Entity extraction is the process of identifying and categorizing mentions of an entity in a text. It is also referred to as entity chinking, entity identification, or named entity recognition (NER).
This process is performed with a set of system-specified categories, which can range from individuals or companies to monetary and periodic values. The process gives structure and adds meaningful content to an otherwise unorganized text. It enables algorithms to summarize vast amounts of information and find specific items and references in a text.
Big companies have realized the importance of the process and are applying it to analyze emails, product reviews, and market surveys. Below are some ways major companies use entity extraction to their advantage.
The more your business grows, the harder it becomes to monitor customer service tickets. Help desk applications may help you to organize and compile your tickets effectively. However, you will need entity extraction software to get any credible information from them. This technology can be used to computerize ticket marking and delivery to the appropriate agent.
You can also use it to obtain serial numbers, product types, and delivery dates from your invoices. Extraction of company names, website addresses, and emails can produce relevant data needed to classify and send tickets.
Customer feedback is essential in identifying your firm’s productive areas and those you need to improve on. It is easy to figure out customers’ opinions of your products and services by reviewing survey answers, social media comments, and product reviews.
This technology can help you quickly discover when customers discuss your brand or others. For example, client comments referencing your competition and particular brands related to your industry may be of interest to you. Or maybe clients are enjoying a specific aspect of your service, and they keep talking about it. Using extraction plus sentimental analysis will give you more information about customers’ opinions on other brands.
Automating individualized suggestions is the most common use of the process. Global corporations, including Netflix, (see some interesting Netflix statistics 2022 here), use the technology to customize their content according to their consumers’ patterns and preferences. This way, they keep customers interested at all times. Recommendation software can recognize products with the same entities by accurately detecting entities in an item’s description.
It is an effective technique that can be used in various industries. Business companies, news publications, and delivery firms are among those that can benefit from the technology.
Lizzie Weakley is a freelance writer from Columbus, Ohio. In her free time, she enjoys the outdoors and walks in the park with her husky, Snowball.