Company: InMoment, Salt Lake City, UT, USA
Entry Submitted By: Walker Sands Communications
Company Description: InMoment™ is a cloud-based customer experience (CX) optimization platform that helps brands leverage customer and employee data to inform better business decisions, and create high-value relationships. Through its Experience Hub™, InMoment provides Voice of Customer (VoC), Social Reviews & Advocacy, and Employee Engagement solutions.
Nomination Category: Products & Product Management Categories
Nomination Sub Category: Best New Product or Service of the Year - Software - Business or Competitive Intelligence Solution
Nomination Title: InMoment's Discover
Tell the story about this nominated product or service (up to 650 words). Describe its function, features, benefits, and performance to date.
According to analyst firm Forrester, businesses are now operating in the Age of the Customer, and those that don’t become “customer obsessed” risk oblivion. Gartner, another leading technology analyst firm, has declared customer experience “the new competitive battlefield.”
As a result, companies are collecting more customer data than ever before. But despite the armies of analysts and bevies of technologies they’re bringing to this battle, every business on the planet struggles to understand, prioritize and take the right action on their Big (Customer) Data. This is especially true when it comes to unstructured (qualitative) data like social reviews, customer comments, voice recordings and agent notes, which, according to Merrill Lynch, account for 80-90 percent of usable business data.
First of a kind: This is where InMoment’s Discover comes in. Discover harnesses the most powerful and accurate customer data analytics engine to mine both structured and unstructured “human” data from comments, social reviews, agent notes, emails and more. It applies a proprietary mix of natural language processing, machine learning, predictive and other analytics processes to both customer-sourced and other contextual data in real time, all the time. Discover surfaces and instantly reports patterns, trends and anomalies. But the most significant value is in the question Discover answers: the why. Most analytics technologies can tell you the what (usually a metric or a score), the who, the where and the when. But only customers can tell you the why they feel the way they do about their experiences.. Discover delivers customer-sourced intelligence (we call it Customer Experience or CX Intelligence) to all areas of the enterprise, answering the “why,” so brands can quickly, intelligently, get to the “what next.” These capabilities are completely unique to the market.
Speed to Insight + Reduced Costs: Without Discover, analysts spend hundreds of hours mining areas of data that may or may not produce insights -- let alone insights that are meaningful and actionable for the business. Worse yet, these insights are always limited to the boundaries of the data they choose to explore. Discover eliminates fruitless searches, focusing valuable, expensive analyst resources directly on the “gold mines” of the customer experience.
Since its release, Discover has helped brands across industries as diverse as telecommunications, finance, restaurants and retail, gain a stronger insight into the customer experience. Brands include Cabela’s, Comcast, Caesars Entertainment, Tesco, Rite Aid, Tiffany & Co., Petco and McDonald's. Two real-world customer use cases are listed below.
A large U.S. restaurant brand discovered that a marketing offer was failing in some areas within days after its launch. Due to a miscommunication between marketing and operations, what was being promised in the offer was not being consistently delivered. For those areas where the offer was delivered, customer satisfaction and loyalty (and associated social chatter) soared; for those where it was not being delivered, it plummeted. Thanks to the real-time insights, the “why” behind those peaks and valleys was identified immediately, and appropriate operational challenges put into place quickly, limiting the damage that would have otherwise happened, and giving the brand the ability to reap the benefits across every location.
“InMoment’s new analytics tools are generating a level of intelligence—from both structured and unstructured data—that has never been possible before,” said Jocelyn Wieser, senior retail business intelligence analyst at Cabela’s, one of the world’s foremost outfitters. “Discover’s ability to analyze customer data, in real time, all of the time, gives us an unprecedented window into the known and unknown elements impacting our business. It’s literally impossible to quantify the value of what Discover can do. Even a team of analysts working full time could not accomplish this feat. With Discover constantly monitoring our customer data, my team can focus their time and considerable talents on the most strategic projects."
In bullet-list form, briefly summarize up to ten (10) of the chief features and benefits of the nominated product or service.
-Integrated Predictive Analysis, becoming the first vendor on our space -- and one of the first technology providers anywhere -- to run predictive analyses on unstructured (qualitative) data.
-First Voice of Customer vendor to introduce integrated video feedback, analysis and reporting
-Partnered with big brands like GM, Banner Health, Comcast, eTrade and Caesars Entertainment to improve their customer experience
-Selected as featured presenter with top European retailer Tesco at Forrester’s CX Europe 2016
-Invited to be a speaker on company’s innovative application of IBM’s Watson technology at World of Watson
-Launched Experience Hub 2.0, the next generation of its technology platform
-Launched a weekly educational podcast series speaker
-Named a finalist in the 2016 Stevie® Awards for Great Employers
-Awarded several “Vendor of the Year” awards by clients
-CEO John Sperry was named CEO of the Year by Utah Business Magazine