Predicting the Stock Market & Improving Healthcare: The Power of Sentiment Analysis

For a lot of social media platforms, content moderation is key to ensure that the platform is running as safely and smoothly as it can be. X (formerly Twitter) is especially dependent on content moderation and at its peak had hundreds of content moderators working to penalize inappropriate speech and misinformation. Given the specific communication style of X and the polarizing nature of the microblogging platform, a lot of content moderation work went into ensuring that algorithms and models were taking into account the context and emotion behind tweets or posts. This was done using sentiment analysis.

Sentiment analysis is a Natural Language Processing (NLP) approach that determines the emotional tone of a text by analyzing, and processing the text. The tone detected is usually on a scale of positive to negative but some sentiment analysis systems can actually detect emotions like anger, happiness, fear, or surprise. This is especially useful when trying to understand large amounts of text and determine the tone or mood behind it. 

Asides social media platforms, sentiment analysis is useful to businesses who want to understand customer sentiment, improve their services using customer feedback, and refine their customer service. Here are 5 different use cases of sentiment analysis in various industries.

Sentiment analysis in finance

In financial markets, sentiment analysis is most commonly used to process financial news in order to decode and analyze market trends, and predict future behavior. In the financial sector, informed and data driven decisions are very important for any kind of success. With sentiment analysis, not only are financial advisors able to analyze data, they can also understand the data and its context setting them up for success. This can be done by collecting data from various sources like news articles, archives, social media posts, and customer reviews.  By doing this, financial analysts are able to stay ahead of the curve in terms of public opinion and economic policies.

The use of artificial intelligence in finance is not new, the technology is being used to identify and analyze risks, enhance productivity, and simplify complex financial tasks. Sentiment analysis is simply the latest in a long line of AI tools used by financial analysts to make decisions.

Sentiment Analysis in Customer Service 

One of the most important uses of sentiment analysis is in customer interaction and satisfaction. The nature of sentiment analysis, interpreting texts and opinions, makes it perfectly suited to identify intentions, emotions, and feedback by customers. With sentiment analysis, the opinions and experiences of customers can be monitored in real-time ensuring that customers’ needs are always being met without any middleman. This helps in identifying and addressing customer issues quickly while understanding customers better.

Most companies have thousands of customer support interactions daily that if analyzed properly can be used to proactively please customers. Using sentiment analysis, it is possible to identify areas to prioritize, pinpoint hot topics and problems, and resolve cases faster and to the customer’s satisfaction. This will in turn improve customer loyalty and support. 

Sentiment analysis in healthcare

Sentiment analysis in healthcare is about understanding a patient's needs and determining the type of care, treatment , and service that they want to get. This experience helps to understand the patient’s emotions, centering them in the caregiving process while improving operations in the caregiving facility. In the United States, sentiment analysis in healthcare is usually gotten through an HCAHPS (Hospital Consumer Assessment of Healthcare Providers and Systems) Patients’ Perspective of Care Survey or CAHPS Hospital Survey which is a standardized survey measuring a patient’s opinion on their quality of care. This survey is accessible to hospitals and healthcare facilities who can use sentiment analysis to fully understand the results.

Healthcare providers are the biggest beneficiaries of sentiment analysis in healthcare. Using the technology, they can improve patient care and experience, ensuring that it is always at the forefront of their mind. Sentiment analyst also helps healthcare providers to analyze customer opinions and feedback, and identify areas of improvement. They can also get a better look at the inner workings of their patients minds, finding out what they prioritize and how the healthcare facility can properly help a patient.

Sentiment Analysis in Marketing 

Sentiment analysis is very useful in marketing, allowing a marketing team to evaluate the public opinion of the company or their service, and strategize on different marketing practices while using informed data obtained from sentiment analysis. This is usually done using text from a varied group of platforms from the company’s own website to social media platforms like Twitter, Instagram, and TikTok, or shopping and review sites like Amazon, Reddit or YouTube. Analyzing these platforms and websites for opinions and comments can give marketers an understanding of the public’s opinions of the company and its products. 

Sentiment analysis in marketing is mostly about gauging the market and making sure that the public opinion about a company is mostly positive. This also extends to the way that products are received by the public and how they interact with them. This also helps with understanding the relationship between a brand and its customers and ways to improve that relationship.

Sentiment Analysis in Public Opinion

Sentiment analysis is usually used in a variety of ways to assess public opinion on events, people, and even elections. This is usually done on public platforms like social media sites, government websites and other public forums. Sentiment analysis in this particular area is usually used to track the public’s opinions and satisfaction with current affairs and the government. Political candidates use sentiment analysis to determine public sentiment around the candidates image and policies. Government officials can also use sentiment analysis to gauge the satisfaction of citizens with the policy direction of the government.

Sentiment analysis is also used in a myriad of other ways from academia to local community organizing. In academia, sentiment analysis can be used when analyzing surveys, quizzes and forms for both research and college reviews. With sentiment analysis, feedbacks and opinions can be properly translated enabling users to make better, more informed decision.

Conclusion

Sentiment analysis is useful in so many ways from understanding people, clients and trends, to gauging the best way to interact with the public. Because of sentiment analysis, we can properly predict behaviors, track public opinions, and identify and address customer concerns quickly. There are however some challenges with sentiment analysis such as properly understanding the language and cultural nuances of under-researched languages and some limitations with contextual understanding for some sentiment analysis systems. Nevertheless, the future is very bright for sentiment analysis as the technology evolves and integrates with advanced technologies like machine learning and artificial intelligence.