Australian text analytics company Leximancer Pty Ltd has claimed a huge leap forward in the capability of software to understand what customers are saying.
Leximancer version 3.5, which will be released next week, contains a pioneering new Automatic Sentiment Lens feature which will identify whether customers are reacting positively or negatively, and eliminate much of the ambiguity in results returned by other ‘Voice of the Customer’ solutions.
"Sentiment is generally modelled via the introduction of a list of typical sentiment, or emotive, seed words to help 'steer' the technology to determine, or profile, sentiment in the text," said Leximancer Chief Scientist, Dr Andrew Smith.
"However, this can be prone to error due to the ambiguity of human language and context. For example: is the term 'rubbish' in the text referring to waste material or poor product quality?" Dr Smith said.
"We have extended our learning algorithms to positive and negative terms, to better define their usage and context - and dramatically reduced the impact of rogue or ambiguous sentiment terms in the process."
The Brisbane-based company said Leximancer software is being increasingly used by organisations in Australia and overseas to discover meaning in the vast quantities of text that defy traditional approaches to data mining.
Leximancer partner SEMA helps its customers improve customer and business processes by leveraging the resulting critical data in multichannel communications. SEMA’s Dave Kerr says that Leximancer has been a genuine support to its entry into the field of unstructured data analytics.
"Leximancer is simple and intuitive to use and we’re able to produce insights within a matter of minutes. It also provides the flexibility for us to really delve into the data to extract meaning," Mr Kerr said.
"We’ve been caught in the past with tools that don’t offer as much flexibility as we require which compromises our ability to service the market. We don’t have that problem with Leximancer."
Leximancer General Manager, Mac Exon-Taylor, said the response from SEMA was typical of what customers were saying about Leximancer software.
"Customers are becoming increasingly knowledgeable and understand that many of the claims made by text analytics companies need to be tested," Mr Exon-Taylor said.
"We find that organisations which explore what our software can tell them about their data - without large set-up costs and time - are amazed.
With the Automatic Sentiment Lens they can now utilise a whole host of data held within and outside the organisation, including social media, to get a much more complete picture of what people are saying about them," Mr Exon-Taylor said.
Leximancer Pty Ltd was established in 2006 by The University of Queensland's main research commercialisation company, UniQuest Pty Limited.
Leximancer Pty Ltd
Leximancer Pty Ltd is an Australian company that has been providing leading-edge text analytics technology for almost ten years. The technology was created following seven years research and development at The University of Queensland by Dr Andrew Smith. Dr Smith’s physics and cognitive science background, in conjunction with his working IT application experience, enabled him to envisage and develop an innovative solution to the growing need to readily determine meaning from text. Leximancer has been continually innovating since then and now has a large and growing customer base including Global 500 companies in finance and pharmaceuticals, government organisations, market research companies and educational institutions.
P: +61 (0)400 947 482
UniQuest Pty Limited
Established by The University of Queensland in 1984, UniQuest is widely recognised as one of Australia’s largest and most successful university commercialisation groups, benchmarking in the top tier of technology transfer worldwide. From an intellectual property portfolio of 1,500+ patents it has created over 60 companies, and since 2000 UniQuest and its start-ups have raised more than $400 million to take university technologies to market. Annual sales of products using UQ technology and licensed by UniQuest are running at $3 billion. UniQuest now commercialises innovations developed at The University of Queensland and its commercialisation partner institutions: the University of Wollongong, University of Technology Sydney, James Cook University, University of Tasmania, Mater Medical Research Institute, and Queensland Health. UniQuest also provides access to an expansive and exclusive network of independent academics to tailor a consulting or project R&D solution to meet the diverse needs of industry and government, facilitating some 500 consulting, expert opinion, testing, and contract research services each year.
UniQuest is also a leading Australasian provider of international development assistance recognised for excellence in technical leadership, management and research. Working with agencies such as AusAID, NZAID, the Asian Development Bank and the World Bank, UniQuest has developed and implemented more than 400 projects in 46 countries throughout the Pacific, South-East Asia, the Indian sub-continent and Africa.
P: +61 7 3365 4037
M: +61 0 409767199