Ronald Reagan summed it up nicely when he said, “Information is the oxygen of the modern age.” Whilst this may have been coined in the 80’s, it has only become more pertinent with time. Today’s society is flooded with more information than ever before and, thanks to the internet, everyone can have their say and have it recorded for all time.
What we’re talking about here is unstructured data: words written by real people that don’t follow a pre-defined model, using language riddled with nuances. On the other hand, structured data covers inputs such as questionnaires using option box or ranked responses. This allows simple analysis by computers as there is a set framework to work within. Unfortunately, this is not the case for unstructured data, as the “framework” for writing is the writer’s imagination.
Information is the oxygen of the modern age.
So what good is this unstructured data if we can’t use it? Up until now, the only feasible option for small to medium businesses has been to manually sort through the available data and perform subjective analysis as you go. Even large enterprises have been hampered with expensive and unwieldy automated offerings, requiring subject matter experts to extract meaningful results.
All that is about to change.
Simple yet powerful analysis
The release of fast, simple, and inexpensive unstructured data analytics platforms now gives everyone access to the same level of information. But what does that mean for business and how can you incorporate this into your processes? First and foremost, you will now be able to capture what your customers are saying, no matter where they’re saying it. This means that text-based responses from customer complaints and product reviews can now be quickly analysed to identify common concerns, trends and themes.
Get the complete picture
Unstructured data is only one, albeit large, part of the puzzle. By combining structured and unstructured data in the one analytics platform, we can now get the full story on what our audience is thinking. To put it simply, structured data can tell us what is happening but unstructured data can tell us why. This is where the revolution truly begins.
While you may have previously thought that men and women considered different aspects before purchasing, now you can objectively identify what these are. For instance, when surveyed men mention price the most whereas women talk more about quality. Maybe a product has had some not-so-stellar reviews? You can now identify the recurring issues that your customers are raising without having to read through thousands of reviews yourself.
Make the right decisions
With this information at your fingertips, you’ll be fully equipped to make strong recommendations. After all, that’s why we collect data in the first place, to benefit our businesses. Effective analysis of your data and, more importantly, a deep understanding of your customers, gives you a strong foundation for your decisions. Using the examples above, armed with the knowledge of what men and women consider most important, you can tailor your offerings to suit the demographic most likely to purchase your product. Alternatively, understanding your customer’s concerns around a product can lead to innovative solutions and a more suitable product for the market
So join the revolution. Discover how simple unstructured data analysis should be, and how much more effective your decisions can be when you know the complete picture. Kapiche offers quick, simple and inexpensive analysis for all your structured and unstructured data. Sign up for the free trial and see for yourself, no cost and no obligations. As an American physicist, William G. Pollard said:
Information is a source of learning. But unless it is organized, processed, and available to the right people in a format for decision making, it is a burden, not a benefit.