So now you are interested in proposing Big Data projects, but are skeptical about getting business excited about yet another IT project? Somehow the business did not want to talk about data integration, data quality and master data management despite all the homework you did to propose a plan of action? Enter sentiment analysis.
Torrance Mayberry from, a Global 500 Financial Services firm headquartered in Australia, told me that, all of a sudden, his plan on information management and Big Data is grabbing the attention of the business executives including general managers and the C-level. He told me that there has been a renewed interest in revisiting data-related investments because of the shared vocabularies associated with sentiment analysis that they are embarking upon leveraging data integration and text analytics from social media data. All of a sudden he can get business executives excited about customer sentiment, behaviors and psychographics with dashboards and graphs across the geography.
Business leaders are keen on understanding how and why customers are behaving in certain ways and course-correcting their strategies and operational plans based on up-to-the minute information. Instead of just looking at the national level, business executives need to know how certain types of products are performing including the location of customers who are responding, which branches are doing better than others, what on-line interactions these customers (especially high net worth individuals) are having and how their support representatives have been responding to specific customers. The ability to harness locational and other data from iPad, Blackberries, and other mobile devices via Twitter and Facebook is part of their Big Data strategy. The key is “sentiment” – negative, neutral or positive.
Complaints, feedback, or compliments? What about new ideas and recommendations that nobody could ever have imagined not only to improve the analytics but also to streamline business operations based on the candid opinions of the customers? One customer may like the bank but does not think that their offerings are optimized to their preferences. Another customer could find those cross-sell and upsell offers right on the money but the interactions with companies may not have been optimal. By connecting sentiments to Big Data strategy, Torrance is putting the information management agenda at the forefront of the company growth and innovation.
Organizations traditionally relied on surveys and ad-hoc feedback to understand customer and partner sentiments, but these alone are no longer sufficient to capture emerging trends and hidden insights that cannot be modeled before the actual events occur. Your executives may be wondering why certain approaches do not seem to work for your organization the way it seems to work for your competitors. Are we leveraging every piece of information and reach you can from customer and partner interactions? What specific product capabilities are troubling your users? Even with a great strategy and plan, without the right data that gives you the best of transaction and interaction worlds, your efforts could have been a shot in the dark up to this point. The good news is that Big Data and sentiment analysis are not some brand new “projects” that you need to start from the scratch. Big Data and sentiment analysis projects can actually give a shot in the arm for those projects that were important but really could not gain momentum previously.
If your social media strategy so far has been isolated and in the customer support or branding departments outside of the data strategy and information management realm, it may be a great time for you to rethink and even interview some of your business counterparts to understand how you can link the existing rich sources of transaction data with social and interaction data to uncover sentiments which are having direct impact to your business.
By the way, if you interested in the media sentiments on Informatica 9.1 for Big Data check out the following selected list of coverage on our launch and recent moves around Big Data.
- Chris Kanaracus of IDG News, “Informatica Adds Support for ‘Big Data,’ Hadoop”
- Doug Henschen of InformationWeek, “Big Data: Informatica Tackles The High-Velocity Problem”
- Joshua Brown of The Christian Science Monitor ‘Big Data’ hitsWall Street”
- Joyce Wells of DBTA, “Informatica 9.1 Platform is Designed for Big Data Integration, With Support for Social Data and Hadoop”
- J. Bonasia of INVESTOR’S BUSINESS DAILY, “Informatica CTO Sees Big Profit In Big Data”
- Mike Vizard of ITBusinessEdge, “A Need for Big Data Speed”
- Sayantani Ghosh of Reuters, “Analysis: Crunching Big Data more than a byte-sized bet”
- Vangie Beal of Enterprise Apps Today “Informatica Overhauls Data Integration Platform for Big Data and Social Media”