IBM has unveiled a new business analytics tool that allows organisations to derive useful customer data from the slang and emoticons used by consumers on social networks.
The SPSS Modeler text mining and analytics software aims to enable organisations to scour the internet for feedback on products and services, uncovering and analysing information from social media sources, such as social networks and blogs, to provide a more accurate view of what consumers are saying.
Recognising that each industry has unique priorities and its own vernacular, the new software analyses trends and captures insights from industry-specific terminology.
Within these domains, the software includes new semantic networks with 180 vertical taxonomies (from life sciences to banking and insurance, and consumer electronics), and more than 400,000 terms, including 100,000 synonyms and thousands of brands. This allows customers to draw better links and understanding between sentiment and products without having to spend time building their own definitions.