5 Must Have Text Visualization Tools for Businesses |
Posted: May 10, 2023 |
Text visualization tools are software programs that help businesses analyze and present vast amounts of data in easy-to-understand forms. These forms often take the shape of graphs or charts; they can be histograms or pie diagrams, and so on. Having these tools for businesses has become a necessity rather than a choice. It is estimated that in 2020, about 64.2 zettabytes of data were consumed or created in one form or another. This high data consumption can only mean one thing for businesses; either employ the latest data analysis techniques or go obsolete. Text visualization makes life easier for businesses as they analyze vast amounts of data and help businesses make sense of it. Also, it is much easier to communicate such complex data through text visualizations. Text visualization tools are essential for businesses because they provide a way to communicate data more meaningfully. Textual data can be challenging to understand and can be overwhelming, especially when it comes in large amounts. Text visualizations, on the other hand, solve this problem by making the information more meaningful. It allows businesses to identify market patterns and trends and insights into the customers' minds. Another useful thing about text visualization tools is the ability to present data in easy to understand format. Such simplifications allow the data to reach a wider audience, thus driving the growth of a business and increasing engagement. Here are some tools that make text visualization an asset for businesses: WordCloudsWord clouds are an excellent text visualization tool that helps analyze data and transforms it into an easily understandable form. As the name suggests, the textual data is arranged into cloud clusters showing the frequencies of a text's most commonly occurring words. Some words are shown larger and some smaller, based on their frequencies. There are many benefits of using word clouds, including identifying themes, highlighting key trends and easy-to-communicate textual inputs. Wordclouds help to identify key trends in any textual input by visually representing the text in a simple graphic. Such a graphic communicates the text's main theme so that executives and stakeholders understand the trends at a glance. Other benefits of using word clouds to analyze text are saving time and resources for a business venture. It quickly analyses the text using the AI-based tools. A quick and easy way to analyze textual data saves the hassle of manual data entry and analysis. Such analysis helps companies make quick data-based decisions based on sound logical footing. There are many ways businesses can use word clouds for their advantage as it helps them gain a competitive advantage over their rivals. A business can easily test its brand viability by doing market research and representing the data through word clouds. Such data shows the market trends and how customers respond to the specific brand. The responses can help steer the business in the right direction by making important decisions to help the brand grow even more. Human resource professionals can also use word clouds by analyzing the CVs of different individuals. Key job description indicators can be identified in such CVs, thus making it easier through word clouds to find the right candidates. Customer reviews are a great resource to help a business improve its services. Wordclouds identify the key elements that need to be rectified and the ones receiving praise. Sentiment AnalysisSentiment analysis is a slightly more complex technique than word clouds as it employs Natural Language Processing to break down the text into its component for analysis. NLP mimics human understanding so that machines can understand and interpret the human text like humans do. Sentiments can be of different types, including positive, negative or neutral. Such classification can benefit businesses and companies that rely on customer reviews and feedback for successful ventures. Sentiment analysis is one of the text analytics tools that help identify customer feedback without directly asking the customer. This indirect feedback is much better than direct feedback as it gets unfiltered customer reviews. Sentiment analysis helps brands research emerging trends and changing patterns that can help nudge the business in the right direction. Another benefit of using a text analytics tool such as sentiment analysis is its ability in reputation management. Staying current with the feedback over social media and online forums, businesses can monitor brand reputation and communicate better with the masses. Product and service improvement is possible by analyzing the same feedback and improving upon customer suggestions. Finally, sentiment analysis helps companies learn about their rivals and how they're performing. Interactive Charts and GraphsInteractive charts and graphs are becoming a great way of analyzing text with more flexibility to interact with the data. This text visualization tool helps users toggle with the filters that can make the data more specific to their needs. It helps businesses paint a picture from the data in different forms and analyze data in real time. Interactive charts and graphs offer a more engaging experience for analyzing data. Interactive charts and graphs help businesses and companies explore more data in less time. The charts' interactive nature helps with the user's engagement and deeper learning. Improved data accuracy and getting real-time updates through interactive charts is a major plus for businesses. Updating charts and graphs in real time is an excellent data storytelling technique that can help paint a better picture of the data. Users can interact with the charts and thus communicate with the data much better than with static charts. Users get to see the data they want and hide the ones irrelevant to their needs. For example, financial data on an online platform where users can interact with the stocks they want to see and the stocks they want to hide. They can also compare different stocks and markets, thus making this technique an excellent text analytics tool. Text Network AnalysisText network analysis analyses textual data by representing the relationships between words or concepts as a network. It involves identifying connections between words or concepts in a text and visualizing them as nodes (vertices) and edges (links) in a network diagram. This can be used to gain insights into the relationships between different concepts or themes in a text and to identify patterns or structures within the text. Text visualization tools such as network analysis have many applications in the real world, including cross-disciplinary ones. Other text visualization techniques collate the data and specific themes, while text network analyses help identify different text themes. Such themes are then connected via arrows to establish the linkages between how they're connected with each other. Text network analysis helps companies make decisions by linking different themes and giving decision-makers a comprehensive picture of all the data. Also, the linkages help explain the themes in the text in a much better and more engaging manner. Sometimes there may be gaps in the text not represented by the linkages, which can be explored for more clarity. Topic ModelingTopic modelling is a text analytics tool that extracts topics from a large corpus of text. Topic modelling works similarly to sentiment analysis, but here the focus is on finding similar words to club them into topics. The identification of co-occurring words and phrases and their grouping helps uncover underlying themes. Such underlying themes present businesses with ample opportunities to uncover what the customers want and how to improve their products or services. Topic modelling helps businesses make sense of large and complex datasets by grouping them into recognizable topics or themes. Such key themes lay the groundwork for improved resource management. The biggest benefit of topic modelling as a text analytics tool is its ability to automatically generate topics from any text. Automation is the key for any industry moving forwards, and text visualization tools are the applications facilitating this revolution. The benefits of topic modelling are similar to other text visualization tools: it offers improved communication, excellent data exploration and cross-disciplinary research. In the real world, topic modelling has many applications, including market research where a customer's needs and trends can be bare. Moreover, customer feedback can be analyzed effectively when clubbed together as topics. Such topics can act as themes that can be tackled by executives carrying out the decision-making. Similarly, businesses and workplaces can also survey their employees to better understand the company itself and how to improve it. Final ThoughtsText visualization tools are here to stay with their ability to transform data from meaningless entities to ones containing an abundance of meaning. Such text analytics tools are vital in our data-driven world as businesses employ these to understand the pulse of customers and markets. This article highlights the five best text visualization tools: sentiment analysis, word clouds, and topic modelling. We also share thoughts on best practices in using a text visualizer tool and how to get the most out of a text visualization tool. These tools are at the forefront of the current tech revolution involving big data by interpreting it automatically and putting it in our laps to analyze. Text visualization tools help businesses achieve their goals and targets by weaponizing them with the necessary information.
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