Trends Report

Text Analytics Takes Business Insight To New Depths

An Obscure Technology Has Found Its Killer App

October 22nd, 2009
With contributors:
Matthew Brown , Sara Burnes , Peter Schmidt

Summary

Customers, employees, and competitors critique products and plans in increasingly public places, like Twitter and discussion forums. It's not just idle chatter. When Forrester asked how much consumers trust specific types of content, online ratings and reviews topped the list of trusted material. The abundance of news and commentary on the Internet could contain actionable knowledge for your business. In addition, internal sources like emails and call center notes are full of product suggestions, feedback on competitors, and thoughts on the market. To make sense of this cacophony, business leaders are pioneering text analytics tools. This little-known technology has a compelling value proposition: extract meaning out of large quantities of text by mining, interpreting, and structuring information to reveal hidden patterns and relationships.

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