January 22, 2008
Text Mining in the Contact Center Can Reduce Customer Churn by 50%
By Susan J. Campbell, TMCnet Contributing Editor
SPSS (News - Alert) Inc., a global provider of predictive analytics software and solutions, has announced that Nucleus Research, an IT research analyst firm, found that text mining technology can reduce customer churn by more than 50 percent when properly implemented as part of an overall customer satisfaction strategy.
The research firm also found that text mining functionality increases analyst productivity by up to 50 percent.
The research firm also found that text mining functionality increases analyst productivity by up to 50 percent.
Findings of this study identify key practices, missteps to avoid and fine-tuning tips organizations can use to integrate text mining into their analyses to gain a better understanding of customers’ attitudes and behavioral patterns and then make better business decisions.
"We found SPSS text mining, either on its own or in conjunction with traditional transactional data mining, can help companies put customer insights in context, identify areas for improvement and better understand, predict and proactively manage customer interactions," said Rebecca Wettemann, vice president of Nucleus Research, in a Tuesday statement.
"Companies adopting text mining can leverage the growing content on the Web and in customer interactions for competitive advantage."
Text mining software, such as the SPSS Text Mining for Clementine 12.0® provides organizations with a unique advantage to extract key concepts, sentiments and relationships in different languages from textual or “unstructured” data, such as e-mail, call center notes, blogs, RSS feeds and surveys.
With text mining capabilities, users can easily extract additional insight and predictive power from these channels to reduce customer churn, improve productivity, detect fraud and increase marketing campaign results.
"The Nucleus Research guidebook confirms our leadership in predictive analytics and demonstrates the power of text mining to help organizations draw more reliable conclusions and take more effective action," said Olivier Jouve, vice president of corporate development for text mining at SPSS, in Tuesday’s statement.
Text mining software, such as the SPSS Text Mining for Clementine 12.0® provides organizations with a unique advantage to extract key concepts, sentiments and relationships in different languages from textual or “unstructured” data, such as e-mail, call center notes, blogs, RSS feeds and surveys.
With text mining capabilities, users can easily extract additional insight and predictive power from these channels to reduce customer churn, improve productivity, detect fraud and increase marketing campaign results.
"The Nucleus Research guidebook confirms our leadership in predictive analytics and demonstrates the power of text mining to help organizations draw more reliable conclusions and take more effective action," said Olivier Jouve, vice president of corporate development for text mining at SPSS, in Tuesday’s statement.
"With an estimated 80 percent of an organization's information contained in text, SPSS text mining quickly and easily analyzes unstructured information to direct, optimize and automate business decisions."
As organizations are increasingly putting more focus on the contact center as a primary source of valuable customer intelligence, the need for text mining will increase. Not only does this technology help to capture specific information to improve customer service, it can also help to produce automated processes to improve productivity.
Competition is intensifying in nearly every industry, increasing the need to gain competitive advantage. This advantage is often found in the way in which companies handle customer interactions, and their ability to present services and products that appeal directly to their customer base. Without this capability, companies will often find their resources occupied with finding new customers, unable to maintain the current base.
As organizations are increasingly putting more focus on the contact center as a primary source of valuable customer intelligence, the need for text mining will increase. Not only does this technology help to capture specific information to improve customer service, it can also help to produce automated processes to improve productivity.
Competition is intensifying in nearly every industry, increasing the need to gain competitive advantage. This advantage is often found in the way in which companies handle customer interactions, and their ability to present services and products that appeal directly to their customer base. Without this capability, companies will often find their resources occupied with finding new customers, unable to maintain the current base.
Susan J. Campbell is a contributing editor for TMC (News - Alert) and has also written for eastbiz.com. To see more of her articles, please visit Susan J. Campbell’s columnist page.
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