Analytics-driven customer experiences are redefining the Customer Journeys in the Digital 2.0 world now. According to Gartner, “By 2020, with the help of AI, customers will be able to manage 85% of their relationship with the brand without interacting with a human.”
Today’s digital-savvy customers live in an omnichannel world and transact with businesses in many ways. When they set out to accomplish a task over time, they expect a seamless hand-off among devices and channels. The entire journey needs to be consistent, contextualized and connected to satisfy these increasingly demanding and fickle customers.
Customer experience can drive superior revenue and is critical to growth and competitive differentiation for business. Data insight is one of the primary tools for CX enhancement. An enhanced CX clubbed with an in-depth data is an opportunity window for smooth customer journey.
However, the practical challenge for organizations is to integrate all their digital and traditional channels to manage a friction-less experience. It is likely that data is trapped in siloed systems across marketing, sales, commerce, and service.
Unlocking the potential of unstructured data hidden in the customer journey
If structured data is so big, then unstructured data is enormous. It is known that organizations exploit only structured data that represents only 20% of the information available. That suggests that 80% of the data is lying mainly in unstructured form and there is a tremendous potential waiting to be leveraged in the analysis of unstructured data.
Unstructured data usually includes comment boxes in feedback forms, is undoubtedly a significant way to gather consumer views on a brand or a service. Unstructured data is highly valuable when merged with structured feedback since it helps in visualizing the consumer’s journey with the brand.
Making sense out of unstructured feedback is hugely complicated and organizations that decode this, gain a better grasp of the customer experience. Moreover, when monitoring customer feedback, the element that brings a couple of benefits is Text Analytics. This Text Analytics can help bridge the gap between customer expectations and the experience provided during entire customer journey.
These days customer feedback data are coming from the emerging channels such as social media and mobile devices enabling companies to rely more on text analytics. Organizations that are quicker to identify emerging trends have drastically improved the survey experience with much shorter questionnaires where their questions are getting answered easily and are also realizing the potential of non-verbal expressions like emoticons in conveying customer’s sentiment in feedback.
Business Value of Text Analytics
Analyzing the overall sentiment of the conversation and ‘what, who, where, when, why’ transforms the unstructured data into structured data and enables organizations to pay attention to all of the conversations.
An essential goal of analyzing unstructured data such as customer complaints, opinions or comments is to catch the pulse on what users perceive about an entity. It also helps organizations recognize what do the customers think of the various attributes of a company’s product such as quality, price durability, safety, ease of use.
The key to digital transformation lies in combining the Text analytics pieces together with a well-thought customer journey at a strategic level.
In conclusion
The use of text analytics is burgeoning quickly, and organizations are unleashing the potential that is possible if textual data are analyzed and integrated with decision making. Given the exponential growth of unstructured data both outside and within the organizations, text analytics will continue to expand.
Organizations need better insightful text analytics to understand the most relevant drivers to improve the customer experience, ultimately leading to ‘Delightful Customer Journeys’. Text analytics is undeniably actionable if it supports decision making optimally and if the results of the analytics can be shared in a way the business is empowered to act.
