Businesses must correct the imbalance between too much data and not enough insight
London, UK and Oslo, Norway and New York, NY: 18 December, 2014: Confirmit is calling on businesses to prepare themselves for the barrage of data coming from the Internet of Things by embracing next generation customer experience best practices in 2015. It recommends a more sophisticated and automated approach to listening to customers that incorporates social and text analytics – as well as traditional methods – in order to simplify and streamline the entire customer experience management process.
“Listening to the customer and responding to both positive and negative word-of-mouth feedback has never been so important and it’s going to get harder,” explains Terry Lawlor, EVP Product Management at Confirmit.
Gartner recently estimated that 4.9 billion connected ‘things’ will be in use by 2015, expanding to 25 billion by 2020, with each device capable of providing potentially invaluable customer insight that could be vital to commercial survival.
“Companies need to analyse all kinds of data: unstructured and structured, solicited and unsolicited. And they need to do this across multiple platforms, channels, countries and languages to help them identify and track issues that could make or break them. Sifting through this massive volume of diverse data has become a hugely complex and labour intensive task that is virtually impossible to achieve manually. By the time any insights are uncovered it is often too late to make any impact on the business,” Lawlor adds.
A February 2014 report “How To Use Text Analytics In Your VoC Program” by Jonathan Browne, senior consultant at Forrester Research, Inc., found that text analytics helps organisations provide more intelligent service recovery, drive continuous improvements in operations and supercharge executive decision making.
This indication of the need to help companies mine the large volumes of data resulting from the Internet of Things has been a significant factor behind Confirmit’s development of a series of noteworthy product enhancements this year.
For example, mining both solicited and unsolicited free-form content, organising feedback according to the categories important to the business, and analysing complex and sometimes conflicting sentiments held within each piece of content are important capabilities to Confirmit customers. Confirmit Genius™ addresses these challenges by meeting the need for categorisation and sentiment analysis for free-form text, verbatim and other unstructured survey data. It captures social media feeds, online media feeds, forum comments and blogs.
The integration of Confirmit Genius with Confirmit Horizons™, which includes Confirmit SmartHub™, the industry’s first true customer engagement hub, enables businesses to capture, analyse and respond to customer and market feedback across multiple channels and sources in real time.
Lawlor explains: “With the likely explosion of new connected devices, and with continuing rapid innovation in social networking, consumers have an amazing array of choices for providing feedback on an organisation’s brand, products and services. They are voicing their views on new channels so it is vital that social and text analytics are incorporated into customer experience best practices to complement the insight that traditional, structured data delivers. Organisations cannot ignore the changing landscape of customer interactions if they are going to correct the imbalance between too much data and not enough insight,” he said.