Most CEM, CRM, BI and Contact Center platform vendors have the necessary competencies and skills to solve their core domain problem with their own software development team. Additional functionality–embedded analytics services like advanced text analysis or image recognition–can and should be provided by specialized 3rd party software vendors.
GARTNER DEFINITION: Embedded analytics is the use of reporting and analytic capabilities in transactional business applications. These capabilities can reside outside the application, reusing the analytic infrastructure built by many enterprises, but must be easily accessible from inside the application, without forcing users to switch between systems.
THE BENEFITS OF EMBEDDED ANALYTICS ARE CLEAR AND OBVIOUS
- If you are a platform provider, embedding an open-ended feedback categorization service into your Customer Experience Management, Customer Relationship Management, Contact Center or Business Intelligence platform gives you access to high-quality text analysis results without the need to develop that functionality.
- If you are an end-user, the benefit is having access to state-of-the-art technology without ever having to leave the application they are familiar with.
- A benefit to both is the ease of replacing a non-performing embedded analytics solution (vendor).
IS YOUR CURRENT TEXT ANALYSIS FEATURE FULFILLING YOUR ANALYSIS REQUIREMENTS?
Most CEM, CRM, BI and Contact Center platforms provide some kind of text-analysis functionality. Typically this functionality is based on extracting keywords and creating a list of good and bad words (for sentiment analysis). This approach, at best, reaches 60% analysis accuracy.
This type of information cannot be used to monitor the customer journey, track hot topics, know what drives your NPS score, detect weak signals or benchmark your operational units, and compare multi-language feedback.
TEXT ANALYSIS IS A PERFECT EMBEDDED ANALYTICS TECHNOLOGY
Because text analysis doesn’t have a strong cohesion with other platform functionality, and the service can easily be provided via a simple API, text analysis technology can be easily embedded into a CEM, CRM, BI etc. platform.
In other words, embedded analytics makes senses when the dependencies between the application and other platform functionality is limited.
IT IS EASY TO REPLACE A NON-PERFORMING EMBEDDED TEXT ANALYTICS VENDOR
Because feedback text analysis has low cohesion with other functionality, and the text analysis results data structure (LINK) can to great extent be standardized, it is easy to replace a non-performing text analysis vendor. Interruption to end-customer is minimal because embedded feedback text analytics is invisible to the end-user: End-user cannot tell that that functionality comes from ‘outside’ the platform. Neither can they tell who is providing that functionality.
THERE IS ALWAYS MORE INNOVATION OUTSIDE YOUR COMPANY
No matter how competent (and proud) your developers are there is always more innovation outside your company. You know in which areas you need to lead and when to resort to 3rd party innovation. If you want to provide a platform with many features and/or you are in a hurry, it makes sense to source some of your platform functionality from 3rd party developer.
Read this white paper to become an expert in feedback analytics!