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Business Intelligence

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Business Intelligence

Chapter 7

According to Sharda, Delen, and Turban (2015), sentiment analysis is a term used to

describe the process of understanding and analyzing target user reviews through categorizing

them as positive, negative, or neutral based on user emotions by utilizing particular automated

software tools. Sentiment analysis deals with peoples’ feelings about particular topics, a unique

process commonly known as opinion mining. Here, as Sharda, Delen, and Turban (2015)

highlights, user sentiments are gathered, including their feelings while extracting appraisals and

analyzing user subjectivity concerning a particular topic. Due to the analysis's ability to mine

user feelings, the approach has proven useful across business premises to identify consumer

sentiments towards specific products and services.

Sentiment analysis is widely used in multiple areas in the real world scenario. However,

sentiment analysis seems to be highly popular across corporate settings considering these entities

function considerably towards gathering consumer insights such as feelings, behaviors, opinions,

and assessments towards corporate products and services. The most popular application fields for

sentiment analysis include:

a) Reputation management and brand monitoring

A firm needs to understand how customers perceive their products and services.

This information helps firms gain valuable insights into their products and services,

which help them adjust their brand according to consumer expectations (Bilyk, 2019).

b) Market research

Sentiment analysis helps deliver essential market perspective while exposing

handy insights regarding the present market situation (Bilyk, 2019). Through influencer
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content, information gathering, reviews, and comments, a firm can analyze market

competition and the most appropriate market efforts to embrace higher productivity.

c) Product analysis

Using sentiment analysis, a firm can gather relevant feedback and classify it for

brand monitoring and better competitor analysis.

d) Voice of consumer analysis

Sentiment analysis helps in capturing and analyzing the voice of consumers

present in various platforms with greater accuracy for successful business operations.

According to Sharda, Delen, and Turban (2015), sentiment analysis assist improve

customer service performance.

e) Consumer support

Sentiment analysis helps draw valuable consumer insights in terms of product

perception (positive or negative), service reactions, and feedback concerning a firm's

particular product elements (Bilyk, 2019). This exercise helps generate as much

information as possible to map the weak and strong aspects of a firm's products and

services.

Chapter 8

Excel is probably the most popular spreadsheet software for PC due to multiple

reasons. These reasons are described as follows:

1) As a spreadsheet package, Excel offers seamless integration since it can read and write

the most common file structures while interfacing with databases that make it easy to use

them in varied settings.

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2) Excel offers a platform that supports other models (static or dynamic) to be created upon

them.

3) Excel is an integral tool for decision-makers as it helps them gain significant insights into

how a particular assumption may impact the overall outcome. For instance, Excel can be

applied to forecast a firm’s future profitability by using assumptions of its cost growth

rates and current revenue volumes. Similarly, a business entity can use Excel to estimate

one's retirement savings based on current tax rates, estimated income changes over time,

and current salary.

Modeling comes with varied meanings. While some may perceive modeling as simply

calculation sets performed with the Excel software, others may consider modeling using Excel as

a complicated mathematical calculation that forecasts financials driven by dynamic responses.

What makes Excel so attractive for modeling efforts is its ability to derive quantitative estimates

using meaningful underlying assumptions. Given this ability, as Sharda, Delen, and Turban

reveals, Excel can help determine the outcome of a given situation based on multiple likely

events. This achievement is vital among decision-makers since they can get valuable insights

regarding how a particular change in assumption may impact the target outcomes.
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References

Bilyk, V. (2019, April 18). 5 sentiment analysis real-life applications & examples. Best Web &

Mobile App Developers Company | The APP Solutions.

https://theappsolutions.com/blog/development/sentiment-analysis-for-business/

Sharda, R. S., Delen, D., & Turban, E. (2015). Business Intelligence and Analytics: Systems for

Decision Support (10th ed.). Pearson.