With the launch of its Signals platform, Taste Analytics aims to democratise advanced data analytics, enabling enterprises of all sizes gain the benefits of data discovery without needing a data scientist.
“Prior to launching the company, we spent over two years interviewing executives from various corporations of all sizes and found there was really a lot of excitement around the potential of text mining. The message we heard over and over again was today’s tools were too costly or too complex to provide value and are often cost prohibitive for smaller organisations,” said Derek Wang, CEO and founder, Taste Analytics.
“We designed Signals to make advanced data analytics more accessible and approachable, while allowing our customers to discover actionable insights in minutes and hours, rather than weeks or months, and at a fraction of the cost.”
Signals uses predictive modelling, machine learning, and robust statistical Natural Language Processing (NLP) algorithms to create visualisations of behaviour communities, trends, patterns and outlying themes to automatically process large volumes of unstructured and structured textual data from almost any source – emails, chat sessions, text files, blog posts, app reviews, and social media.
Taste Analytics said the platform is ideal for marketers, business analysts, customer care teams or other managing large volumes of data, with a dashboard providing drag-and-drop data importing and drill-down options, such as temporal trends, category overview, or buzzword and geospatial analysis. This will enable business teams to quickly visualise key patterns and behaviours, so they can better anticipate and refine strategies and best practices in real time.
Taste Analytics has been operating the platform in limited commercial in companies and government agencies for the last year.
“In our initial deployments we were able to showcase how impactful our platform can be,” said Wang.
“For example, a large home goods company analysed their customer feedback emails and discovered their retail locations in Southern California were not granting National Guard members the 10 per cent discount they advertised for members of the military, causing frustration with their customers. We were able to bring this to their attention, all the stores in the region were notified to reiterate the company policy, training programs were put in place to educate the employees and they were winning back the customers’ trust.”
The Signals platform is running in the cloud with either monthly subscriptions or pay-as-you-go project options, allowing for users to get up and running quickly, and avoiding the need for complex integration. Plans are based on the number of data sources rather than volume.