Applications of Sentiment Analysis in Business

Sentiment Analysis in business, also known as opinion mining is a process of identifying and cataloging a piece of text according to the tone conveyed by it. This text can be tweets, comments, feedback, and even random rants with positive, negative and neutral sentiments associated with them. Every business needs to implement automated sentiment analysis. If you doubt it, here’s a little perspective. The accuracy can never be 100%. And of course, a machine does not understand sarcasm. However, according to a research, people do not agree 80% of the time. It means that even if the machine accuracy does not score a perfect 10, it will still be more accurate than human analysis. Also, when the corpus is huge, manually analyzing is not an option. Hence, sentiment analysis in business is more than just a trend.

The applications of sentiment analysisin business cannot be overlooked. Sentiment analysis in business can prove a major breakthrough for the complete brand revitalization. The key to running a successful business with the sentiments data is the ability to exploit the unstructured data for actionable insights. Machine learning models, which largely depend on the manually created features before classification, have served this purpose fine for the past few years. However, deep learning is a better choice as it:

• Automatically extracts the relevant features.
• Helps to scrape off the redundant features.
• Rules out the efforts of manually crafting the features.

At ParallelDots, we have powerful sentiment analysis API that uses deep learning which provides an accurate analysis of the overall sentiment of the given text.

Having insights-rich information eliminates the guesswork and execution of timely decisions. With the sentiment data about your established and the new products,  it’s easier to estimate your customer retention rate. Based on the reviews generated through sentiment analysis in business, you can always adjust to the present market situation and satisfy your customers in a better way. Overall, you can make immediate decisions with automated insights. Business intelligence is all about staying dynamic throughout. Having the sentiments data gives you that liberty. If you develop a big idea, you can test it before bringing life to it. This is known as concept testing. Whether it is a new product, campaign or a new logo, just put it to concept testing and analyze the sentiments attached to it.