The Ascent of Text Analytics
The New Frontier – Text Analytics
In this era of progressive improvements to the customer experience, many companies are searching for new avenues to gain insight into the customer journey using text analytics. Text analytics can be defined as a process for analyzing unstructured text, extracting relevant information, and transforming it into useful business intelligence. Large corporations such as Walmart, Amazon, and Google collect massive amounts of customer data in the Petabyte range and beyond. As enterprises of all sizes struggle to uncover true customer sentiment from unstructured data sources such as social media, surveys, notations in CRM software and service notes, blogs, and many other sources, this valuable customer insight is not being utilized to its full potential.
Preventing a Poor Customer Experience
However, most companies use only a fraction of the customer data that is readily available to them. One of the value propositions for using text analytics is its ability to analyze and classify huge quantities of text and automatically extract meaningful data that really needs to be scrutinized. This yields customer experience information that previously might not have been known or recognized, and used to prevent a repeat, poor customer experience. Text analytics reveals insights into why something is happening. For example, a visitor to a website might not be able to find a product or suitable answer to a question. Text analytics can be used to discover if the issue is related to content, FAQs, or navigation problems.
Root Cause Analysis
The data gleaned from text analytics can also be used to determine the root cause of problems (known or unknown), and companies can begin to anticipate or predict problems by analyzing customer interaction data. Just as speech analytics can unveil customer sentiment by automatically identifying key words and phrases from customer telephone calls, text analytics adds to the wealth of unstructured customer information that can be extracted, transformed and loaded into subject-oriented categories delivering new possibilities for enhancing the customer experience.
- Trend analysis
- Tool to make strategic business decisions
- Predict and forecast customer behavior patterns
- Deliver an improved customer experience
- Companies are realizing that all employees must listen to their customers, or they will become fair game for the competition