Four Organizational Outcomes of Leveraging Text Analytics

Since 70-80% of organizational data is unstructured, there is a strong need for an efficient way to process, categorize and analyze it to unlock its full potential. The answer is leveraging a text analytics tool. This way you can convert raw, open-ended data into meaningful themes and quantifiable results.

Without using a text analytics tool, it would be near impossible to process and make meaning of the plethora of free-form comments. Or, at least it would be very time consuming and resource taxing. What does harnessing the power of your qualitative feedback accomplish? Today we will examine four outcomes of leveraging text analytics and how they can impact your business.

1. Listening effectively:

   Text analytics gives a more complete picture of stakeholder feedback because open-ended comments are addressed. Analyzing qualitative feedback enables an organization to effectively hear the voice of the customer, student, employee, and any other stakeholder group. However, using a text analytics tool that simply relies on keyword frequency and/or sentiment analysis isn’t enough. After all, people don’t speak in keywords. People use local expressions, idioms and sentences in their open-ended comments – all of which need to be linked together to discover themes, topics and trends. Understanding all of the free-form text that is available is key for effective listening.

2. Enhancing the experience:

   Using text analytics to understand your qualitative feedback can also enhance the experience of your stakeholders. Now that all feedback is being analyzed and addressed, stakeholder engagement and participation will increase. Respondents will feel that their feedback is appreciated and that spending time writing free-from comments is valuable. The key insights discovered in open-ended comments can also be used to raise stakeholder satisfaction and loyalty.

3. Discovering knowledge:

   Text analytics helps organizations derive valuable, hidden insights from open-ended feedback leading to improved understanding and new knowledge. Previously, this information was buried at the bottom of the iceberg and not utilized. Now that qualitative data can be quickly processed and analyzed, it opens up an explosion of knowledge. Taking it a step further, by comparing/contrasting qualitative with quantitative data you can reveal previously undiscovered connections. Analyzing open-ended feedback may also give new understanding and context to your quantitative results.

4. Improving & innovating:

   Unlocking the potential of your qualitative data can be a useful competitive advantage. Text analytics can help do this by revealing emerging trends that you can use for improvement. Beyond improvement, open-ended comments may include insights that could lead to process, product or service innovation. It is known that when giving open-ended feedback participants are more candid, often revealing thoughts they otherwise would not divulge in quantitative methods. This could include key insights about your offerings, any issues or challenges, and innovative ideas for new products or services.