Companies could benefit tremendously by getting real-time customer insights, either by saving costs or increase revenue. Large companies understand this, a Senior Statistical Analyst spoke about its importance for Walmart. "If you cannot get insights until you have analysed your sales for a week or a month, then you have lost sales within that time. If you can cut down that time from two or three weeks to 20 or 30 minutes, then that saves a lot of money for Walmart and stops us losing sales". The same holds true for insights about customer sentiment. If results can be processed faster, it gives companies more time to react; this is crucial for companies since competition has been increasing in most sectors due to globalisation and digitalisation. To make these real-time insights possible companies require fast computational methods with high accuracy.
Using real-time analysis gives companies the opportunity to track customer satisfaction and reputation in real-time. However, these methods and models have their limits because all statistical predictions are calculated in real-time; this changes the requirements for the most suitable analytical methods for sentiment analysis and predictions. The model needs to be accurate and computationally efficient, to give deep meanings insights that can be translated into data-backed decisions and actions. Applying these methods usually requires expensive and in high demand Data Scientists, hiring them could be a difficult process. Most companies demand solutions that require less technical expertise, so they can leverage state-of-the-art machine learning technologies without much investments. Furthermore, time to market is another crucial KPI thus businesses prefer out of the box solutions that can be deployed immediately.
The demand for real-time market sentiment insights is why we created TIFY. Our goal is to supply any business with an easy-to-use brand monitoring tool, which allows for social media monitoring efficiently and ethically. Curious about our product?
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Marr, B. (2017). Really Big Data At Walmart: Real-Time Insights From Their 40+ Petabyte Data Cloud. Retrieved from https://www.forbes.com/sites/bernardmarr/2017/01/23/really-big-data-at-walmart-real-time-insights-from-their-40-petabyte-data-cloud/#35a746e96c10
Knight, G. (2000). Entrepreneurship and Marketing Strategy: The SME under Globalization. Journal Of International Marketing, 8(2), 12-32. doi: 10.1509/jimk.188.8.131.5220