2013 Promise and Reality award winners:
KM Promise Award winner Decooda
Decooda is a privately held, Atlanta-based developer of text analytics solutions used by Fortune 500 corporations to monitor social media and enterprise communications across all channels in real time. Founded in 2010, the company's mission is to synthesize unstructured and structured big data into actionable insights that enable marketing and sales teams to identify the insights and behaviors that matter most to drive real-time execution.
Decooda leverages many methods including Content Analyst Analytical Technology's (CAAT) Latent Semantic Indexing (LSI), which turns content in social media, customer feedback and other unstructured content into meaningful, actionable insights about customer sentiment and purchase behavior intentions. Content Analyst Company's sophisticated technology can detect human emotions in unstructured content such as Facebook, Twitter, e-mail, video transcripts, telephone transcripts, etc.
Content Analyst's CAAT text analytics engine is not dependent on predefined dictionaries, thesauri or keyword libraries. CAAT uses example content to define a category and "find more like this," regardless of misspellings, abbreviations, acronyms, slang and even language itself. Because there can be an extreme amount of variation in how customers express themselves through social media, spoken dialog, customer surveys, etc., Decooda uses CAAT to automatically categorize raw unstructured data into natural groupings or categories, based on conceptual similarity. Decooda calls those groupings "codebooks." By categorizing the raw data into codebooks, the client can separate the customer feedback into discrete areas of the business, such as product quality, customer service, billing, in-store experience, online experience, etc.
Combined with CAAT, Decooda has developed proprietary technology that reads the content and assigns emotion-based scores to the customer sentiment. The algorithm is said to be intelligent enough to detect sarcasm, deceit and even impulsiveness. The solution can read 4 billion emotion-based patterns per second across 8,000 documents per second from FaceBook, Twitter or any other social media platform or set of inputs such as customer surveys.
The complete solution takes vast amounts of unstructured input from social media platforms, customer surveys, etc.; groups them into smaller, conceptually related categories using CAAT; and then applies Decooda's proprietary emotional scoring algorithm to reveal groupings of similar emotions within each category.
What Decooda's clients often discover is that the most frequent complaint isn't always the most important issue. For example, a recent ingestion of customer feedback about a laundry detergent product revealed a relatively small number of negative emotions regarding a certain attribute of the product. But due to the insights of the Decooda platform, those comments revealed an extremely high level of dissatisfaction with that specific attribute, which could have potentially grown out of control if not addressed. The client was able to gain visibility into those insights and take immediate corrective action, potentially saving the company millions in lost revenue and reputation damage.
Decooda makes it possible for businesses to understand how people think, feel and act toward purchases and how those emotions influence their purchase decisions and behaviors. Decooda is delivered as a SAAS platform to customers such as major packaged goods manufacturers, automotive companies, retail coffeehouse brands, office supply retail chains, canned food companies and major telecommunications firms. Decooda also licenses its technology via marketing alliances with marketing research firms.