After my previous post about Goofy, I feel the need to get a bit more serious about text analytics. This is a capability that ALL large organizations will need to deploy within the next couple of years.
At the Clarabridge event this week, I got to spend time with many executives from large companies that were thrilled with the results from their text analytics efforts. While most companies were still in relatively early stages of their deployments, the ROI of their efforts were already compelling. The business results for using text analytics came from areas like:
- Reducing warranty costs by spotting quality issues much faster
- Identifying underperforming franchisees that need training
- Cutting operational costs of manually categorizing customer comments
- Quickly identifying the impact and severity of service issues
- Understanding “why” metrics like NPS are going up or down
I was also able to see Clarabridge’s new product release which improves on the product’s linguistics, usability, and reporting (including a cool integration of Google’s motion chart gadget). But I don’t want this to sound like a Clarabridge advertisement. There are other vendors like Attensity and Overtone that also provide excellent text analytics offerings.
These vendors are making it easier than ever to extract huge value from previously ignored unstructured text. That’s why my #1 trend in Voice Of The Customer (VoC) programs is “Tapping into unstructured and unsolicited feedback” which I show like this:
Businesses are full of unstructured text like customer comments on surveys, notes and verbatims from contact center conversations, inbound emails, online chats, social media sites, customer feedback comments, etc. This information represents immense untapped value that I expect companies to start unlocking.
The bottom line: What’s your plan for text analytics?