Transform Voice of the Customer Insights into Action
Successful companies both listen and understand what customers are saying and are taking action in response to customer feedback by incorporating the voice of the customer (VOC) into business strategies for sales, marketing and support. The business case for text analytics is compelling given that an estimated 80% of today’s business relevant data is unstructured or text-based. Moreover, merging unstructured text-based data with structured data gives organizations the ability to include additional predictive variables in their models and thus improves the accuracy and increases the lift (the effectiveness) of these models. This paper explores 3 text analytics uses cases that combine data mining and predictive analytics to improve customer retention, fraud abuse detection and reduction, and segmentation and cross-sell.