Text Analytics and Value Management

In spending time talking to customers and prospects about text analytics, it’s becoming clear that these solutions are viral. The discussions move in many directions, with various ideas generated about the uses of text analytics.

 

As I’ve described through our solution blueprint, there are so many ways to create business value through the use of this technology.  Conventional wisdom tells us that establishing initial value is critical, but from there, businesses will identify additional use cases.  

I’ve been a proponent of utilizing formal value management discipline to ensure that good investments are made in high value initiatives. This emerging text analytics solution seems to beg for this type of discipline. After establishing value with a formal pilot, other business issues that can be addressed through text analysis are identified. Business value and return on investment are quantified for each potential initiative.

Initiatives are then prioritized based on an assessment of value and ROI. This formal approach to value management ensures that the highest degree of business value is delivered. Delivering value quickly is the best way to sustain support for critical initiatives.

 

This is in line with the best practice guidance recently published in a study by Seth Grimes: 1) Proving value is task number one - create value quickly. 2) Win fast and often, but don’t go after the biggest problem first. 3) An internal champion must exist. 4) Start with surveys and operational systems with information rich narratives, then expand. 5) A pilot is critical to establishing value. 6) Clearly define the pilot based on strategic objectives. 7) The business must be ready to take action or pilots will never move forward. 8) Manage Scope. Text analytics and value management are a winning combination.