Text Analytics Tools: The Real Difference
February 5, 2016
Because the customer experience management field is growing, it can be confusing for companies to sort through the noise to understand all of the choices they have available. For example, the very term “text analytics,” which is a key component of a cutting-edge customer experience management program, can be used to mean many different things. Here are a few tips keep in mind when you are evaluating text analytics tools and providers.
Don’t be fooled by the lingo. For example, “text mining,” and “text analytics” are often used interchangeably, but there are important differences. Text mining suggests a “cherry picking” or “needle in a haystack” mentality. Mining would be the way to find a single issue, word, or concept. Text mining answers a “WHAT,” “WHERE,” or “WHEN.”
Text analytics, on the other hand, is the wide-lens approach to understanding text in a richer way. This means understanding how topics emerge, how they overlap with other topics, and what a customer actually means. This is the elusive “WHY” and “HOW” that are the linchpins in driving value.
Rules aren’t always made to be broken. There is sometimes a misconception that using “rules-based” text analytics tools means you’re stuck with inflexibility. Nope! Having templates and rules in place actually speeds up a company’s time to value regarding text analytics; using a pre-existing framework means that your implementation doesn’t have to be built from the ground up. Clarabridge uses a combination of rules-based, machine learning, and theme detection technologies to start producing insights fast.
Of course, it is also important for your analytics to be fully “tunable”—so that you can make adjustments to address the nuances of your specific business or industry. So, maybe we should say that rules can always be bent.
“Analytics” are not just for analysts. Just like every sports fan who has ever checked the box scores is a casual user of statistics, people throughout an organization can be casual users of text analytics. Text analytics tools should be designed so that everyone can get some value out of your results—whether from an alert that you’re being mentioned on Twitter, or a report showing what is causing the lowest sentiment about your brand. This wide-spread need for data is why Clarabridge specifically rolled out CX Studio, in order to make insights available for everyone.
Text analytics is only one part of the puzzle. Do not misunderstand: text analytics tools are important. Very, very important. Clarabridge is vigilant about keeping our propriety text and sentiment analytics methodology at the cutting edge, as it drives the platform our Customer Experience suite is built upon.
But text analytics tools by themselves are not going to improve the customer experience. They allow you to look at structured and unstructured data at the same time. They equip your customer experience practitioners to make recommendations. They provide the insights that your social care team can use to remedy customer issues. They reveal insights, but they don’t take action. The clue is in the word “tools”—they require sure hands and a commitment to customer experience for them to realize their full value.
You must deliver a great customer experience. Forrester estimates that a 1-point improvement in a company’s CX index can have a revenue impact of between $15 million $ 175 million depending on the industry. Proven text analytics tools as a part of an overall customer experience management solution is what will make the real difference.
Need more details about how it works? Download The Truth about Text Analytics and Sentiment Analysis for an overview of how Clarabridge has become the best-known text analytics software competitor.
Lisa Sigler is Sr. Manager of Content Marketing at Clarabridge. For over 16 years, Lisa has used her writing and editorial skills to bring the value and benefits of technology to life. In her current role, she works to demonstrate Clarabridge’s position as thought leader and trailblazer in the Customer Experience Management market. Lisa holds a B.A. of English from Kent State University. Read more from Lisa on Twitter @siglerLis.