Question 1

What is sentiment analysis?

Accepted Answer

Sentiment is all about emotions and opinions and what people are saying and that is why it is also known as opinion mining. AI is often considered deficient when it comes to emotions so it appears a paradox that AI powers sentiment analysis. It achieves this in a mathematical way by using Natural Language Processing to analyze text, video/audio on the internet, or from emails and surveys.

In fact, sentiment analysis on videos is still a new field in opinion mining. Since it fundamentally relies on text analysis, even videos or rather the audio has to be converted to text using NLP and then analyzed.

However, accurately classifying text is difficult because often humans use the same term to mean different things and so context is important.

Question 2

What is the latest sentiment analysis statistics?

Accepted Answer

The latest sentiment analysis data give a clear insight into how this technology is gaining strength in recent years.

In 2020, 54% of companies said they were using sentiment analysis to look at reviews and social posts to understand customer sentiment. In 2023 it is expected to grow to 80% (Bain&Company).

Artificial neural networks were able to reach 85% accuracy in understanding the sentiment of text analysis.

The US leads in revenue share in the global sentiment analysis market (Fortune Business Insights)

Customer sentiment statistics show the difference between assumption and reality. More than 50% of businesses feel that their customers have a good sentiment about their brand but only 15% of customers actually agree.

Question 3

Why is sentiment analysis more important today than ever before?

Accepted Answer

Customers' opinions have always mattered for every business. The difference is that now, more people are sharing their opinions on social media than ever before and their opinion reaches more people than previous word of mouth. Data is out there, not only about your own business but also about your competitors. This wealth of knowledge can be used to tailor products as well as improve customer experience.

Sentiment analysis in business applications has proven to improve customer loyalty and retention by improving service outcomes.

Question 4

What are the various industries that can benefit from sentiment analysis?

Accepted Answer

Data rules. Gleaning information from scattered text data and bringing it together in a structured format provides benefits in various business functions. Some of these lines of business are…

Healthcare practices: Patient sentiment analysis is the process of measuring the patient’s perception of the care and treatment they receive at their health practice. Comments like “I waited for over an hour” can give actionable insights on where to improve.

Brand reputation management: Opinion mining is particularly important for organizations that have considerable online chatter about their brand. It helps to identify possible PR disasters before they can blow up.

Voice of the employee: This is important for organizations with a high attrition rate or have specialists whose departure can adversely affect the company. By analyzing what employees are saying, companies can strategize to improve the work environment.

Voice of the customer: We have already spotlighted the importance of opinion mining for improving the customer experience. Data fr0m different sources can be categorized so that companies can identify recurring concerns or what is working best for their customers and leverage it further.

Call center monitoring: Companies with large call centers essentially need to have sentiment analysis implemented. Companies can analyze how customer satisfaction can vary by product as well as call center (if they have many locations). Call duration along with speech recognition technology can detect customer emotions and detect recurrent problems.

Analyzing the market and competitors: Every business has numerous competitors and recognizing gaps as well as strengths used to be provided by market researchers. Now sentiment analysis can do that for your organization.

What is Sentiment Analysis and Which Businesses Need It?