Last week, the experience management company Qualtrics was showcasing its artificial intelligence and machine learning technology to the media, besides introducing its new office and team in Singapore.
Qualtrics iQ is a predictive intelligence and machine learning engine that has the capability to replace CX analysts and data scientists, that way democratizing the ability to move from data to insights.
Qualtrics came a long way since its start 15 years ago as a survey platform, evolving over time to a leader in experience management by leveraging the power of machine learning and predictive intelligence.
“Qualtrics iQ is like IBM’s Watson, processing massive amounts of text in seconds, performing deep statistical analysis, and making predictive recommendations. Unlike Watson, however, iQ is available to everyday CX practitioners, and does not require technical expertise”, the company explains.
Qualtrics iQ is made up of three core components: Stats iQ™, Text iQ™, and Driver iQ™, and has been used by over 200 clients in a pilot launch so far. Together, the three enable organizations to instantly process millions of response records, including open text feedback fields, and automatically prioritizes the most impactful experience drivers by automating advanced correlation and regression analysis. Qualtrics iQ allows organizations to automatically identify trending topics, statistically validate key drivers, identify the appropriate statistical tests and models, besides processing results in easy-to-understand terms.
Designed to eliminate time-consuming, manual data processes, Qualtrics iQ indeed eradicates the tasks of sorting through open text feedback, easily performing complex statistical analyses and identifying key drivers deep in data. Like the extremely user-friendly Qualtrics XM Platform, iQ’s drag and drop simplicity make the advanced features for everybody extremely easy-to-use.
“Qualtrics is committed to helping brands in Asia Pacific measure, prioritize and optimize the experiences companies deliver across the four core foundational aspects of business – customers, products, employees, and brands,” Bill McMurray, Managing Director of Asia Pacific and Japan at Qualtrics said. “Consumers in Asia Pacific have a wide variety of choice and if they do not like the service an organization delivers, they will simply find another organization that does it better. Ultimately, brands need to understand that nailing customer experience management can generate immense rewards, while getting it wrong will result in loss of customers, decreased revenue, reduced market share and even a damaged brand reputation”, he pointed out.
The three core components of Qualtrics iQ are:
1. Text iQ uses natural language processing and machine learning algorithms to analyze open text feedback and surface trends in data. It automatically groups responses by suggesting relevant or related topics, and assigns sentiment scores to individual text comments (positive, negative, neutral or mixed). Text iQ helps identify emerging issues, immediately identifies areas of improvement, and helps monitor improvements over time to drive overall business results.
2. Driver iQ helps organizations to identify key experience drivers statistically deep in their data, and to prioritizes key driver variables so organizations know where to focus their efforts for the biggest impact. Driver iQ provides real-time filtering, so every individual in the organization knows exactly what the biggest improvement opportunities are specific to their domains.
3. Stats iQ makes advanced statistical analysis accessible for the average user by providing automated and instant data analysis, all within the Qualtrics Experience Management Platform. There is no need to export the data or massage it in another software to gain insights. Stats iQ automatically chooses the appropriate statistical analyses for your data, then translates the results into plain English. The various advanced data analytics functions include relate, univariate, bivariate, crosstabs, regression, and modeling.
In addition to that, Qualtrics offers several new features in its XM Platform, including advanced data processing, response editing, and the ability to streamline the data collection and preparation process. These features can save hours of time when processing large, complex data sets and make Qualtrics the only experience management platform to offer a full spectrum of data collection options from unlimited response weighting to variable creation and from response editing to response-in-progress functionality.
In a nutshell, Qualtrics iQ hunts down experience gaps automatically, predicts what customers want and helps organizations find and address issues before they negatively impact the business.
“Tasks that were previously time consuming or impossible to scale, like analyzing open text feedback or finding key drivers buried in your data, are simply easy to manage thanks to our services”, Mao Gen Foo, Head of Southeast Asia for Qualtrics and Sunil Pamnani, Senior Regional Lead, XM Solutions of Qualtrics, highlighted during the media briefing. Both will man the newly opened Qualtrics Southeast Asia headquarters in Singapore, which is located at Marina Bay Financial Centre.
By Daniela La Marca