It’s Time For Text Analytics

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:

vocdomain_vsmall1

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?

About Bruce Temkin
I am a customer experience transformist, helping large organizations improve business results by changing how they deal with customers. As part of this focus, I examine strategy, marketing, interaction design, customer service, and leadership practices. I am also a fanatical student of business, so this blog provides an outlet for sharing insights from my ongoing educational journey. Simply put, I am passionate about spotting emerging best practices and helping companies master them. And, as many people know, I love to speak about these topics in almost any forum. My “title” is Managing Partner of the Temkin Group, a customer experience research and consulting firm that helps organizations become more customer-centric. Our goal is simple: accelerate the path to delighting customers. I am also the co-founder and chair of the Customer Experience Professionals Association (CXPA.org), a non-profit organization dedicated to the success of CX professionals.

9 Responses to It’s Time For Text Analytics

  1. Jon Denison says:

    Interesting post. We have been considering deploying voica analytics on our call recording systems, but I hadn’t considered text analytic. Who are the key vendors we should consider in this space?

  2. Bruce Temkin says:

    Jon: I’d start with the vendors I mentioned above (Clarabridge, Attensity, and Overtone) for the text analytics and look at their plans for integrating with speech analytics vendors like Nexidia, Nice Systems, and Verint.

  3. Pingback: Six Trends Reshape Voice Of The Customer Programs « Customer Experience Matters

  4. I agree Bruce. Enterprises are starting to form organizations dedicated to understanding the wholistic customer experience – Chief Customer Officer, Director of Customer Experience are replacing the previous structures of market reaseach, customer satisfaction and consumer insights. In the past such organizations were silo’d and typically focused on a small aspect of the overall experience such as call center service, or simply transaction based satisfaction. The new orgs are more wholistic out of necessity. Enterprises are taking notice that there is gold in the ever increasing volumes of unstructured data they receive from customers and the early adopters have proven roi success. I think you are right that the technology in 2010 will hit mainstream to enable the new Chief Customer Officers of 2010.

  5. Pingback: It’s Time For Text Analytics | Life @ Backbase

  6. Pingback: Driving #1 for Customer Service at BT « Need More Input

  7. Missy Eagan says:

    What’s the average costs for a text analytics solution?

  8. Pingback: Customer Insight and Action (CIA) Platforms Emerge « Customer Experience Matters

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow

Get every new post delivered to your Inbox.

Join 2,621 other followers

%d bloggers like this: