Given the broad spectrum of issues that management consultants face, one of the greatest initial challenges on any project is deciding on a data source that, when analysed, will provide you with pertinent insights into the problem.
The availability of big data, or rather, the availability of AI tools that can gather and process big data, has revolutionised data sourcing and analytics in management consulting. In major consulting firms, these big data applications have replaced the role of hoards of interns in gathering data and crunching the numbers.
The right big data analytics tool can give you near-instant, insightful information into any industry and on almost any client. We’ll show you how one such big data analytics tool, the Symanto Insights Platform, is used by management consultancy firms during the investigation stages of their projects.
The Symanto Insights Platform
Symanto uses groundbreaking Natural Language Processing (NLP) technology to analyse and provide meaningful statistics from unstructured text data.
Any time someone leaves a comment on social media, or writes a review after purchase, they are providing rich data and direct insights into the product and the consumer experience.
The Symanto Insights Platform can automatically scour thousands of entries from social media channels and review sites such as Google reviews, Amazon, Trustpilot and many more, or you can also easily feed in data from, say, a CRM platform to get insights into almost any written unstructured data.
The Symanto Insights Platform then analyses sentiment over time and across different topics and subtopics, it also analyses text for psychographic information to give you an insight into the key personality traits that affect consumer decision making.
Using Symanto for Management Consulting Data Analytics
1. Gather and analyse big data in minutes
One of the major challenges of big data is the sheer volume of information that can be processed, and the speed with which the information comes in. No sooner have you gathered and analysed data than it becomes effectively irrelevant.
The Symanto Insights Platform has the capacity to gather and analyse thousands of comments and reviews within minutes so that you can get straight to work identifying and solving the issues faced by your client.
2. Understand your client’s industry
Unless you’re working for a specialist consultancy firm, the chances are your clients come from any number of industries.
The thing that makes management consultancy work so varied and exciting is simultaneously what makes it particularly challenging at times. With each new client, you need to research and get up to speed with the wider industry and context in which your client exists.
Use the Symanto Insights Platform to conduct a quick, high-level competitor analysis. After identifying your client’s main competitors, use the Symanto Insights Platform to analyse share of conversation and mentions over time.
Spikes in mentions will alert you to key moments such as marketing campaign launches and PR disasters for you to explore further as necessary.
Explore deeper by looking at sentiment by topic. How do key competitors fare when it comes to, for example, pricing, or delivery times?
This will give you an immediate understanding of the challenges your clients and their competitors are facing. It will also, help you identify whether the issues are industry-wide, or if they are specific to your client.
3. Objective Insights
Companies seek out management consultancies to give them an objective, third party opinion and help them make major decisions. For this reason, accurate data analytics has always been central to management consulting.
Customer voices are indisputably valuable, but getting objective statistics from qualitative data has always been a challenge.
Reading online reviews can provide interesting insight into the spectrum of voices and opinions online, but a quote in isolation doesn’t tell you much about the scale of the issue. How strongly do your customers feel about the issue? What percentage of people feel the same way? Does this problem need urgent attention?
The Symanto Insights Platform groups comments by topic and subtopic so that you can see related reviews and comments together. The Symanto Insights Platform also gives statistics on net sentiment, the number of comments relating to that topic or subtopic, and the percentage of comments relating to it.
Organise topics by sentiment to see the main issues affecting your client from the perspective of their customers. This information might help you unearth issues your client didn’t know they were facing, or it might shed light on an already identified issue.
4.Interactive data visualisations
The Symanto Insights Platform is highly flexible and has been designed to be used by everyone from fast-moving consumer goods companies to private equity firms.
As such, it is important that whoever uses it can easily navigate the platform to extract the insights they need for their purpose.
The intuitive interface and use of data visualisation help you make sense of all the data gathered and processed by the Symanto Insights Platform. Everything is clearly explained so that you and your clients know exactly what you’re looking at.