Discovering brand impact
The world creates 2.8 quintillion bytes of data per day from unstructured data sources like consumer complaints and feedback, text, messages, email and documents, survey and social media posts. Gartner defines unstructured data as content that does not conform to a specific, pre-defined data model. It tends to be the human-generated and people-oriented content that does not fit neatly into database tables. Unstructured data collected as part of a customer experience program helps companies understand the "Why" behind customer likes or dislikes. Since it costs businesses up to five times more to acquire a new customer than to retain the current ones, making meaningful connections over this data is key in moving customers from a level of satisfaction to a level of loyalty thus turning them into brand evangelists. While many companies believe they deliver a superior customer experience, only a few can justify it. In order to bridge this disparity in perception about provided and received value, businesses need text analytics to better understand, manage and predict these interactions. Today's challenge is to pull in data from the unstructured world and mix it with internal data stores to gain fresh perspectives. In the new world of data analysis, questions are evolving and changing over time and as such organisation needs to be able to collect, store and analyse data without being constrained by resources. The goal is to turn data into information and information into actionable insight. Join us to learn how we use text analytics in the customer experience sector to structure the unstructured data.
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