What is Text Analytics?
Understanding what is text analytics allows you to see the benefit it can bring to making positive changes to your business. Text analytics is the process of extracting meaning and value out of written text. Text analysis software uses algorithms to establish meaning in large volumes of text content / customer feedback.
What type of businesses can use Text Analytics?
Text analytics is ideally suited to both consumer and business markets, across all industry sectors where large volumes of text / feedback need to be analysed.
What is Text Analytics Used For And Why would I use Text Analytics?
Text analytics enables you to transform large volumes of customer feedback comments into actionable insight. By understanding what people are talking about (negatively or positively), you can take action to improve your customer experience.
What are the benefits of Text Analytics?
Text Analytics automatically extracts all the relevant topics, sentiment and emotions from open ended customer comments, saving you time and resources. This means no more manual reading or coding of feedback and never missing a comment that says ‘I look forward to hearing from you’ again.
The process of Text Analytics consolidates feedback comments – and the analysis – across multiple channels and sources, providing a 360o view of customer insight. So, forget about disparate data sources – you can see the results from all your customer feedback in a single place.
Text Analytics enables you to use the most innovative, effective and customer friendly methods of gathering customer feedback. You no longer need to annoy customers by asking too many questions in surveys. Ask customers to tell you what is important to them in their own words – and use text analytics to gain the insight you need.
Using shorter surveys combats survey fatigue. You will get better response rates, reduce drop-off rates and get richer insight.
Text Analytics enables actionable information to be readily available across the organisation to whoever needs it to understand and improve processes, products, services, etc.
What is the “Lexicon”?
Feedback Ferret’s “Lexicon” forms the nucleus of our text analysis engine. It is a single, vast dictionary of contextual phrases – organised into Categories. It is compiled from human interpretation of feedback to ensure accurate contextual meaning.
There are more than 7,500 Categories, each with potentially millions of contextual phrases.
More than 70 man-years of development have gone into building the Lexicon and it continues to be updated daily by our Lexicon team.
Within the Lexicon, we customise content to meet the requirements of every client. Brand names, products, locations, outlet names, abbreviations, staff names, competitor names, etc. are all added into the Lexicon to enable accurate categorisation of your company information.
Every client benefits from the ‘communal’ nature of the Lexicon; phrases and Categories updated for one client benefit the text coding accuracy for all clients.
How do you ensure accurate Text Analysis results?
Our Feedback Ferret Lexicon Team continually monitors the quality and accuracy of all text analytics results. This is all part of the standard fully-managed service from Feedback Ferret. Unlike most other text analysis tools, our Lexicon team does all the laborious work to ensure you receive highly accurate results.
They carry out continuous updates to the text coding and topic definitions and, after each update, all historical data is reprocessed. This ensures that every customer comment in the database is updated to the latest version.
As a result of this human updating of our Lexicon, Feedback Ferret can achieve 93%+ accuracy across the total set of Reporting Topics.
How long does it take to process the text?
The processing of results, from the moment we receive the data to the moment the results are available to view, can take from as little as 45 minutes for regular feedback updates through to several hours for large batches of records.
The text analytics is usually run on an overnight basis, delivering results to the reporting platforms the following morning. If the frequency of the analysis needs to be increased, we can move this to twice daily or hourly, as required. More frequent processing will incur additional costs.
What is Sentiment Analysis?
Sentiment analysis measures how positively or negatively the customer has expressed their views regardless of the overall rating score they have given (often the scores can be at odds with what they actually say). All text analysed by our engine is automatically scored for sentiment.
What are Sentiment Scores?
Sentiment scores take into account the contextual meaning of comments, not simply a count of positive and negative words. Sentiment scores are retained for use in analytics and reporting and are an extremely effective proxy for Satisfaction Rating or where there is no rating score.
What is Impact Analysis?
Feedback Ferret uses Impact Analysis (predictive statistical modelling) to identify the topics mentioned by customers that have the greatest impact on satisfaction and loyalty. This enables you to prioritise actions. Focus on these key drivers to head off negative experiences and carry out root cause analysis to help eliminate these issues.
Impact analysis can be applied to every Ferret client database, with the results available throughout the Feedback Ferret hosted platform. Use them to improve your customer experience, customer loyalty and satisfaction, and prevent defection.
Can verbatim comments be analysed in conjunction with other customer data, such as customer segments or the products that they own?
Yes. Any user defined fields that are supplied with, or that can be matched to, the source data can be used in Feedback Ferret analysis and reporting. For instance, mobile phone companies might want to compare results of the feedback by different phone handset owned, or how old the handset is, or which tariff the customer is signed up to. Appending customer transaction histories to the feedback data enables exactly this type of reporting.
Which languages does Feedback Ferret Text Analytics support?
Feedback Ferret works with international clients who have customers in different countries and require multi-lingual solutions for their customer feedback programmes.
We provide full language facilities for customers to receive communications in their preferred language, as well as giving them the freedom to give their feedback in their language of choice.
How scaleable is Feedback Ferret Text Analytics?
The Feedback Ferret text analysis engine has been designed to handle virtually any foreseeable volume of customer feedback data. It uses grid computing methodology and cloud computing to share large contextual analysis processing workloads across multiple processing units so that we can always guarantee fast turnaround times. We are confident that Feedback Ferret is future proof on the very intensive computer processing required to accurately analyse the contextual meaning within the text.
Are Feedback Ferret Text Analytics only provided as a service, or can the software be licensed?
Feedback Ferret is only provided as a fully managed, hosted service for clients. The technology is not available for third party licensing.
How much does Text Analytics cost?
Our fees are comprised of two components: set-up costs and monthly operations costs. These are largely determined by:-
At proposal stage, we will provide indicative costs based on what we know of your requirements. Final costs will be confirmed when the full programme scope is agreed and documented during the Scoping and Definitions phase.