complaining, the pattern of said complaints, and the way in which people want their problems to be solved.
For processes like customer relationship management, this data is absolutely necessary to come up with plans and changes that are more likely to satisfy customers, thus, increasing the reputation and value of your company in the process.