Companies today are buried in large amounts of unstructured content, representing as much as 80% of an organisation’s data – and this amount continues to grow every day. To analyse this, Text Analysis is now recognised as an essential tool by many companies.
Steadily evolving over the last decade, Text Analysis tools have now advanced to encompass a range of analytical databases, algorithms, natural language processing (NLP) and advanced sentiment analysis to help uncover the meaning of a piece of text. The combination of the software and the addition of user created ‘code frames’ allows a business to easily process and action a large amount of unstructured data.
For many of KPMG Nunwood’s customer experience clients, text analysis is a crucial element of their customer experience programmes, but one of the challenges faced is a lack of clarity in how text can best be utilised to improve the customer experience.
Through intensive work with our clients over the past 5 years we have developed a Text Analysis approach that can be tailored to the core needs:
1. Automated processing of large amounts of text from multiple sources using a global verbatim model and tailored distribution of content to the relevant individuals within a client’s organisation.
2. A closed loop analysis approach that facilitates deep dive analysis to provide actionable insight on the basis of strategic developments.
3. Maximise the meaning of text through combining textual information with structured data – such as survey responses or CRM variables (e.g. customer value).
KPMG Nunwood’s Fizz™ system acts as the tool to distribute coded verbatim across a business. It ensures that only relevant comments are sent to the right stakeholders and that they can conduct basic deep dive analysis (from codes to verbatim) themselves.
Our structured approach to analysing verbatim has been proven to maximise value for our clients. We typically select the comments to take into our analysis based on statistical criteria or business requirements. We then follow a four step approach:
Reviewing verbatim at a coded aggregate we are able to identify the key areas to investigate further. At this stage, we begin qualitative analysis, where experienced analysts review verbatim and create outputs bespoke to the client objective.
This approach provides a clear line of sight from strategic prioritisation to detailed action planning, and is therefore appropriate for both operational and C-Level workshops. Most importantly, it delivers the voice of the customer directly into a meeting room – the most powerful way to gain stakeholder buy in.
Of course, Text Analysis is only part of the picture. The best organisations recognise that it’s important not to simply run this in parallel with other analytics, but to understand the role it plays in the wider planning process. KPMG Nunwood address this through Business Diagnostics – its overall analytical framework. To read more about the Business Diagnostics Framework please click here.