Why Is Sentiment Such A Big Deal?
Sentiment, Sentiment Analysis, Sentiment Tracking have become a hot topic with multiple ‘AI’ startups focussing on providing sentiment driven insights to enterprises. The number of such startups points to the potential that enterprises see in Sentiment analysis and the impact it has on how the enterprise plans, operates, executes and delivers value.
Sentiment Analysis is process of extracting sentiment (emotion or feelings) captured in signals that are embedded in various types of media such as print, text, audio, video, images etc. For example, if a reporter submits a report on a particular enterprise, the sentiment embedded in the article can point to how excited, worried, upbeat or impassive they might are about the enterprise. This sentiment can be then used by the enterprise to understand the perception about the enterprise that the external market carries and whether that perception is improving, degrading or staying unchanged. This insight can be used by the enterprise to improve their go to market plans, change their PR strategy or even go deeper and change their product strategy.
Sentiment Analysis Is Not New
The tracking, measurement and use of Sentiment is not a new scenario. Enterprises have been leveraging the output of sentiment analysis for a long time. User surveys, focus groups, market research, customer interviews etc. are all examples of generating data to perform and track sentiment. Similarly, influencer marketing through association with influencers or events or organizations with a certain perception or sentiment associated with them is a common technique to improve the enterprise’s own sentiment. Sentiment Analysis and strategizing based on the analysis is a common and required function for any enterprise.
Sentiment Analysis Using Artificial Intelligence
With the advent of Artificial Intelligence (AI), enterprises now have another technique in their kitty to understand how they are perceived in the market and how that perception is changing over time. AI enables enterprises to devise and execute strategies and almost instantly track how these strategies impact sentiment about them and subsequently, course correct as needed. AI technologies such as Deep Learning, Natural Language Processing, Computer Vision etc. have the ability to automate the analysis of print, audio, video content delivered online, through market reports, publications, press releases, financial filing etc and use these in aggregate or individually to determine sentiment and provide that to the enterprise in a near real time manner.
The Speed of Sentiment Analysis
As the volume and variety of digital content increases and the latency in accessing the digital content decreases, the speed at which such content is processed and the sentiment analyzed becomes not only critical but a competitive advantage. The faster sentiment can be determined, be it about the enterprise or their customers or their partners, the faster can the enterprise react appropriately to generate new value or defend itself from other entities trying to encroach on the enterprise’s market and mind share. The speed of sentiment analysis requires investments in the product and the process involved with triggering sentiment analysis and then determining appropriate decisions and strategies and executing/tracking those strategies.
Macro vs. Micro Sentiment
Another key point in tracking sentiment is the idea of macro vs. micro sentiment. Macro sentiment refers to the general market and industry trend and sentiment that generally equally impacts all enterprises in the market or industry. Micro sentiment refers to the sentiment about individual entities in a market or industry. Enterprises need to ensure that they track both macro and micro sentiment to understand both large and small scale trends that can impact their own position in the market or impact the entire market. Being able to understand significant market shifts (for example, the acceptance of the public cloud by multiple enterprises) can enable an enterprise to fine tune or create new offerings for the newly developing market of vice versa, exit a market that is showing long term stagnation or decline.
The AI Company’s NewsRxR (pronounced ‘NewsRSquared’) product offers enterprises the ability to track and understand sentiment. NewsRxR is powered by Artificial Intelligence, Knowledge Graphs and APIs to offer the best-in-class sentiment analysis experience making enterprises agile and more informed about their operating environments. Talk to us to get started.