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Benefits of AI in text data analysis

Benefits of AI in text data analysis
With more and more customers desiring to speak with businesses via chatbots and other communications programs, making sense of those conversations is key to companies as they respond to customer requests. Luminoso Technologies, based in Cambridge, Mass., is a company that applies artificial intelligence to text data to achieve faster and more accurate analysis.
“Luminoso helps optimize and automate contact center processes, most notably chatbots and live agents, which have seen explosive growth over the last couple of years. Customers’ desire to interact with companies via chatbots continues to grow as chatbots get better. Luminoso helps companies both understand what’s happening in those conversations and optimize the labels and responses used by chatbots,” said Catherine Havasi, CEO and Co-Founder of Luminoso Technologies.
According to Havasi, there are several features that make Luminoso’s software unique. One of them is the application of different levels of AI to suit the end user’s needs. “Some companies and industries require a high amount of supervision, and any system must be able to accommodate that. But other companies prefer to use unsupervised classification – in essence, letting AI build a streamlined contact center process from the ground up. There are also times when a mix between supervised and unsupervised classification is optimal – and situations where you may need to chain together multiple classifiers to build a truly end-to-end system. Every company’s contact center goals and processes is unique, and we’re working on building a solution that is flexible yet robust enough to meet those needs,” Havasi said.
She said Luminoso’s unique methodology makes their solutions fast and accurate, in the process saving the end user time and cost to handle data. “Because Luminoso’s process is almost entirely automated and produces more accurate results, it empowers companies to entirely reimagine and streamline their processes. For instance, in contact centers, incoming support tickets often need to be handled by three to seven people before being resolved - resulting in longer issue resolution times and higher labor costs.  By implementing Luminoso, this process can be almost entirely automated. The majority of documents don’t need to be reviewed by a human at all – and any that do only need to be reviewed by one person,” Havasi said. “A number of our customers use Luminoso to automate document classification and labeling, which many companies still do manually. The cost savings in time and labor are significant. For a company that processes 1 million documents a year, using Luminoso for automatic routing and labeling speeds up the process by over 54 percent, freeing up nearly 17,000 people-hours for a cost savings of US$500,000 or more each year (assuming industry-standard wages and benefits).”
Furthermore, Luminoso’s solution can work with various languages other than English. “Our solution natively (without requiring translation) processes text in 13 languages, including Chinese, Japanese, Korean, Arabic, and all major European languages. The languages that Luminoso supports are spoken as a first language by nearly 3 billion people and over 44 percent of the global population – making it possible for multinational companies to understand their customers, no matter which language they speak,” Havasi said.
As for the future, Havasi expressed confidence in her company’s solution, citing a focus on customer experience as a major driver. “With easy access to product information and the ability to shop around for the best deal with just a few clicks, the customer experience is often the only meaningful way in which companies can compete. The best way to deliver a strong customer experience, of course, is to understand what your customers are telling you – and this is exactly what Luminoso helps provide, accurately and in real-time,” she said.

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