What is Predictive Analytics? Why is it important?
Data analytics is big business. More companies than ever before are willing to invest in analysing vast amounts of their proprietary data. However, these analyses are fruitless if they do not lead to insight. Based on the structured qualitative analysis of data, what decisions can be taken to improve the future profitability of a business? This is Predictive Analytics.When data consists of figures and statistics, this analysis is rather straightforward. But, when large amounts of the data consist of text, the task is much more difficult. The data in question usually consists of customer satisfaction survey responses, employee satisfaction questionnaires or unsolicited online reviews.
How does Gavagai handle Predictive Analytics?
At Gavagai, we specialise in the qualitative-to-quantitative analysis of unstructured text data. Our Gavagai Explorer allows you to upload a collection of documents and analyse their contents in a structured and ordered way.
Our software focuses on two key aspects of data analysis: topic modelling and sentiment analysis. We find the main topics of interest that occur in your data and how prevalent they are. We also carry out sentiment analysis broken down by topic, so you can gain insight into the level of satisfaction for different topics. Each topic represents a different aspect of your business that is discussed in your data.
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With such a data analysis in hand, the insights gained can be used for business decisions. This is the predictive part. It is inevitable that certain topics influence overall satisfaction to a greater or lesser extent. Based on the sentiment or prevalence of key topics, decisions can be taken to improve the overall satisfaction and, hence, the profitability of any business venture.