Data analytics: should you focus on the numbers only?

When you think of data in your company, what do you think of? On the one hand, you probably think of numbers, numbers, and more numbers. On the other hand, what about all of the text data out there? When it comes to business analytics today, it’s critical to combine these two sides of the equation. 

Most companies have a relatively good system in place, focused on their BI tools. Business intelligence (BI) allows companies to create the base for their data analysis and organize their business information, setting the grounds for all of the reports, data mining, benchmarking, and more, that a company needs to analyze to succeed.

This has become the standard in today’s business world. While there is no denying that the numbers are important, companies are not using them in the correct way to truly gain value. 

Let’s understand why. 

 

The use of quantitative data today

BI tools today focus on quantitative data. What are the numbers, what do they teach us, what is the ROI, how fast does a company respond to requests or issues, and more. The quantitative data collection tools available on the market are vast and it’s easy to take data and turn it into actionable insights to improve company performance. 

All of this is made possible through algorithms, statistics, data analysts, and more. However, quantitative data is only one piece of the puzzle for companies. Those who want to gain a true understanding of their people, their crowd, their workers, and more, need to integrate another form of data: qualitative data. 

 

Companies need to combine quantitative data with meaningful qualitative data

The solution for companies looking for real insights based on their data relies on integrating two important forms of data: quantitative and qualitative. 

Until today, almost everyone has focused on quantitative. After all, working with numbers is easier, there’s a bottom line, and numbers are easy to track over time. Companies that have understood the power of qualitative data 

But, those who want to take their data analysis to the next level need to integrate qualitative data. Unfortunately, not many companies have qualitative analytics tools. And those who do, use them in a shallow manner, to understand overall NPS scores or sentiments, without the real ability to generate meaningful actionable insights. This is partly due to the fact that until recently, the technology in these tools simply did not allow companies to drill down into the text with machine learning. It goes without saying that these companies are also unable to share relevant data with those in the company who need it. 

 

The solution: NLP technology for qualitative data analysis

With today’s technology, qualitative data gathering, and analysis don’t have to feel so overwhelming or intimidating. It’s now possible to dive into qualitative data to gain access to what customers are looking for, and most importantly, what they are saying. 

Companies that want to get ahead of their competitors are quickly learning that integrating these two types of data give them the ultimate advantage to understand the market, learn about trends and keywords, and to implement changes and improvements on a regular basis.

With Natural Languague Processing (NLP) technology, companies can finally gain access to this qualitative data in an accessible manner, without having to drown in text. By combining this technology with quantitative data, companies have access to the ultimate data sources regarding their business. 

 

Tagado: Now’s the time to integrate qualitative data into your data analysis strategy

With Tagado, you’re no longer getting a partial picture of what’s going on in your business. With access to the qualitative data you need, you’ll be able to dive into the customer feedback that will change the way you operate. 

Want to learn more about Tagado and how we can help you understand your customers better? Book a demo here

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