Medallia’s Text Analytics Solution enables organizations to gather insight from consumers by mining unstructured, text-based feedback from surveys. Launched in November 2010, Medallia’s Text Analytics Solution is designed to ensure that consumer opinions are visible to key decision-makers within retail organizations to implement business process change. If customer experiences are improved, the expectation is that consumers will return to purchase additional products and/or services.
Headquartered in Menlo Park, California, Medallia is led by President Amy Pressman and CEO Borge Hald. Medallia’s text analytics solution was created by the company’s in-house engineering team. The solution is based on Medallia’s proprietary Impact Index (MII), a statistical indicator calculated to measure the impact of a particular topic on a company’s overall satisfaction score.
The idea behind the solution is that customers are willing to come back to a company time and time again if a company can provide outstanding customer experiences. Medallia’s text analytics solution is designed to allow companies to tap into the Voice-of-the-Customer (VOC) to increase brand loyalty and retention, improving products and services, streamlining operational processes, saving at-risk customers and increasing sales and revenue.
Medallia’s Text Analytics Solution is designed to allow users to easily distribute unstructured data text analysis results company-wide. “Unstructured data” refers to written comments, which cannot be processed the same as numerical data. Millions of customer comments are collected from online surveys and other sources, which can be mined for valuable information. The Medallia system processes, analyzes and categorizes the comments in real-time as surveys are being submitted.
The completion of these tasks would otherwise require large teams of people to manually read and categorize. Behind the scenes, Medallia’s Text Analytics Solution uses a natural language parser to break down sentences into grammatical parts of speech to figure out how words are related to each other. From there, the system classifies comments into topic areas that a company can analyze, yielding invaluable insights into the VOC. The solution can be fully integrated with a retailer’s CEM system so one central system can be utilized for both structured and unstructured data analysis. The solution is designed to automatically identify and prioritize the most significant issues so that companies can target the highest-impact improvement opportunities.
Medallia’s solution is utilized by organizations across many service-based industries including retail, hospitality, travel & leisure and financial services. Medallia Contact Center recently received the 2010 Product of the Year Award from Technology Marketing Corporation’s Customer Interaction Solutions magazine.