Collective Intellect Intros Social Media CRM

Collective Intellect released a web-based, automated, and real-time text mining and analytics software designed to provide businesses with real-time, actionable insight into customer sentiments, feedback, and comments across social media, traditional, and corporate media.

The Social Customer Relationship Management Insight Platform identifies themes and terms, according to the company, and understands causation and correlation. The solution uses customized and vendor-provided dimensions that allow companies to best use the consumer feedback pouring into their call centers, social networking sites, and web pages.

"Collective Intellect focused their development of a best-in-class tool to do deep analysis on social media," said Don Springer, CEO and co-founder of Collective Intellect. "Many organizations will have already developed or invested in the other point tools necessary to create a social CRM solution; adding a text mining and analytical tool like Collective Intellect Social CRM Insight Platform should be seamless."

As consumers are using new tools to communicate with businesses, these companies are tasked with managing and acting upon this feedback. Yet only 31% of 140-plus large North American firms polled currently analyze conversations in social media sites like Facebook and Twitter, according to a June 2010 report by the Temkin Group.

"We expect the results to improve over time, as 65% of respondents want to be customer experience leaders within three years," said Bruce Temkin, managing partner, in the study.

Given the sheer volume of data, obviously businesses are looking at ways to automate ways to collect, analyze, and prioritize consumers' input.

Collective Intellect's software includes two modules: CI-Listen, the monitoring module, delivers real-time, 24x7 monitoring and alert-based e-mails, according to Collective Intellect, while CI-Insight, the research and analytics module, offers blended qualitative and quantitative analysis; multi-dimensional analysis; and demographic and psychographic analysis in a consumer conversation analytical hub, the company said.

Both modules leverage Collective Insight's Semantic Analytics Engine, CI-SAE, the company's core intelligence engine that collects and scrubs millions of social media conversations each day, written by more than 90 million people. In addition, the software stores more than 2 billion social media conversations, according to Collective Intellect.